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Comparative Political Economy

Dates:
  • Wed 16 Mar 2016 17.00 - 19.00
  Add to Calendar 2016-03-16 17:00 2016-03-16 19:00 Europe/Paris Comparative Political Economy

The Comparative Political Economy Working Group and the POLCON project
cordially invite you to a joint session:

Jonathan Hopkin

Associate Professor, London School of Economics and Political Science (LSE)

will present his current book project entitled
Disembedding Southern European Capitalism: Austerity and Institutional Change in the South of the Eurozone

March 16, 5.15-6.45pm
Seminar Room 3, Badia Fiesolana

Abstract:
Karl Polanyi’s magisterial work The Great Transformation described how in the first half of the 20th century the contradictory forces of liberal markets and society’s need for protection collided, leading to financial instability, mass unemployment, the rise of nationalism and war. The crisis of the European Monetary Union can readily be interpreted in terms of a similar dynamic. European integration has been above all a process of market-making, inspired by principles of economic liberalism. European Monetary Union has introduced rigidities in monetary policy reminiscent of the inter-war Gold Standard regime. As a result of the crisis and recession since 2007, Southern Europe has been pressurized into weakening the decommodifying institutions that had emerged as the Southern countries modernized and ultimately democratized in the post-war period. The measures that Southern European governments have been required to take in order to comply with European Union rules involve ‘disembedding’ the economy from regulatory and redistributive institutions that had in various ways shielded their societies from the full force of the market economy.

The crisis of the late 2000s has provoked a political reaction or ‘counter movement’ in Polanyi’s terms. The euro crisis shares many features of the crisis of the 1930s, and the turn to nationalism and protectionism across Europe is very visible. But at the same time the crisis has not unleashed the powerful counter movement that might have been expected in Southern Europe, given the severity of its downturn and the absence of signs of full recovery. This book seeks to answer the question: How has the euro, a 21st century version of the Gold Standard, managed to survive a decade of economic stagnation and policy failure? To address this question, this book poses three sub-questions. What kind of capitalism does Southern Europe have? How has the euro changed Southern Europe’s political economy? What has been the impact of the crisis of the late 2000s on Southern Europe’s politics, society and economy?

Seminar Room 3, Badia Fiesolana DD/MM/YYYY
  Seminar Room 3, Badia Fiesolana

The Comparative Political Economy Working Group and the POLCON project
cordially invite you to a joint session:

Jonathan Hopkin

Associate Professor, London School of Economics and Political Science (LSE)

will present his current book project entitled
Disembedding Southern European Capitalism: Austerity and Institutional Change in the South of the Eurozone

March 16, 5.15-6.45pm
Seminar Room 3, Badia Fiesolana

Abstract:
Karl Polanyi’s magisterial work The Great Transformation described how in the first half of the 20th century the contradictory forces of liberal markets and society’s need for protection collided, leading to financial instability, mass unemployment, the rise of nationalism and war. The crisis of the European Monetary Union can readily be interpreted in terms of a similar dynamic. European integration has been above all a process of market-making, inspired by principles of economic liberalism. European Monetary Union has introduced rigidities in monetary policy reminiscent of the inter-war Gold Standard regime. As a result of the crisis and recession since 2007, Southern Europe has been pressurized into weakening the decommodifying institutions that had emerged as the Southern countries modernized and ultimately democratized in the post-war period. The measures that Southern European governments have been required to take in order to comply with European Union rules involve ‘disembedding’ the economy from regulatory and redistributive institutions that had in various ways shielded their societies from the full force of the market economy.

The crisis of the late 2000s has provoked a political reaction or ‘counter movement’ in Polanyi’s terms. The euro crisis shares many features of the crisis of the 1930s, and the turn to nationalism and protectionism across Europe is very visible. But at the same time the crisis has not unleashed the powerful counter movement that might have been expected in Southern Europe, given the severity of its downturn and the absence of signs of full recovery. This book seeks to answer the question: How has the euro, a 21st century version of the Gold Standard, managed to survive a decade of economic stagnation and policy failure? To address this question, this book poses three sub-questions. What kind of capitalism does Southern Europe have? How has the euro changed Southern Europe’s political economy? What has been the impact of the crisis of the late 2000s on Southern Europe’s politics, society and economy?


Location:
Seminar Room 3, Badia Fiesolana

Affiliation:
Department of Political and Social Sciences

Type:
Working group

Contact:
Maureen Lechleitner (EUI) - Send a mail
Martina Selmi (EUI - Department of Political and Social Sciences) - Send a mail

Speaker:
Prof. Jonathan Hopkin (London School of Economics)

Organiser:
Guillem Vidal Lorda (EUI - Department of Political and Social Sciences)
Björn Kristen Bremer (EUI - Department of Political and Social Sciences)
Edgars Eihmanis (EUI - Department of Political and Social Sciences)
Tobias Tesche (EUI - Department of Political and Social Sciences)
 
 

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Page last updated on 10 November 2016