Suchergebnisse

Digitised version produced by the EUI Library and made available online in 2020. ; 1. The transformation of financial relations in the EU has been accelerated by monetary union. 2. The transformation has serious implications for both industrial relations and social protection. 3. The current social policies of the EU are too weak to address these new pressures on European social models. 4. The agenda which is being set for the EU continues to give priority to "marketmaking" over "market-correcting" integration measures. 5. The problem of legitimacy which arises is fundamental to the extent that it takes the form of a challenge to member state participation in European construction.

Can stakeholder variants of capitalism in East Asia or Europe resist the rise to global dominance of Anglo-American shareholder value? John Grahl argues that "exit" trumps "voice" -- disembedded forms of corporate finance are inherently more capable of spreading uniformly round the world than embedded ones, which remain particular to local settings. The misfortunes of the euro as a portent of US pressures to come. 3 Figures. Adapted from the source document.

Neo-liberal theory often appeals to the Schumpeterian notion of ((creative destruction» and to the assumed central importance of the entrepreneur. But it can be argued that, in modifying Marx's vision of capitalist development, Schumpeter stripped business cycles of their real destructiveness and unruliness. And it is unconvincing to interpret present economic problems as a Schumpeterian struggle between modernising enterprise and conservative societies. In particular, such an interpretation neglects the barriers to change which results from the defence of existing creditor positions, that is, it neglects the conservative side of capitalist production relations.

The general notion of 'restructuring' in capitalist crises is often put forward by Marxists. But what changes in structure actually take place? How rapid are they? And in what circumstances can they prepare the way for renewed economic expansion? Taking the example of West European industry this article looks at some recent views of the restructuring process and surveys some of the economic trends which are important for the overall pattern of change.

A financial activities tax (FAT) and a financial transactions tax (FTT) are the main alternative ways of recouping some of the public money used to bail out the financial sector after the great crisis of 2007-08. In preparing a common proposal for the European Union, the European Commission initially appeared to favour the FAT, but then swung its weight behind the FTT in late 2011. Its rationale was that in addition to generating revenue, this tax could also help to stabilize the financial markets by curbing excessive speculative trading. This article takes a different position. Its central argument is that the FTT would amplify rather than dampen market instability by interfering with the functions of important financial institutions. Its chief conclusion is that the FAT is superior to the FTT. Adapted from the source document.