He calls the book “a reference point for Marxian political economy for decades to come”, a book that offers a powerful explanatory framework to grasp the historical and structural roots of the current crisis. In order to do this, Lapavitsas, “a premier monetary theorist”, “deeply rooted in Marxian political economy”, provides an insightful historical account of financialization by bringing to the fore the structural contradictions of capitalism.
In his rigorous review of Crisis in the Eurozone, written by Costas Lapavitsas and his colleagues from the Research on Money and Finance group, Alex Cistelecan bounces the book’s arguments off Jürgen Habermas’s The Crisis of the European Union.
What comes out of this skillful comparison is the depth of Lapavitsas’s arguments about the nature of the problems that the European Union is facing at the moment. Unlike Habermas, whose focus is mainly on the moral dimension of a problem not even dubbed a “crisis”, the kernel of Lapavitsas’s analysis is to emphasize “the profound and structural nature of these problems, and of the underlying contradiction built into the European legal and institutional construction.”