The Geopolitics of European Austerity: "Ordnungspolitik" and the German Economic Model’s Shadow over the Eurozone Crisis
Abstract
Over the past five years two stories about the Eurozone crisis have dominated popular and academic accounts: (1) virtuous northern countries versus profligate southern ones and (2) a simple extension of the 2008-9 banking crisis into the Eurozone bond market. This paper proposes that the economic crisis is really a geopolitical one reflecting the mismatch between the normative model for the Eurozone based on German ideology and the reality of the Eurozone’s economic heterogeneity.
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