Global Imbalances, Declining Hegemony and the Need for a New Global Governance
The objective of the paper is to show that the recovery from the current economic crisis in US and in EU requires a new policy paradigm and a new global governance. I argue that, contrary to the recent austerity policies in EU and US, a new level of government involvement is required in order to keep aggregate demand stable, make full employment possible, and create a transparent financial sector, serving the real economy and encouraging productive investments. Moreover, at global level, two main issues seem to affect negatively the markets: first the lack of an independent international currency, and second the instability of one of the biggest market, the Eurozone. The first needs a wider international solution, the latter needs a political responses at EU level in order to deepen integration
|Date of creation:||May 2011|
|Date of revision:|
|Contact details of provider:|| Postal: Via Silvio d'Amico 77, - 00145 Rome Italy|
Phone: +39 06 57114612
Fax: +39 06 57114771
Web page: http://host.uniroma3.it/dipartimenti/economia/it/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Philip Arestis & Theodore Pelagidis, 2010. "Absurd Austerity Policies in Europe," Challenge, M.E. Sharpe, Inc., vol. 53(6), pages 54-61, November.
- Maria N. Ivanova, 2010. "Hegemony and Seigniorage," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 39(1), pages 93-130, April.
- Robert J. Barro, 1988.
"The Ricardian Approach to Budget Deficits,"
NBER Working Papers
2685, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:rtr:wpaper:0130. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Telephone for information)
If references are entirely missing, you can add them using this form.