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ID: 087943

Last Temptation of Risk / Eichengreen, Barry

Eichengreen, Barry	Journal Article
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2009.

Summary/Abstract

THE GREAT Credit Crisis has cast into doubt much of what we thought we knew about economics. We thought that monetary policy had tamed the business cycle. We thought that because changes in central-bank policies had delivered low and stable inflation, the volatility of the pre-1985 years had been consigned to the dustbin of history; they had given way to the quaintly dubbed "Great Moderation." We thought that financial institutions and markets had come to be self-regulating-that investors could be left largely if not wholly to their own devices. Above all we thought that we had learned how to prevent the kind of financial calamity that struck the world in 1929.

Key Words

Risk ; Last Temptation ; Credit Crisis ; Business Cycle ; Monetary Policies

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ID: 123724

Trapped in the logic of the modern state system?: European integration in the wake of the financial crisis. / Murphy, Alexander B

Murphy, Alexander B	Journal Article
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Publication

2013.

Summary/Abstract

In the wake of the Single European Act of the mid-1980s and a series of follow-on initiatives aimed at fostering greater integration in Europe, a number of commentators began describing Europe as a truly novel political-territorial arrangement. By the middle of the 1990s, however, the adoption of a common currency came to dominate the European integration agenda. The embrace of monetary union reflected a view of European integration that was firmly embedded in the logic of the modern territorial state system. That logic led many commentators to view the success or failure of integration in terms of the degree to which powers were being transferred from state governmental and economic institutions to the central decision-making bodies of the European Union. Such an approach cast the EU as a super-state rather than as a new type of political-institutional entity. As a result, the integration project was less subversive of the state system than it might otherwise have been - bolstering the view of the European Union as a distant bureaucracy not adequately attuned to the needs of everyday Europeans and fueling nationalist sentiments: a social force with deep roots in the modernist territorial order. Moving the European integration process forward will likely require embracing conceptions of progress that are less tethered to modernist territorial ideas and assumptions.

Key Words

European Union ; Economics ; Europe ; Euro ; Monetary Policies ; European Integration Agenda ;
Modern Territorial State ; European sovereign ; History

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