A concise and clear review from Andreas Bieler of 'Crisis in the Eurozone' edited by Costas Lapavitsas et al. Looking at why the eurozone is in its current turmoil, this review highlights the structural deficiencies at the eurozone's inception which have played a vital role during this current conjuncture.
Economics professor Costas Lapavitsas argues that a world after capitalism would see money and credit move from being instruments that reinforce inequality into being tools for genuine public service...
Tensions between European trade unions and unions from the Global South over international free trade developed into an open confrontation during the talks over the revival of the WTO Doha round in 2008. In this post, Andreas Bieler, Professor of Political Economy at the University of Nottingham, looks at ways to overcome these problems.
Bankers’ political tin ear in the aftermath of the crisis – first taking public bailouts and then paying themselves huge bonuses as if nothing had changed – ensured that they got the lion’s share of the blame. By, Raghuram Rajan
In the first of two articles on the Greek crisis as a ‘trope’, Daniel M. Knight writes that Greece now finds itself subject to a narrative of blame from the countries of the European north, with the Greek people portrayed as the cause of the eurozone crisis, rather than as victims. He argues that this narrative, alongside new waves of austerity, is helping to create a tangible sense of destitution and persecution among the Greek people.
In the second of two articles on the Greek crisis as a ‘trope’, Daniel M. Knight writes that the Greek crisis has become a metaphor which many commentators use as a ‘shock tactic’ to press agendas of reform or austerity across Europe. This rhetoric simplifies the effects and intricacies of the crisis on the ground in Greece and ignores its relationship with past crises in Greek history.
It’s a never-ending story. The global banking sector remains deep in the sludge of scandal, corruption and mismanagement. It continues to fail in its supposed purpose, namely to provide liquidity and credit to households to buy ‘big ticket’ items (or even cover monthly outgoings) and to businesses to enable them to pay for working capital and investment to grow. And yet in 2012, bank share prices have rocketed by over 25%, more than the booming stock market indexes.
Mali is currently facing its most serious humanitarian and human rights crisis since its independence in 1960, with myriad rights abuses rampant, amounting to what may become charges of war crimes and/or crimes against humanity.
This post will look at the anticapitalist transition from three perspectives: first, the basis for European anticapitalist politics in real dilemmas posed by the breakdown of the social structure; second, the forms of resistant politics generated by the current phase of crisis; and third, the ‘utopian moment’ in the development of these forms, and how they can be articulated to a practical process of transition. By, Richard Seymour.
An absolutely must-read from Panagiotis Sotiris concerning the rise of the Fascist Golden Dawn in Greece.
For the past months there has been an intense debate both in Greece but also in international media regarding the rise of the neo-fascist Golden Dawn in Greece. The reason is obvious: for the first time in a European Union (EU) country a political party that in contrast to most of the varieties of the European far Right does little to hide its openly neo-nazi ideology and the culture of the nazi street gang that has been its trademark since the 1990s, has been one of the rising political forces.
Michele Prospero writes that the Italian political system is increasingly vulnerable to the onslaught of a myriad of anti-political and populist candidates that are completely incapable of guaranteeing
Greek authorities have announced that the Dutch auction has produced offers of 31.9 billion worth of (post-PSI) Greek government bonds at an averaged price of 33.8% of face value. The Greek media, as is their wont, are celebrating the success of the buyback (just as they were celebrating the successful PSI last February and all the loans that Greece received in the past three years). Is there a foundation for these celebrations? None whatsoever. By, Yanis Varoufakis
The eurozone crisis has had a profound effect on Greek society. Drawing on in-depth interviews with a cross-section of Greek citizens, Athanasia Chalari finds that the combination of harsh austerity measures and a dysfunctional state has created a social reality in Greece that is characterised by anger, disappointment, and an extreme pessimism about the future.
Over the last 14 months, I have published several posts dealing with aspects of the Eurozone crisis and the struggle against the imposition of austerity across Europe. In this post, I will bring them together in one narrative. My general focus is on uneven and combined development in Europe as the underlying structural dynamic of the crisis, neo-liberal restructuring and its limits, the move towards authoritarian government as well as issues of resistance in the European core and periphery.
In early 2012, Spain introduced labour market reforms aimed at boosting competitiveness and economic performance. Bob Hancké looks at recent claims that these reforms have started to boost the Spanish economy, finding that they may have boosted productivity at the expense of weaker companies that have been affected by the crisis. He writes that as long as productivity growth outstrips economic growth, it is unlikely that unemployment will fall.