Institutions in Crisis
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Institutions in Crisis

European Perspectives on the Recession

Edited by David Howden

This critical and thought-provoking book explores the causes and consequences of Europe’s failed political and economic institutions. Europe’s recession has created new challenges as market turmoil has shaken the foundations of the twin pillars of the new drive for European integration – political and monetary unions. This book critically assesses the patchwork solutions continually offered to hold the troubled unions together. Failed political policies, from the prodigious ‘Common Agricultural Policy’ to ever more common fiscal stimulus packages, are shown to have bred less than stellar results in the past, and to have devastating implications for future European growth. The contributors outline the manner through which European monetary union has subsidized and continues to exacerbate the burgeoning debt crisis. Most strikingly, the interplay between Europe’s political and economic realms is exposed as the boondoggle it is, with increasingly bureaucratic institutions plaguing the continent and endangering future potential.
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Chapter 2: A Stock-taking of the Impact of the Crisis

Jörg Guido Hülsmann

Extract

2. A stock-taking of the impact of the crisis1 Jörg Guido Hülsmann The present crisis of the global economy started with the publication of massive defaults of US subprime mortgage loans in July 2007. During the following 12 months, these initial ...

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