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Europe's Orphan : The Future of the Euro and the Politics of Debt - New Edition
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Year: 2017 Publisher: Princeton, NJ : Princeton University Press,

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Abstract

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.

Keywords

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.


Book
Distant Tyranny
Author:
ISBN: 9781400840533 1400840538 1283379635 9786613379634 9781283379632 6613379638 0691144842 9780691144849 Year: 2011 Publisher: Princeton, NJ

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Spain's development from a premodern society into a modern unified nation-state with an integrated economy was painfully slow and varied widely by region. Economic historians have long argued that high internal transportation costs limited domestic market integration, while at the same time the Castilian capital city of Madrid drew resources from surrounding Spanish regions as it pursued its quest for centralization. According to this view, powerful Madrid thwarted trade over large geographic distances by destroying an integrated network of manufacturing towns in the Spanish interior. Challenging this long-held view, Regina Grafe argues that decentralization, not a strong and powerful Madrid, is to blame for Spain's slow march to modernity. Through a groundbreaking analysis of the market for bacalao--dried and salted codfish that was a transatlantic commodity and staple food during this period--Grafe shows how peripheral historic territories and powerful interior towns obstructed Spain's economic development through jurisdictional obstacles to trade, which exacerbated already high transport costs. She reveals how the early phases of globalization made these regions much more externally focused, and how coastal elites that were engaged in trade outside Spain sought to sustain their positions of power in relation to Madrid. Distant Tyranny offers a needed reassessment of the haphazard and regionally diverse process of state formation and market integration in early modern Spain, showing how local and regional agency paradoxically led to legitimate governance but economic backwardness.

Keywords

Spain --- Espanja --- Spanien --- Hiszpania --- Spanish State --- España --- Estado Español --- Espagne --- Hispania --- Sefarad --- Sepharad --- Shpanye --- Shpanie --- Reino de España --- Kingdom of Spain --- Reino d'Espanya --- Reinu d'España --- Espainiako Erresuma --- Regne d'Espanya --- Reiaume d'Espanha --- Espanya --- Espanha --- スペイン --- Supein --- イスパニア --- Isupania --- Commerce --- History --- E-books --- Decentralization in government --- Regional disparities --- BUSINESS & ECONOMICS / Economic History. --- Disparities, Regional --- Regionalism --- Centralization in government --- Devolution in government --- Government centralization --- Government decentralization --- Government devolution --- Political science --- Central-local government relations --- Federal government --- Local government --- Public administration --- Economic conditions. --- Atlantic trades. --- Ebro. --- Europe. --- European nation-states. --- European state-building. --- Guadalquivir. --- Henry Swinburne. --- Madrid. --- Protestant north. --- Spain. --- Spanish economy. --- Spanish history. --- Spanish market. --- Spanish monarchy. --- absolutism. --- aristocracy. --- bacalao. --- cod trade. --- commercialization. --- consumer culture. --- contractual rule. --- decentralization. --- domestic market integration. --- economic development. --- economists. --- eighteenth-century Spain. --- fargmented authority. --- geography. --- globalization. --- historians. --- historical sociology. --- idleness. --- institutional heritage. --- international economy. --- local autonomy. --- market integration. --- market. --- markets. --- modernity. --- mountain ranges. --- nation-states. --- one price. --- patrimonialism. --- political debates. --- political economy. --- power. --- provincial taxation. --- southern European papists. --- spatial sub-units. --- specialized production. --- state. --- states. --- towns. --- tradable goods. --- trade. --- transoceanic goods. --- transport conditions. --- transport technology.

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