European Capitalism: Varieties of Crisis
Abstract: The article rejects the notion that countries of the EU periphery, some of which were recently labelled as PIIGS, are prone to fiscal and sovereign debt crises because of spend-thrifty governments and their negative impact on private investments. As an alternative to such views, the article argues that the EU periphery is prone to crisis because its economies can’t successfully compete with exports from core countries, especially Germany. It will also be argued that world market integration in a time of economic stagnation, combined with an explosion of debt, speculation and recurrent financial crisis, is no way to overcome a country’s peripheral position. These arguments will be developed on the basis of some mini case studies on core and peripheral EU member states.
Keywords: European capitalism, centre-periphery relations, fiscal crisis, sovereign debt crisis
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