Suchergebnisse

The liberal world order has produced immense benefits for Europe and people across the planet. Beginning in the 18th and 19th centuries, liberalism reinforces the natural rights of man to life, liberty and property, and has transformed the world in ways that have improved the material and social circumstances of humankind. But the liberal order that has been in place in Europe since 1945, after two world wars, is showing signs of deterioration. Today, this liberal order is being challenged by a variety of forces. The essence of the European experience is the development of a civilization that considered itself to be a unity and yet was politically decentralized. Former free towns in Italy and the Low Countries became bastions of a self-governing middle class in the Middle Ages. However, with time, states tend to overgrow taking more and more resources, which results in the increase in taxes and public spending, excessive regulation, deficits and public debt. There is a fight between the advocates of two different ideals of the European Union, the non-liberal and the liberal vision. There is a consensus in that the market economy is the system that best produces the most, removing millions of people from poverty. But it is the unequal distribution of the wealth created that is often criticized. We examine the distribution of income, before and after taxes and transfers, concluding that market liberalization does not necessarily lead to increased social inequality. On the other hand, two of the most important threats challenging the liberal order in Europe are populist parties and protectionism. Finally, this paper suggests a way towards a future Europe, deepening the single market and economic integration, but transforming the obsolete and dysfunctional nation-states into other forms of decentralized political units. ; Peer Reviewed ; Postprint (published version)

The liberal world order has produced immense benefits for Europe and people across the planet. Beginning in the 18th and 19th centuries, liberalism reinforces the natural rights of man to life, liberty and property, and has transformed the world in ways that have improved the material and social circumstances of humankind. But the liberal order that has been in place in Europe since 1945, after two world wars, is showing signs of deterioration. Today, this liberal order is being challenged by a variety of forces. The essence of the European experience is the development of a civilization that considered itself to be a unity and yet was politically decentralized. Former free towns in Italy and the Low Countries became bastions of a self-governing middle class in the Middle Ages. However, with time, states tend to overgrow taking more and more resources, which results in the increase in taxes and public spending, excessive regulation, deficits and public debt. There is a fight between the advocates of two different ideals of the European Union, the non-liberal and the liberal vision. There is a consensus in that the market economy is the system that best produces the most, removing millions of people from poverty. But it is the unequal distribution of the wealth created that is often criticized. We examine the distribution of income, before and after taxes and transfers, concluding that market liberalization does not necessarily lead to increased social inequality. On the other hand, two of the most important threats challenging the liberal order in Europe are populist parties and protectionism. Finally, this paper suggests a way towards a future Europe, deepening the single market and economic integration, but transforming the obsolete and dysfunctional nation-states into other forms of decentralized political units. ; Peer Reviewed ; Postprint (published version)

Expansionary monetary and fiscal policies followed the 2008 great recession. The Federal Reserve, and the main central banks, responded with severe cuts of the interest rate in response to the emerging economic distress. With interest rates in the lower bound, productivity has not recovered its past trend. Quantitative Easing is an ultra expansionary monetary policy whereby a central bank buys government bonds and private sector assets in order to stimulate the economy. Although this process temporarily could relieve the governments, gaining time to implement structural reforms, it has eventually created a debt bubble that impairs the economic performance. Financial asset prices have risen indiscriminately, having adverse consequences for the distribution of wealth. At the end, printing money does not mean creating growth and debt accumulation, money creation, unfunded liabilities and malinvestments continue unabated threatening the immediate future of the global economy. The overall balance of QE is very disappointing. ; Peer Reviewed ; Postprint (published version)

Expansionary monetary and fiscal policies followed the 2008 great recession. The Federal Reserve, and the main central banks, responded with severe cuts of the interest rate in response to the emerging economic distress. With interest rates in the lower bound, productivity has not recovered its past trend. Quantitative Easing is an ultra expansionary monetary policy whereby a central bank buys government bonds and private sector assets in order to stimulate the economy. Although this process temporarily could relieve the governments, gaining time to implement structural reforms, it has eventually created a debt bubble that impairs the economic performance. Financial asset prices have risen indiscriminately, having adverse consequences for the distribution of wealth. At the end, printing money does not mean creating growth and debt accumulation, money creation, unfunded liabilities and malinvestments continue unabated threatening the immediate future of the global economy. The overall balance of QE is very disappointing. ; Peer Reviewed ; Postprint (published version)

El liberalismo clásico no ha conseguido limitar el crecimiento del Estado. El derecho de autodeterminación, un principio defendido por Ludwig von Mises, es el mecanismo último para salvar el orden natural basado en la libertad y la propiedad privada. Las disfunciones del Estado se manifiestan actualmente en España, donde Cataluña no encuentra un encaje satisfactorio. En los últimos años, el movimiento secesionista catalán ha ganado renovado ímpetu. Galvanizado por la sociedad civil, el gobierno de la Generalitat de Catalunya reclama una soberanía a la que el gobierno central se opone sistemáticamente. A la crisis económica se le añade la corrupción institucional. Ante esta encrucijada histórica, el presente artículo analiza la situación actual de Cataluña dentro del Estado español, traza su evolución histórica según la teoría de Hoppe y propone los mecanismos necesarios para superar el anacrónico estado-nación, evolucionando hacia un orden social basado en la propiedad privada y el libre mercado. ; Classical liberalism has failed to limit the growth of the State. The right to self-determination, a principle supported by Ludwig von Mises, is the last mechanism to save the natural order based on liberty and private property. State dysfunctions in current Spain are stark, with Catalonia that cannot fit in the state structure. In recent years, the Catalan secessionist movement has gained new impetus. Galvanized by the civil society, the Catalan government claims sovereignty, but the central government consistently opposes. The economic crisis is added to the general deterioration of the public administration and the institutional corruption. Given this historical juncture, this article analyzes the current situation of Catalonia within Spain, traces its historical evolution according to Hoppe's theory and proposes the mechanism to overcome the anachronistic nation-state, evolving to a social order based on private property and free market. ; Postprint (published version)

El liberalismo clásico no ha conseguido limitar el crecimiento del Estado. El derecho de autodeterminación, un principio defendido por Ludwig von Mises, es el mecanismo último para salvar el orden natural basado en la libertad y la propiedad privada. Las disfunciones del Estado se manifiestan actualmente en España, donde Cataluña no encuentra un encaje satisfactorio. En los últimos años, el movimiento secesionista catalán ha ganado renovado ímpetu. Galvanizado por la sociedad civil, el gobierno de la Generalitat de Catalunya reclama una soberanía a la que el gobierno central se opone sistemáticamente. A la crisis económica se le añade la corrupción institucional. Ante esta encrucijada histórica, el presente artículo analiza la situación actual de Cataluña dentro del Estado español, traza su evolución histórica según la teoría de Hoppe y propone los mecanismos necesarios para superar el anacrónico estado-nación, evolucionando hacia un orden social basado en la propiedad privada y el libre mercado. ; Classical liberalism has failed to limit the growth of the State. The right to self-determination, a principle supported by Ludwig von Mises, is the last mechanism to save the natural order based on liberty and private property. State dysfunctions in current Spain are stark, with Catalonia that cannot fit in the state structure. In recent years, the Catalan secessionist movement has gained new impetus. Galvanized by the civil society, the Catalan government claims sovereignty, but the central government consistently opposes. The economic crisis is added to the general deterioration of the public administration and the institutional corruption. Given this historical juncture, this article analyzes the current situation of Catalonia within Spain, traces its historical evolution according to Hoppe's theory and proposes the mechanism to overcome the anachronistic nation-state, evolving to a social order based on private property and free market. ; Postprint (published version)