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European Crisis: A New Tale of Center–Periphery Relations in the World of Financial Liberalization/Globalization?

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  • Arturo O’Connell

Abstract

There are many dimensions to the so-called European Crisis can be understood as one more case of the crisis of financial liberalization/globalization that the developing countries—and their counterparts in the advanced ones—started experiencing more than a quarter of a century ago. This perspective leads to a focus on the consequences of cross-border financial movements in both their upside and downside phases, consequences that have a serious impact not only on the habitually so- called “debtor” countries but also on those of residence of the major creditor institutions. Therefore, a solution to the “crisis” must involve both sides of the center–periphery relationship if a breakup of the system is to be avoided.

Suggested Citation

  • Arturo O’Connell, 2015. "European Crisis: A New Tale of Center–Periphery Relations in the World of Financial Liberalization/Globalization?," International Journal of Political Economy, Taylor & Francis Journals, vol. 44(3), pages 174-195, July.
    • Handle: RePEc:mes:ijpoec:v:44:y:2015:i:3:p:174-195
    DOI: 10.1080/08911916.2015.1035986
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