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Crisis in the Eurozone

A controversial call to break up the Eurozone and stop the debt crisis.

First, there was the credit crunch, and governments around the world stepped in to bail out the banks. The sequel to that debacle is the sovereign debt crisis, which has hit the eurozone hard. The hour has come to pay the piper, and ordinary citizens across Europe are growing to realize that socialism for the wealthy means punching a few new holes in their already-tightened belts.

Building on his work as a leading member of the renowned Research on Money and Finance group, Costas Lapavitsas argues that European austerity is counterproductive. Cutbacks in public spending will mean a longer, deeper recession, worsen the burden of debt, further imperil banks, and may soon spell the end of monetary union itself.

Crisis in the Eurozone charts a cautious path between political economy and radical economics to envisage a restructuring reliant on the forces of organized labour and civil society. The clear-headed rationalism at the heart of this book conveys a controversial message, unwelcome in many quarters but soon to be echoed across the continent: impoverished states have to quit the euro and cut their losses or worse hardship will ensue.

 

Reviews

  • “This book is indispensable for anyone trying to make sense of the European Union’s implosion.”
  • Crisis in the Eurozone combines the urgency of front-line reporting with insightful detail about the players involved and mechanisms at work”
  • “The most comprehensive, thoughtful, and insightful dissection of the Eurozone’s problems. If you could only read one item on this momentous crisis, this book would be it.”
  • “The authors advocate a different approach that lies between political economy and radical economics.”

Blog

  • Eurozone Mobilization Reading List

    The 2014 European Parliament elections are scheduled to begin today coinciding with the 2014 local elections in England and Northern Ireland. Could these elections suffice to manifest a programme and force that empowers significant progress for the left? Etienne Balibar, in his essay most recent essay Useless European Elections? says “Obviously not. A rebirth of the political Left in Europe needs more, and other forms of trans-border mobilization.” 

    Here, Verso presents a reading list which aims to analyze, criticize, and mobilize the Lefts voice toward the Eurozone’s development.

    All books listed are available for direct purchase from our site at discounts of 40% off paperbacks, 30% off hardcovers, and 50% off ebooks, with free shipping, and ebooks bundled with your print purchase where available. 

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  • True Communism Is the Foreignness of Tomorrow: Alain Badiou talks in Athens



    In late January the philosopher Alain Badiou was in Athens, where he gave three talks. The theme of the first of these was Plato, the second was on Lacan, while the third – the text of which appears below – was the most ‘political’. Each of the three talks had a packed-out audience. For this third talk, indeed, even the amphitheatre of the Law School did not suffice to contain the great number of attendees, with many of the large crowd of young people present filling out the stairs and floor. It took place on 25 January, and was jointly organised by the psychoanalysis review Alithia, the municipal elections movement Open City, and the SYRIZA youth organisation ‘Left Union’. It was supported by the Nikos Poulantzas Institute.

    The principle that there is a single world does not contradict the infinite play of identities and differences

    Alain Badiou

    I would like to thank, and to salute, all our Greek friends, and beyond that all those who are today struggling against the terrible situation inflicted on the Greek people by the financial oligarchy that today holds power in Europe, in service of globalised capitalism.

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  • Post-crash economics: a reading list

    Neoliberal economics isn't working and students are demanding more from their course reading than the 8th edition of Macroeconomics can provide. Following the news that Economics students in Manchester have formed the Post-Crash Economics Society and Aditya Chakrabortty's excoriating and controversial commentary on the state of contemporary economics, published in the Guardian this week, Verso presents a reading list of economics titles which challenge the mainstream neoliberal consensus and offer powerful alternative models in contemporary economics.
     


    First on our list, and referenced by Chakrabortty, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown by Philip Mirowski
    Following the financial crisis, how have banks and the financial services industry manage to stay on top in the political stakes; indeed, how has their recovering led to an upturn in their fortunes? Philip Mirowski explores how financial capitalism has turned the crisis to their advantage, leveraging state power to prop up free market capitalism.

    Another new release from Verso is Costas Lapavitsas' book on financialisation, Profiting Without Producing: How Finance Exploits Us All. Described as "a masterpiece on the financialized capitalism of our age", the book looks at the rise of financial profit as a key aspect of the economy, and the role of financialized capitalism in the current economic crisis.

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Other books by Costas Lapavitsas Preface by Stathis Kouvelakis