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Comparative Economics, Globalisation and the Eurozone in the Quest for a New Eurozone Paradigm

Author

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  • Dallago, Bruno

    (Department of Economics and Management, University of Trento
    Berkeley, the University of North Carolina and Kyoto University
    External Counselling Body of the Hungarian Academy of Sciences)

Abstract

The Eurozone is at a crossroads. Its neoliberal and ordoliberal construction proved to be unworkable and, after the crisis, made the macroeconomic adjustment slow and costly – causing financial and real divergence among the member countries. Kolodko’s writings offer interesting insights. This article considers Kolodko’s study of Poland and Greece and adds two other paradigmatic cases, those of Germany and Italy. Kolodko’s case studies and criticism of neoliberalism lead him to propose a New Pragmatism in policy making. This proposal offers important insights, but neglects two fundamental problems: moral hazard and institutional differences. These have to be included in the New Pragmatism to give this the strength and ability to contribute to solve the Eurozone problems.

Suggested Citation

  • Dallago, Bruno, 2019. "Comparative Economics, Globalisation and the Eurozone in the Quest for a New Eurozone Paradigm," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 69(supplemen), pages 99-119, January.
    • Handle: RePEc:aka:aoecon:v:69:y:2019:i:supplement1:p:99-119
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    More about this item

    Keywords

    Eurozone; Germany; Greece; institutional differences; Italy; moral hazard; neoliberism; ordoliberalism; New Pragmatism; Poland;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • G01 - Financial Economics - - General - - - Financial Crises

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