Eurozone Dystopia: Groupthink and Denial on a Grand Scale - Hardcover

Mitchell, William

Hardcover

ISBN 10: 1784716650 ISBN 13: 9781784716653

Publisher: Edward Elgar Publishing Ltd, 2015

Synopsis

Eurozone Dystopia traces the origin of the Eurozone and shows how the historical Franco-German rivalry combined with the growing dominance of neo-liberal economic thinking to create a monetary system that was deeply flawed and destined to fail. William Mitchell argues that the political class in Europe is trapped in a destructive groupthink. Based on a flawed understanding of macroeconomic fundamentals, groupthink extols the virtues of the erroneous concept of the self-regulating free market and prevents Europe from seeing its own policy failures. As a result millions are unemployed, with imperiled member states caught in a cycle of persistent stagnation and rising social instability. Providing a detailed historical analysis of the evolution of the Eurozone and its failings from the 1940s to the present day, the book argues that the Eurozone lacks the necessary monetary architecture, particularly the existence of a federal fiscal function which could have resolved the economic crisis quickly. The author examines the options available to Europe and concludes that an orderly abandonment of the euro and a return to national currencies is the superior option available. The justification for this conclusion is exhaustively argued within a Modern Monetary Theory framework. This thoughtful and accessible account of Europe's economic woes will appeal to all those who are seeking an explanation for the crisis and are receptive to sensible and credible alternatives to the current scenario.

About this title

From the Author:

William Mitchell, Professor of Economics, Centre of Full Employment and Equity, University of Newcastle, Australia

About this edition

• Publisher: Edward Elgar Publishing Ltd
• Publication date: 2015
• ISBN 10: 1784716650
• ISBN 13: 9781784716653
• Binding: Hardcover
• Number of pages: 520