costs

The Costs Of Internal Devaluation

Engelbert Stockhammer

The Euro area is suffering from substantial internal trade imbalances. These are widely recognised as important contributing factors to the crisis of the Euro system because persistent current account deficits come with increasing external liabilities. The present economic policy regime essentially aims at rebalancing the Euro area by means of internal devaluation and/or by fiscal […]

Avoiding a Class Based Analysis of Greece is Pure Naïveté

darian meacham

One of the major intellectual stumbling blocks in having a clear and honest debate about the Greek situation and by extension the situation throughout the entire European Union is an unrelenting and pure naïveté, if not stupidity, in the way that the situation is discussed: wide swathes of the European media talk about Greeks and […]

The Price of 9/11

Joseph Stiglitz

The September 11, 2001, terror attacks by Al Qaeda were meant to harm the United States, and they did, but in ways that Osama bin Laden probably never imagined. President George W. Bush’s response to the attacks compromised America’s basic principles, undermined its economy, and weakened its security. The attack on Afghanistan that followed the […]