Post-Keynesians
have delivered an important advance in providing explanations of the Eurozone
Crisis, not the least in demonstrating how the formation of the European
integration project lacked the means to manage effectively the macroeconomic
imbalances between ‘core’ and ‘peripheral’ spaces across the region. In our
recent article ‘EU aggregate
demand as a way out of crisis?’, published in the Journal of Common Market Studies, Jamie Jordan, Adam David Morton and I provide a critical
engagement with such descriptions. We argue that it is necessary to focus on
the uneven and combined development of Europe’s ‘peripheral’ spaces and here in
particular their integration into an expanded free trade regime since the 1980s
in order to get a better understanding of the roots of the current crisis.
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| Photo by Chris Goldberg |
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