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The Qualitative Shift in European Integration: Towards permanent wage pressures and a ‘Latin-Americanization’ of Europe?

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Author Info

  • Reinert, Erik S.
  • Kattel, Rainer

Abstract

US economist Hyman Minsky jokingly used to claim that there are as many varieties of capitalism as Heinz has pickles, that is 57 varieties (Minsky 1991). In this paper we argue that economic integration provides a similar analytical problem: economic integration can take many forms, and some are more conducive to wealth and freedom than others. Colonialism was probably the first form of international economic integration, and a very close form of integration at that. Intuitively we understand that what the European Union has attempted to achieve – ever since Winston Churchill called for ‘a kind of United States of Europe’ in a 1946 Zurich University speech – is something qualitatively very different from colonialism. In this paper we argue that European economic integration has made a qualitative shift from one type of economic integration to another, from a Listian symmetrical economic integration to an integrative and asymmetrical integration. We argue that this change – originating in a new definition of the nature of capitalism – is measurably threatening European welfare, first in the economic periphery and secondly potentially also in the core countries.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 47909.

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Date of creation: Oct 2004
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Handle: RePEc:pra:mprapa:47909

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Related research

Keywords: Varieties of capitalism; economic integration; Europe; structural change;

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References

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  1. Allen Schick, 2003. "The Performing State: Reflection on an Idea Whose Time Has Come but Whose Implementation Has Not," OECD Journal on Budgeting, OECD Publishing, vol. 3(2), pages 71-103.
  2. Carolina Castaldi & Mario Cimoli & Nelson Correa & Giovanni Dosi, 2004. "Technological Learning, Policy Regimes and Growth in a `Globalized' Economy: General Patterns and the Latin American Experience," LEM Papers Series 2004/01, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  3. Mario Cimoli & Nelson Correa, 2002. "Trade Openess and Technological Gaps in Latin America: a Low Growth Trap," LEM Papers Series 2002/14, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  4. anonymous, 2003. "Embracing change," Annual Report, Federal Reserve Bank of Boston, pages 6-31.
  5. Tarmo Kalvet, 2004. "The Estonian ICT Manufacturing and Software Industry: Current State and Future Outlook," Development and Comp Systems 0406006, EconWPA.
  6. repec:idb:brikps:8951 is not listed on IDEAS
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Cited by:
  1. Özlem Onaran, 2008. "Jobless Growth in the Central and Eastern European Countries," Working Papers wp165, Political Economy Research Institute, University of Massachusetts at Amherst.
  2. Erik S. Reinert, 2006. "Development and Social Goals: Balancing Aid and Development to Prevent ‘Welfare Colonialism’," Working Papers 14, United Nations, Department of Economics and Social Affairs.
  3. Özlem Onaran, 2007. "Jobless growth in the Central and Eastern European Countries: A country specific panel data analysis for the manufacturing industry," Department of Economics Working Papers wuwp103, Vienna University of Economics, Department of Economics.

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