A triumph of failed ideas European models of capitalism in ... - Journal

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Italy: Chronicle of a crisis foretold.................................................................................................................................................................approved expansion of the Eurozone bailout fund (the EuropeanFinancial Stability Facility), it had already been overtaken by events.Meanwhile, austerity is killing growth throughout Europe and Europeanleaders’ lack of vision and resolve is scaring the world. It is possible that,when enough damage has been inflicted on the Eurozone economies andthe European institutions’ credibility, more coordinated efforts – whetherit be the idea of ‘Blue Bonds’ or a European Marshall plan, backed by allthe euro economies – will be forced onto the agenda. But if conditionskeep deteriorating, a point may be reached at which not even a willingGermany would be able to pay the bill for everyone.Even if the debt crisis can be overcome, the fundamental question ofhow to ensure convergence of economies that are still so different andfar apart remains open. How long, in fact, will the southern countries beable to endure the deflationary policies that are required to restorecompetiveness (even if we assume that they will be able to attain equalproductivity growth), if low German inflation demands negative changesin their wages and prices? Besides negatively affecting growth, decliningwages and prices will exacerbate the problem of the public debt. Historyteaches us that the consequences of a general deflation can be disastrous. 13Europe must resume growth if the countries of the periphery are tohave a chance to grow out of their debt. This inevitably calls intoquestion Germany’s policies. For German voters, their country's postwareconomic miracle was built on a hard currency, prudent financesand strong exports. It is hard for German voters to fathom that thesevery virtues are at the heart of the current crisis (Knight 2011). As notedby Gordon Brown, ‘There is some truth in the argument that Germanywill only agree to become a bigger part of the solution when faced withthe evidence that it is also a big part of the problem’ (Brown 2011).Emergency intervention needs to pave the way for long-termconstruction: a growth strategy that would mean easing up on austerityfor Greece and the other weakened countries and enacting stimulusmeasures in surplus countries, as well as new rules that prevent theformation of the very disequilibria that led to the present predicament.13. The economic and social costs involved in having to adjust (downward) the level ofprices and wages to fit an (overvalued) fixed exchange rate have been illustrated by theUK experience of the return to gold at pre-war parity in 1925–31.A triumph of failed ideas – European models of capitalism in the crisis 195
Annamaria Simonazzi.................................................................................................................................................................ReferencesAlderman, L. (2011) ‘A Daunting Path to Prosperity’, The New York Times,28 July 2011.Banca d’Italia (2011) Relazione annuale sulla situazione economica delpaese, Rome.Barba, A. (2011) ‘La redistribuzione del reddito nell’Italia di Maastricht,Sviluppo capitalistico e Unità nazionale: le forme economiche,politiche, culturali dell’unità nazionale e della sua crisi’, Rome, 25–27 May 2011.Bigarelli, D. and M. Russo (2011) ‘L’impatto della crisi internazionalesulla subfornitura meccanica in Emilia Romagna’, Modena, mimeo.Birindelli, L. (2011) ‘Growth zero. Retribuzioni, occupazione e distribuzionedel reddito in Italia tra stagnazione e recessione’, in A. Megale, G.D’Aloia and L. Birindelli (eds), Salari. Il decennio perduto, Rome:Ediesse.Brandolini, A. and M. Bugamelli (2009) Rapporto sulle Tendenze nelSistema Produttivo Italiano, Questioni di Economia e Finanza 4,Rome: Bank of Italy.Breda, E. and R. Cappariello (2010) ‘A Tale of Two Bazaar Economies:An Input-output Analysis for Germany and Italy’, Questioni diEconomia e Finanza 79, Rome: Bank of Italy.Brown, G. (2011) ‘A Fast Track to Euro Stability’, The InternationalHerald Tribune, 29 September 2011.Bugamelli, M., F. Schivardi and R. Zizza (2009a) ‘The Euro and FirmRestructuring’, Working Paper no. 716, Rome: Bank of Italy.Bugamelli, M, R. Cristadoro and G. Zevi (2009b), ‘La crisi internazionale eil sistema produttivo italiano: un’analisi su dati a livello d’impresa’,Questioni di economia e finanza 58, Rome: Bank of Italy.Coltorti, F. (2007) ‘Il nuovo capitalismo delle medie imprese italiane’,in R. Cafferata (ed.), Finanza e Industria in Italia, Bologna: Il Mulino.De Nardis, S. (2011) ‘Le imprese italiane dopo la recessione’. Availableat: www.lavoce.info, 28–26.Ginzburg, A. (2005) ‘Le porte del cambiamento. A proposito di alcunerecenti interpretazioni del ristagno dell’economia italiana’, Economia& Lavoro, 39 (2), 5–20.Istat (2011a), La povertà in Italia. Anno 2010, Rome: Istat.Istat (2011b) Annuario statistico Commercio estero e attività internazionalidelle imprese, Rome: Istat.196 A triumph of failed ideas – European models of capitalism in the crisis
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Table of contentsSteffen LehndorffI
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After the party’s over:the Irish
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The Austrian model and the financia
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List of contributors...............
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EuropeanTrade Union InstituteBd du
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