By Anton Hemerijck, Ben Knapen, Ellen van Doorne

Even though it will be untimely to presume to spot the precise repercussions of the present monetary drawback, it truly is transparent that it'll have profound results within the political, monetary, and social spheres. Written in the middle of the private fiscal main issue because the nice melancholy, Aftershocks comprises twenty-four essays—based on interviews with students, renowned eu politicians, and major figures from enterprise and banking—that give some thought to the origins of the problem in addition to the prospective social, monetary, and political modifications it can engender. one of the members are Barry Eichengreen, Tony Atkinson, David Soskice, Nancy Birdsall, Amitai Etzioni, Helmut Schmidt, and Jacques Delors.


“These reflections by way of teachers, specialists and previous political leaders turn out that neither returning to the recipes of the Eighties and ’90s nor refurbishing the preexisting schemes of the Fifties and ’60s will yield the strategies we'd like on the household or worldwide point. It places a primary reimagining of the position of public authority and political sovereignty again at the agenda.”

(Frank Vandenbroucke, former Minister of Social Affairs and Pensions of Belgium)

“A must-read for a person who desires to comprehend the industrial trouble and its aftermath. the extreme choice of interviews with specialists, coverage analysts, and political leaders not just demonstrates that we have to have interaction in a massive reevaluation of worldwide in addition to nationwide financial regulations, the function of the country within the economic system, and neo-liberal doctrine, it additionally presents the simplest beginning point.”

(Vivien A. Schmidt, Boston University)

"A hugely instructive and quietly provocative strategy to try to make experience of a monetary problem is to learn this number of disciplined yet open-ended reflections on either via a few of the world's most sensible economists and social scientists. no matter what you consider the situation now you'll reconsider upon encountering their trenchant yet nuanced reactions."

(Charles Sabel, Columbia legislation School)


1 diagnosing the drawback fifty three
A story of 2 Crises 55
Barry Eichengreen

A heritage of Profligate Lending sixty seven Charles Maier

The challenge of Social Deflation seventy four Jean-Paul Fitoussi

The problem as a Paradigm Shift eighty two Paul de Grauwe

2 exploring household coverage area lower than low progress ninety one

The importance of Politics 93
Peter A. Hall

Troubleshooting fiscal Narratives 103 Suzanne Berger

Leadership Imperatives for a Post-Crisis global a hundred and ten Stephen Roach

Establishing a brand new Macro-economic coverage Regime 122 Willem Buiter

Varieties of Capitalism; types of Reform 133 David Soskice

3 dealing with paradise misplaced 143

Social Discontent in ecu Welfare States 145
Mark Elchardus

A hindrance of Consumerism one hundred fifty five Amitai Etzioni

The ethical financial disaster of latest Capitalism 163 Richard Sennett

Transcending the ecu country kingdom 169 Dominique Moïsi

4 embedding a brand new worldwide agreement? one hundred seventy five

The problem of worldwide Governance 177
André Sapir

Capitalism 3.0 185 Dani Rodrik

The international improvement time table 194 Nancy Birdsall

The financial main issue and weather swap 201 Anthony Giddens

A tension attempt for the Welfare nation 207 Tony Atkinson

The G2 and the main issue 212 Amy Chua

5 realigning europe 219

A New eu agreement 221
Loukas Tsoukalis

Europe’s Neo-liberal Bias 228 Fritz Scharpf

Beyond Lisbon 235 Maria João Rodrigues

The Quest for imaginative and prescient 245 Helmut Schmidt

Rekindling the Spirit of Cooperation 252 Jacques Delors


Towards a brand new schedule 259 Ben Knapen

Overview of the Interviews Biographies of the Interviewees 269

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Additional resources for Aftershocks: Economic Crisis and Institutional Choice (WRR)

Example text

One way of rationalising these arrangements would be by moving to a Group of 24, based on the representation in the International Monetary and Financial Committee of the IMF. Of the 24 representatives in this committee, five represent individual countries, whereas the others represent groups of countries. All this makes it a far more effective structure to supersede the G20. Another shortcoming of the G20 is Europe’s inability to speak with one voice. The EU should come to recognise that two seats – one for the euro area and one for the rest of the EU – is sufficient, a view which is shared by André Sapir.

Jacques Delors infers that as a result of the timely imperative of the enlargement of 2004, the programmatic deepening of the EU took a back seat (see also Delors, 2006). As a consequence, the EU now lacks the necessary unity to put forward a coherent package of supranational social and economic crisis management. According to Delors and Helmut Schmidt, this is also due to the overall weakness of the Commission. In hard times, national politics trump the European common good, as national leaders move to protect their own industries, workers, and voters.

NBER Working Paper, no. W11728. J. ) (2009), Europe, Globalisation and the Lisbon Agenda. Cheltenham: Edward Elgar. Rodrik, D. (2007), One Economics, Many Recipes: Globalisation, institutions, and economic growth. Princeton: Princeton University Press. Roubini, N. (2006), ‘Why Central Banks Should Burst Bubbles’. International Finance 9:1, 87-107. G. (1982), ‘International Regimes, Transactions, and Change: Embedded Liberalism in the Postwar Economic Order’, International Organisation 36 (Spring 1982).

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Aftershocks: Economic Crisis and Institutional Choice (WRR) by Anton Hemerijck, Ben Knapen, Ellen van Doorne
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