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Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt.Sandbu traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro's creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. Ideologically informed choices set in motion dynamics that encouraged more economic mistakes and heightened political tensions within the eurozone. Sandbu concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous-and risks sending the continent into further political paralysis and economic stagnation.Contending that the euro has been wrongfully scapegoated for the eurozone's troubles, Europe's Orphan charts what actually must be done for the continent to achieve an economic and political recovery.This revised edition contains a new preface addressing the economic and political implications of Brexit, as well as updated text throughout. Europe's Orphan charts what actually must be done for the continent to achieve a full recovery.

Debt relief --- Financial crises --- Eurozone. --- Euro. --- Monetary policy --- Money --- 2000-2099 --- Europe --- European Union countries --- Economic conditions --- Economic policy. --- Berlin. --- Brexit. --- Britain. --- Dublin. --- EU. --- Europe. --- European Financial Stability Facility. --- European economies. --- European economy. --- European nation states. --- European policymaking. --- European unity. --- German money. --- Germany. --- Greece. --- International Monetary Fund. --- Ireland. --- Irish banks. --- Irish economic policy. --- United Kingdom. --- account deficits. --- aggregate demand management. --- balance-of-payments crises. --- bank debt. --- collective fiscal stance. --- countercyclical fiscal policies. --- currency union. --- debt writedowns. --- debt. --- economic challenges. --- economic decline. --- economic suffering. --- euro. --- eurozone countries. --- eurozone economy. --- eurozone policymakers. --- eurozone. --- exchange rates. --- financial aid. --- financial fragmentation. --- financial markets. --- financial transfers. --- global financial crisis. --- individual currencies. --- investments. --- labour. --- monetary union. --- mutualised debt issuance. --- national autonomy. --- national governments. --- policy. --- political ill will. --- productivity. --- recession. --- rescue fund. --- restructuring. --- single currency. --- single interest rate. --- sovereign debt crisis. --- sovereign debt restructuring. --- sovereign debt. --- sovereign restructuring. --- trade. --- uncertainty. --- unity.

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A radical new approach to economic policy that addresses the symptoms and causes of inequality in Western society todayFueled by populism and the frustrations of the disenfranchised, the past few years have witnessed the widespread rejection of the economic and political order that Western countries built up after 1945. Political debates have turned into violent clashes between those who want to “take their country back” and those viewed as defending an elitist, broken, and unpatriotic social contract. There seems to be an increasing polarization of values. The Economics of Belonging argues that we should step back and take a fresh look at the root causes of our current challenges. In this original, engaging book, Martin Sandbu argues that economics remains at the heart of our widening inequality and it is only by focusing on the right policies that we can address it. He proposes a detailed, radical plan for creating a just economy where everyone can belong.Sandbu demonstrates that the rising numbers of the left behind are not due to globalization gone too far. Rather, technological change and flawed but avoidable domestic policies have eroded the foundations of an economy in which everyone can participate—and would have done so even with a much less globalized economy. Sandbu contends that we have to double down on economic openness while pursuing dramatic reforms involving productivity, regional development, support for small- and medium-sized businesses, and increased worker representation. He discusses how a more active macroeconomic policy, education for all, universal basic income, and better taxation of capital could work together for society’s benefit.Offering real answers, not invective, for facing our most serious political issues, The Economics of Belonging shows how a better economic system can work for all.

E-books --- Political philosophy. Social philosophy --- Economic order --- 331.31 --- 339.21 --- Economisch beleid --- Ongelijkheid en herverdeling van vermogens en inkomens. Inkomensbeleid --- Economic policy --- Western countries --- Economic conditions --- A Republic of Equals. --- Andrew Yang. --- Angus Deaton. --- Anne Case. --- Barry Eichengreen. --- Boris Johnson. --- Brexit. --- China Shock. --- Concrete Economics. --- Cultural Backlash. --- Dani Rodrik. --- David Blanchflower. --- Deaths of Despair. --- Donald Trump. --- Eric Kaufmann. --- J. Bradford Delong. --- Jon Haidt. --- Jonathan Rothwell. --- Make America Think Harder. --- Michael Gove. --- NAFTA. --- Nigel Farage. --- Not Working. --- Pippa Norris. --- Robert Wuthnow. --- Ronald Inglehart. --- Stephen Cohen. --- The Left Behind. --- The Populist Temptation. --- Whiteshift. --- antiglobalization. --- debt restructuring. --- debt traps. --- industrialization. --- intellectual property. --- labor markets. --- labor productivity. --- minimum wage. --- not left or right. --- populists. --- protectionism. --- rent-seeking. --- tariffs. --- taxing wealth. --- welfare society. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Occident --- West (Western countries) --- Western nations --- Western world --- Developed countries