By Anton Hemerijck, Ben Knapen, Ellen van Doorne

Although it'd be untimely to presume to spot the precise repercussions of the present fiscal quandary, it's transparent that it'll have profound results within the political, monetary, and social spheres. Written in the middle of the private monetary challenge because the nice melancholy, Aftershocks comprises twenty-four essays—based on interviews with students, in demand eu politicians, and top figures from enterprise and banking—that think of the origins of the predicament in addition to the potential social, monetary, and political alterations it might probably engender. one of the individuals are Barry Eichengreen, Tony Atkinson, David Soskice, Nancy Birdsall, Amitai Etzioni, Helmut Schmidt, and Jacques Delors.

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Securitised credit intermediation would be less likely to produce banking system failures. When the crisis broke, it became apparent that this diversification of risk holding had not been achieved. The deregulation movement had been aimed at the regulated industries in general, and encompassed the banking system only because it was highly regulated. The economists and politicians who pressed for deregulation were evidently not senthe institutional legacy of the crisis of global capitalism 31 sitive to the fact that deregulating banking has a macro-economic significance that deregulating railroads or telecommunications does not.

However, currently, in order for Europe to be an effective agent of reform, it must become a reliable political defender of collective interests and values with a stronger caring dimension. In short, the European Union, in the words of Loukas Tsoukalis, needs a breath of fresh political air. 8. regime change without the punctuated pendulum swing Will the gravity of the economic crisis trigger a moment of extraordinary politics and institutional reconstruction? Can we expect the crisis to usher in a more active economic role for government intervention, market regulation, and international coordination?

In rational models of macro-economics, it is the combination of exogenous shocks and slow transmission that creates cyclical movements in the economy. In this vein, Blanchard and Summers (1987) suggested a reason why wages did not fall when unemployment was high in Europe in the 1980s. They argued that ‘hysteresis’ in wage setting can prevent the real wage from falling enough to restore full employment, if wages are set to preserve the jobs of those people already employed, rather than to move the institutional legacy of the crisis of global capitalism 33 others out of unemployment.

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