Abstract
The aim of this article is to develop a chartalist critique of the prevailing economic theories that have informed the original design of the Euro-system. In order to understand the structural dynamics of the current crisis, it is necessary to examine the longstanding internal contradictions that the system has inherited from its inception under the Maastricht Treaty of 1992 and the neoliberal strategy, which has governed its evolution. More specifically, the dangerously self-reinforcing logic between speculative bond markets and the cascading, deflationary policies of austerity imposed on those countries encountering severe debt crises will also be examined to reveal the fragile foundations upon which the eurozone was constructed.
Original language | English |
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Title of host publication | Heterodox Economics and the Crisis That Won’t Go Away : Proceedings of the 12th Australian Society of Heterodox Economists Conference, 2-3 December 2013, The University of New South Wales, Sydney, Australia |
Publisher | Society of Heterodox Economists |
Pages | 174-181 |
Number of pages | 8 |
ISBN (Print) | 9780733433757 |
Publication status | Published - 2013 |
Event | Australian Society of Heterodox Economists Conference - Duration: 2 Dec 2013 → … |
Conference
Conference | Australian Society of Heterodox Economists Conference |
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Period | 2/12/13 → … |