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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

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    25 researchers and political organisers from France, Greece, Spain, Germany, Italy and Belgium have put their names to this collective text, following the international conference France and Europe after Brexit. The conference was staged in Paris on 2 and 3 December 2016 by the Europe-wide EReNSEP network. Translated by David Broder. 



    Europe has entered a critical period. It is evident that the Economic and Monetary Union (EMU) has irrevocably failed. The economies on the periphery are suffering severe crisis, and the economies of the centre are stagnating. The single currency has become an instrument of German capitalism as it seeks to impose a mercantilist economic policy through wage dumping as well as to dictate "structural reforms" (and it is supported, in this, by the other economies at the centre of the EMU).

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  • Deconstructing ‘The Jungle’, Reconstructing the British Border

    Heaven Crawley responds to the eviction of 'The Jungle' camp at Calais, arguing that it is largely a symbolic attempt by the British government to reassert 'control' over borders in the context of Europe's political crisis. The eviction, and the reinforcement of the wall alongside the port of Calais, does not address the refugee crisis and the diverse reasons for why people move. Professor Heaven Crawley leads research on migration and human security at the Centre for Trust, Peace and Social Relations at Coventry University. She specialises in aspects of international migration, including policy, public attitudes and the experience of refugees and asylum-seekers.

    Violent Borders: Refugees and the Right to Move, Reece Jones' exploration of the refugee crisis, focusing on how borders are formed and policed, is 40% off until Sunday, 30th of October at midnight (UTC).

    Yesterday, the UNHCR announced 2016 has become the deadliest year on record for people trying to cross the Mediterranean seas to Italy and Greece, with more than 3,800 men, women and children died or were reported missing. Borders kill, of that there can be no doubt.

    The violent borders of which Reece Jones speaks so powerfully in his excellent book are now so much a feature of our everyday lives that it’s difficult to be shocked by what we see and hear. Images of bodies washing up on European beaches would engender a sense of horror and outrage a year ago, yet they now pass us by. Today we see desperate people waiting to be rescued in rubber dinghies that have taken in water, creating an oily chemical sludge, in which some of their fellow travellers lie lifeless. A human soup of bodies rotting in the heat of the sun. Still no one seems to care, much less do anything.

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  • Five Book Plan: Borders and the Right to Move

    Reece Jones, author of  Violent Borders: Refugees and the Right to Move, selects five essential books about the changing role of borders in how we consider freedom of movement, globalization, and humanitarian crises across the world.

    Violent Borders: Refugees and the Right to Move is 40% off until Sunday October 30th at midnight (UTC). Includes free shipping (worldwide) and bundled ebook.


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Other books by Costas Lapavitsas Preface by Stathis Kouvelakis