Forum: Common monetary policy with uncommon wage policies: Centrifugal forces tearing the euro area apart

Laski, Kazimierz; Podkaminer, Leon

doi:10.4337/ejeep.2011.01.03

Cited by 9 publications

(10 citation statements)

References 1 publication

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“…The same observation can be made with respect even to the European Union (EU). Almost all EU countries have consistently run budget deficits (very much in violation of the Maastricht Treaty; see Laski and Podkaminer 2011 , 2012 , 2013 , 2014).…”

Section: Background: Assessing Development On the Eve Of The Current mentioning

confidence: 99%

Achievements and Deficits of the Arab MENA Economies on the Eve of the Current Global Corona Crisis

Solomon

Tausch

2020

Arab MENA Countries: Vulnerabilities and Constraints Against Democracy on the Eve of the Global COVID-19 Crisis

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Our exercise of standard development accounting attempts to arrive at a synthesis of the performance of Arab countries as they approach the abyss of the impending global economic recession and health crisis, connected with the Corona (Covid-19) pandemic. The choice of our indicators was guided by world system (Frank, ReOrient: Global economy in the Asian Age Ewing, University of California Press, 1998) and dependency approaches to development (Bornschier et al., Transnational corporations and underdevelopment. Frederic Praeger, New York, 1985); by later globalization-oriented debates about development (Tausch, Int J Heal Plan Manag 27(1):2–33, 2012a; Tausch, International macroquantitative data. Faculty of Economics, Corvinus University of Budapest. Available at http://www.uni-corvinus.hu/index.php?id=47854&tx_ttnews%5Btt_news%5D=0&tx_ttnews%5BbackPid%5D=31638&tx_ttnews%5BcalendarYear%5D=2012&tx_ttnews%5BcalendarMonth%5D=6&cHash=af8ef6888f7c9922b83b113f71c1ca32 , 2012b; Tausch, Int Soc Sci J 68(227–228):79–99. DOI: 10.1111/issj.12190, 2018); and by indicators featuring internal, “home-made” restrictions on democracy and gender equality. The choice of our indicators was also guided by research on Islamism, and the issues of the way, religion, culture and values are structured in the region (Grinin et al. 2020). Our data support the perspective of the UNDP Arab Human Development Report (UNDP, Arab Human development report 2016: Youth and the prospects for human development in a changing reality. UNDP, New York. Available at http://hdr.undp.org/en/content/arab-human-development-report-2016-youth-and-prospects-human-development-changing-reality , 2016) which diagnosed that, deficient as it may be, the state-led development model in the Arab world has expanded access to key entitlements and raised some levels of human development. Arab countries had a relatively low incidence of poverty and income inequality, shielding disadvantaged groups from some of the worst economic pressures of our times. On all accounts of standard development accounting (Grinin et al., Economic cycles, crises, and the global periphery, Springer, Cham, 2016; Tausch, Int Soc Sci J 61(202):467–488, 2010; Tausch and Heshmati, Globalization, the human condition and sustainable development in the twenty-first century: Cross-national perspectives and European implications. Anthem Press, London/New York/Delhi. https://www.scopus.com/inward/record.uri?eid=2-s2.0-84939789242&doi=10.7135%2fUPO9780857286550&partnerID=40&md5=32618c3ba9b7101853ea357f86de2703 . 10.7135/UPO9780857286550, 2012a; Tausch and Heshmati, Sociologia 44(3):314–347, 2012b), the performance of the Arab countries since the 1960s was mixed at best. The multivariate indicator analysis of the development performance of the countries in the world system along seven different dimensions: Democracy Economic growth Environment ...

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Section: Background: Assessing Development On the Eve Of The Current mentioning

confidence: 99%

Achievements and Deficits of the Arab MENA Economies on the Eve of the Current Global Corona Crisis

Solomon

Tausch

2020

Arab MENA Countries: Vulnerabilities and Constraints Against Democracy on the Eve of the Global COVID-19 Crisis

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“…Łaski (mostly jointly with Podkaminer) (henceforth L&P) wrote at an early stage of the unfolding of the impact of the financial and economic crisis of 2008-2012(Łaski/Podkaminer 20112012a;2012b;Łaski 2012). They formulated a critique of the EMU policy framework that was extensive and also farsighted in a number of ways (see Łaski 2012; Łaski/Podkaminer 2012a; 2012b).…”

Section: Kazimierz łAski's (And Leon Podkaminer's) Critique Of the Emu Policy Frameworkmentioning

confidence: 99%

Nicholas Kaldor and Kazimierz Łaski on the pitfalls of the European integration process

Landesmann

2019

European Journal of Economics and Economic Policies: Intervention

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Nicholas Kaldor and Kazimierz Łaski have been two very prominent exponents of Keynesian thinking. They both contributed to the debate on European economic integration, one (Nicholas Kaldor) in the early 1970s, when there were fierce debates about the United Kingdom's entry to the European Communities, and the other (Kazimierz Łaski) in the wake of the financial and economic crisis of 2008–2012, when the European Union and its Economic and Monetary Union were seriously challenged by potential disintegration. Both exponents provided deep and complementary inputs into an understanding of the centrifugal forces at work when a region with a rudimentary federal structure (but an extremely weak ‘central state’) embarks on tight economic integration with an inadequate macroeconomic policy framework in place.

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“…in Germany or Austria) are responsible for overall weak growth in countries implementing the internal "wage moderation" strategy. In practice, the "beggar-thy-neighbour" policy is also a "beggar-thyself" policy (Laski -Podkaminer 2011).…”

Section: Is a Better Integration In The Eu Possible?mentioning

confidence: 99%

Economic disintegration of the European Union: Not unavoidable, but probable

Podkaminer

2016

Acta Oeconomica

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It is argued that European integration has not fulfilled its chief economic promises. Output growth has been increasingly weak and unstable. Productivity growth has been following a decreasing trend. Income inequalities, both within and between the EU member states, have been rising. This sorry state of affairs is likely to continue — and likely to precipitate further exits, or eventually, the dissolution of the Union. However, this outcome is not unavoidable. A better integration in the EU is possible, at least in theory. Also, the negative consequences implicit in the existence of the common currency could be neutralised. However, the basic paradigms of the economic policies to be followed in the EU would have to be radically changed. First, the unconditional fiscal consolidation provisions still in force would have to be repelled. Second, “beggar-thy-neighbour” (or mercantilist) wage policies would have to be “outlawed”.

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Forum: Common monetary policy with uncommon wage policies: Centrifugal forces tearing the euro area apart

Cited by 9 publications

References 1 publication

Achievements and Deficits of the Arab MENA Economies on the Eve of the Current Global Corona Crisis

Achievements and Deficits of the Arab MENA Economies on the Eve of the Current Global Corona Crisis

Nicholas Kaldor and Kazimierz Łaski on the pitfalls of the European integration process

Economic disintegration of the European Union: Not unavoidable, but probable

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