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The Great Eurozone Disaster
From Crisis to Global New Deal. Economic Controversies
The last couple of years have seen the eurozone lurch from crisis to calamity. With Greece, Portugal and Ireland already driven to the brink of economic catastrophe, and the threat that a number of other EU countries are soon to follow, the consequences for the global economy are potentially dire.
In The Great Eurozone Disaster, Heikki Patomaki dissects the current crisis, revealing its origins lie in the instability that has driven the process of financialisation since the early 1970s. Furthermore, the public debt crises in the European deficit countries have been aggravated rather than alleviated by the responses of the Commission and leaders of the surplus countries, especially Germany.
Providing a captivating narrative about how Europe ended up in its present predicament, Patomaki presents a radical new vision for 'global economic democracy' as the only viable way out of the current crisis.
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What Reviewers Are Saying
'Heikki Patomaki presents a powerful argument about the roots of the financial crisis and from this perspective analyses key deficiencies in the current EU policies: a clear and well-structured analysis about a complex issue. The Great Eurozone Disaster is solid in theory and accessible in wording, providing a coherent and captivating narrative about how Europe ended up in its current economic crisis and how it should get out of it.'
Teija Tiilikainen, Finnish Institute for International Affairs
'The Great Eurozone Disaster offers a compelling analysis of Europe's debt crisis since 2010 and the underlying global financial crisis of 2008-9. It is based on sophisticated discussion of European and global political economy while the style of writing is accessible and fair in giving space to different interpretations. In short, this book has value both as a basic text and a visionary essay that wants to partake in history-making and assume responsibility.'
Pami Aalto, University of Tampere
'Analyses of the euro crisis need to take full account of the role of both the economics and politics of Economic and Monetary Union. This book meets these needs beautifully, in an original and easy-to-understand manner.'
Pekka Sauramo, Labour Institute for Economic Research
'The Great Eurozone Disaster demonstrates why Heikki Patomaki is one of Finland's leading public intellectuals. This compelling and eminently readable book on the Eurozone crisis sides with a revived Keynesianism, yet going beyond that tradition in two important respects. First, it situates economic dynamics in a broader socio-political and above all global analysis that overcomes economistic and nationalist myopia. Second, it engages in a visionary scenario-painting of possible futures that breaks with post-World War II nostalgia. Patomaki offers a breathtaking perspective that deserves serious consideration by anyone concerned with a progressive and democratic future for Europe in the world.'
Magnus Ryner, King's College London
'In The Great Eurozone Disaster, Heikki Patomaki has given us an indispensable book about the twin crises of Europe and of global capitalism. Its overview of the Eurozone crisis shows how reliance on the financial theory of market efficiency both guided the Eurozone's construction and led to the current sovereign-debt scare. Its clarity will benefit newcomers to this topic; experts will appreciate its institutional nuances. By sketching out three future scenarios for Europe, the book initiates a sorely needed debate about the twin futures of global economic governance and Keynesian policy.'
Gary Dymski, Leeds University
'Heikki Patomaki gives us here a lucid and persuasive account of the eurozone crisis and the EU's so far completely unsuccessful response to it. Not only arguing that the impasse of neoliberal strategies may open the way to a Federal Europe committed to democratic values, he also makes the case for a Europe facing outwards: one contributing to effective coordination at a world level for sustainable development. The book will be valuable to all those seeking a future for Europe which is better than its recent past and its present crises.'
John Grahl, Middlesex University
'A valuable resource for both economists and political scientists concerned with modern Europe and worldwide economic and political integration.'
H. D. Renning, in CHOICE