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
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- 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.
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NBER Working Papers
2685, National Bureau of Economic Research, Inc.
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