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Institutions in Crisis

European Perspectives on the Recession Edited by David Howden, Saint Louis University, Madrid, Spain
This critical and thought-provoking book explores the causes and consequences of Europe’s failed political and economic institutions.

Europe’s recession has created new challenges as market turmoil has shaken the foundations of the twin pillars of the new drive for European integration – political and monetary unions. This book critically assesses the patchwork solutions continually offered to hold the troubled unions together. Failed political policies, from the prodigious ‘Common Agricultural Policy’ to ever more common fiscal stimulus packages, are shown to have bred less than stellar results in the past, and to have devastating implications for future European growth. The contributors outline the manner through which European monetary union has subsidized and continues to exacerbate the burgeoning debt crisis. Most strikingly, the interplay between Europe’s political and economic realms is exposed as the boondoggle it is, with increasingly bureaucratic institutions plaguing the continent and endangering future potential.
Extent: 264 pp
Hardback Price: £83.00 Web: £74.70
Publication Date: 2011
ISBN: 978 0 85793 211 2
Availability: In Stock
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  • Economics and Finance
  • Austrian Economics
  • Political Economy
  • Politics and Public Policy
  • Political Economy
This critical and thought-provoking book explores the causes and consequences of Europe’s failed political and economic institutions.

Europe’s recession has created new challenges as market turmoil has shaken the foundations of the twin pillars of the new drive for European integration – political and monetary unions. This book critically assesses the patchwork solutions continually offered to hold the troubled unions together. Failed political policies, from the prodigious ‘Common Agricultural Policy’ to ever more common fiscal stimulus packages, are shown to have bred less than stellar results in the past, and to have devastating implications for future European growth. The contributors outline the manner through which European monetary union has subsidized and continues to exacerbate the burgeoning debt crisis. Most strikingly, the interplay between Europe’s political and economic realms is exposed as the boondoggle it is, with increasingly bureaucratic institutions plaguing the continent and endangering future potential.

Combining political and economic analysis, this comprehensive book will prove essential for researchers and students in international business and macroeconomics. Educated laymen wanting a keener perspective on Europe’s recession will also find this book to be invaluable.
‘An important and timely contribution. David Howden has brought together an excellent collection of essays which go beyond the theoretical discussion of Austrian business cycle theory, exploring instead its empirical relevance to one of the most serious financial crises in modern European history.’
– Mark Pennington, Kings College, London, UK

‘This is an important and refreshing book which provides an approach of current problems quite different from what is (too often) written. In my opinion it is the only correct analysis of the economic crisis and of European problems. In spite of the diversity both of contributors and topics, a common and rigorous intellectual foundation gives unity and strength to this book. It offers the clues for the best understanding of present and future economic problems.’
– Pascal Salin, Emeritus Professor of Economics, University Paris-Dauphine, France

‘The current European recession is being offered as an excuse for a wider, more expansive centralized Europe. Failure to recognize the true causes of the recession – failed institutions that have plagued Europe for years, and will continue to do so if permitted to continue – will prolong the current malaise, and hold Europe back from its new future. Let us hope that the current volume does much to bring this new Europe to us.’
– From the foreword by Jesús Huerta de Soto
Contributors: M. Alvarado, P. Bagus, A.J. Evans, G.A. Giménez-Roche, D. Howden, J. Huerta de Soto, J.G. Hülsmann, M.T. Kähler, L. Muro, B. Ó Caithnia, J. Schwarz, J. Šíma, K.L. Tennant, F. Ulrich, A. Zanella
Contents:

Foreword
Jesús Huerta de Soto

1. Institutional Illusion and Financial Entrepreneurship in the European Debt Scheme
Gabriel A. Giménez-Roche

2. A Stock-taking of the Impact of the Crisis
Jörg Guido Hülsmann

3. The Irish Economic ‘Miracle’: Celtic Tiger or Bengal Kitten?
Anthony J. Evans

4. Europe’s Unemployment Crisis: Some Hidden Relief?
David Howden

5. Europe’s Crisis of Accounting
Maria Alvarado, Laura Muro and Kirk Lee Tennant

6. Solvency II and the European Sovereign Debt Crisis: The Case of Misplaced Prudence
Antonio Zanella

7. The Eurosystem: Costs and Tragedies
Philipp Bagus

8. Fiscal Stimulus, Financial Ruin
Fernando Ulrich

9. From German Rules to European Discretion: Policy’s Slippery Slope
Malte Tobias Kähler

10. The Euro as a Hindrance to Recovery? A Comparative Analysis of the Czech Republic and Slovakia
Ji?í Schwarz and Josef Šima

11. Compounding Agricultural Poverty: How the EU’s Common Agricultural Policy is Strangling European Recovery
Brian Ó Caithnia

Index