Economic causes of the Eurozone crisis: the analytical contribution of Comparative Capitalism
By A. Nölke. 2016
130 citations recorded by the source corpus.
The article discusses advances and limitations of Comparative Capitalism scholarship on the causes of the Eurozone crisis. It explains the crisis by highlighting four basic mechanisms: first, the absence of a system of coordinated wage bargaining has been made responsible for the loss of cost competitiveness. Second, the specialization in price-sensitive medium-quality goods and the corresponding loss of market sharesto emerging markets has been attributed to the weak innovation systems of Southern economies. Third, the loss of competitiveness has been masked temporarily by a strong increase of public indebtedness and, fourth, private household indebtedness. These four explanations do not put the blame for the Eurozone crisis on a single government or a single type of actors, but rather highlight the systemic causes for the crisis, brought about by the construction of a common currency for institutionally very heterogeneous economies.
Subfields: Finance, Political Science and International Relations
View Paper: https://www.semanticscholar.org/paper/f0283c21fbb9414abc5c47893319052fbd3be689
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In Finance
In Political Science and International Relations
- Dorothee Bohle
- P. Hall
- Gregory Jackson
- Michael A. Witt
- Jasper J. Hotho
- R. Kloosterman
- Lucio Baccaro
- A. Nölke
Citations in the corpus
- European Integration, Capitalist Diversity and Crises Trajectories on Europe’s Eastern Periphery (2018, background): “Building on insights of the ‘third wave’ of comparative capitalism (CC) scholarship (Nölke 2016), this paper argues that a combination of domestic transformation strategies and the EU’s accession policies resulted in two different growth regimes on Europe’s Eastern periphery.”
- Varieties of capitalism in light of the euro crisis (2018, background): “The euro crisis has also drawn attention to the distinctive effects that developments in the international economy have on different varieties of capitalism, often as a result of the latter’s inherent comparative institutional advantages (Fioretos 2011; Nolke 2016).”