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The peripheralization of Southern European capitalism within the EMU

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  • Francesca Gambarotto
  • Stefano Solari

Abstract

The paper discusses the problem of the Southern European (SE) capitalism and its difficult path into the EMU (European Monetary Union), looking at the remote causes of the crisis that hit these economies. For this reason, we consider European countries as a set of asymmetrically integrated variety of capitalism. The institutional configuration chosen by Europe to aggregate the many varieties of capitalism not only reduced the political autonomy of the single states, but effectively hindered the specific coordination mechanism of Southern European (SE) capitalism which was importantly based on state intervention as a structural element and on inflationary policies. Despite the deep market-oriented reforms this change caused both structural and macroeconomic unbalances. The aim of the paper is to integrate some principles of the variety of capitalism and the dynamics of institutional change with some insights inspired by the work of Arrighi to supply a synthetic and 'alternative' perspective on the difficult role that Southern countries are experiencing in Europe.

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  • Francesca Gambarotto & Stefano Solari, 2015. "The peripheralization of Southern European capitalism within the EMU," Review of International Political Economy, Taylor & Francis Journals, vol. 22(4), pages 788-812, August.
    • Handle: RePEc:taf:rripxx:v:22:y:2015:i:4:p:788-812
    DOI: 10.1080/09692290.2014.955518
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    2. Marta Silva & João Carlos Lopes, 2020. "The structural adjustment of the Portuguese economy in the context of the economic reform of the Eurozone," Working Papers REM 2020/0143, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    3. Liagouras, George, 2018. "On the Edge of the South European Model: Familism, Business and State in Greece," OSF Preprints 8eqmb, Center for Open Science.
    4. Jasiecki Krzysztof, 2022. "The coronavirus and center-peripheral relations in the economies of the European Union," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 58(3), pages 235-247, September.
    5. Cláudia Urbano, 2019. "Similitudes and singularities of higher education systems in the Mediterranean countries: Historical construction, policy and evolution of key indicators," REGION, European Regional Science Association, vol. 6, pages 25-44.
    6. Koddenbrock, Kai & Sylla, Ndongo Samba, 2019. "Towards a political economy of monetary dependency: The case of the CFA franc in West Africa," MaxPo Discussion Paper Series 19/2, Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo).
    7. Manuel Castelo Branco & Catarina Delgado & Carla Marques, 2018. "How do sustainability reports from the Nordic and the Mediterranean European countries compare," Review of Managerial Science, Springer, vol. 12(4), pages 917-936, October.
    8. Szunomár, Ágnes & Lima da Frota Araujo, Carlos Raul, 2022. "Kelet-Közép-Európa a digitális selyemúton? Lehetséges politikai gazdaságtani magyarázatok [Central and Eastern Europe on the Digital Silk Road? Possible political economic explanations]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 367-388.
    9. Philipp Kern & Howard Gospel, 2023. "The effects of strategy and institutions on value creation and appropriation in firms: A longitudinal study of three telecom companies," Strategic Management Journal, Wiley Blackwell, vol. 44(1), pages 343-366, January.
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    11. Hugo Dias, 2021. "The evolution of Portuguese trade unionism: Political economies and power resources," Industrial Relations Journal, Wiley Blackwell, vol. 52(3), pages 237-254, May.

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