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This book offers a novel interpretation of the Great Recession and the ensuing Euro Crisis as a consequence of the evolution of capitalism since the 1970s. Chapters argue that the neoliberal development trajectory pursued in recent decades is unsustainable, and posit that neither sound macroeconomics nor empirical data support the unqualified faith in free markets that inspired it. The book begins by providing a broad critical perspective on key concepts such as freedom, free market, free trade, globalisation and financialisation, before going on to analyse the long and deep recent crisis as a result of the neoliberal policy strategy adopted since the early 1980s. The alternative narrative outlined in the book provides insights into the policy strategy required to achieve a sustainable development trajectory.
List of contents
Chapter 1) Introduction.- Part 1: The Co-Evolution of Markets, Economic Policy and Economics.- Chapter 2) Financialisation.- Chapter 3) Globalisation.- Chapter 4) The Co-Evolution of Economy and Economics: The Twin Crises.- Part 2: The Great Recession and Its Policy Implications.- Chapter 5) Crisis and Sustainability.- Chapter 6) The Eurocrisis.- Chapter 7) Policy Implications.- Chapter 8) Concluding Remarks.
About the author
Alessandro Vercelli
teaches Economics of Sustainable Development in the Department of Economics and Statistics, University of Siena, Italy, is a Professorial Research Associate at SOAS, University of London, UK, and is a life member of the Clare Hall, University of Cambridge, UK. He has served as Vice President of the International Economic Association and member of the Executive Committee of the Italian Economic Association. He has also been a Distinguished Visiting Fellow at Queen Mary, University of London, UK, a British Council Senior Visiting Fellow at St Antony's College, Oxford University, UK, and a visiting scholar at many distinguished academic institutions.
Summary
This book offers a novel interpretation of the Great Recession and the ensuing Euro Crisis as a consequence of the evolution of capitalism since the 1970s. Chapters argue that the neoliberal development trajectory pursued in recent decades is unsustainable, and posit that neither sound macroeconomics nor empirical data support the unqualified faith in free markets that inspired it. The book begins by providing a broad critical perspective on key concepts such as freedom, free market, free trade, globalisation and financialisation, before going on to analyse the long and deep recent crisis as a result of the neoliberal policy strategy adopted since the early 1980s. The alternative narrative outlined in the book provides insights into the policy strategy required to achieve a sustainable development trajectory.
