The Great Eurozone Disaster: From Crisis to Global New Deal by Heikki Patomaki, James O'Connor

By Heikki Patomaki, James O'Connor

The final couple of years have visible the eurozone lurch from difficulty to calamity. With Greece, Portugal and eire already pushed to the edge of monetary disaster, and the probability variety of different european nations are quickly to stick to, the results for the worldwide economic climate are possibly dire.

In The nice Eurozone Disaster, Heikki Patomäki dissects the present quandary, revealing its origins lie within the instability that has pushed the method of financialisation because the early Nineteen Seventies. in addition, the general public debt crises within the eu deficit international locations were annoyed instead of alleviated through the responses of the fee and leaders of the excess nations, particularly Germany.

Providing an enthralling narrative approximately how Europe ended up in its current situation, Patomäki offers an intensive new imaginative and prescient for 'global monetary democracy' because the in simple terms conceivable means out of the present drawback.

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It is important to understand the sources and root causes of this turmoil and the ensuing epic recession. The financial crisis of 2008–09 affected the everyday lives of a great many people around the world. Jobs were lost, the values of houses and investments collapsed, and in the early stages food and energy prices rose sharply (before moderating somewhat as the crisis proceeded). Financial collapse affected people regardless of location or income level. Even those who were left more or less unscathed by the crisis became keenly aware of its ferocity through the media.

According to the second explanation, people’s needs and desires are extensively shaped by the mechanisms of capitalist market economy: advertising and marketing create distinctions between different commodities and brands, thus encouraging a particular form of identity-formation, and also condition consumers to want even more. I will elaborate on both explanations now. 29 Just as in a ‘primitive’ society in which people scar and g l o ba l f i na n c i a l t u r m o i l  paint their skin and adorn themselves with feathers or animal hides, so too in capitalist economies people endeavour to impress each other.

From a sociological standpoint, these economic developments can be explained in at least two ways. These explanations are not mutually exclusive in every respect, but there are certain tensions between them, partly because they each refer to different ethicopolitical ways of responding to the fragility of consumption. In addition, both explanations start from the premiss that declining salary levels are a consequence of growing inequality (work productivity has continued to improve, although not anymore at a particularly fast rate).

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