Financialisation as the core problem for a “Social Europe”

Nölke, Andreas

doi:10.33776/rem.v0i46.3953

Cited by 3 publications

(1 citation statement)

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“…The standard deviation was substantial, reflecting the variation of the rates across the economies and the time (the highest and the lowest deviations being observed in the same sectors as the mean profit rate). The highest profitability and profit volatility in the finance and insurance sectors reflect broader financialization (a complex process that includes the rising power of financial capital, the reordering of the productive sectors and a greater involvement of households in the financial sector), concentration in the financial sector, alongside the instability of the financial sector companies (Nolke, 2017). The profit rate was positively skewed in all the sectors and was close to symmetric in the aggregate economy.…”

Section: Empirical Results and Discussionmentioning

confidence: 99%

Profit rate convergence in the European economic area: A panel data analysis

Trofimov

2024

Ekon horizonti

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This paper examines profitability disparities across the European economies using the aggregate and sectoral data for the period from 1995 to 2019 and applying a combination of panel unit root tests and the club convergence procedure. For most of the sectors, no convergence was identified at the aggregate level. Convergence within the clubs to multiple equilibrium levels, however, was identified. This convergence pattern was the most typical in the knowledge-intensive service sectors. The exogenous shocks had temporary effects on the economies' profit rates (thus contributing to convergence), whereas the country and sector-specific profitability components were characterized by stochastic behavior (attesting to nonconvergence). Overall, the persistence of profitability disparities was demonstrated. The findings suggest the importance of the firm-specific and local profitability drivers and the limited effects of the macroeconomic and competition policies on profit rates.

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Section: Empirical Results and Discussionmentioning

confidence: 99%

Profit rate convergence in the European economic area: A panel data analysis

Trofimov

2024

Ekon horizonti

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The Bed You Made: Social Democracy and Industrial Policy in the EU

Wigger¹,

Horn²

2018

Diverging Capitalisms

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Many observers seem puzzled by the demise of social democracy in the context of the EU. While some frame the developments in the context of the electoral woes of the centre-left at Member State level (Pauly 2018), others see a paradox: while social democratic policies and parties are highly in favour of the European project, the European project damages their electoral chances the most (Holmes and Lightfoot 2014: 228). This apparent paradox can be resolved quite easily, however, when adopting a critical political economy perspective and investigating the dissonance between social democratic commitments and the actual policies pursued at EU level. From a critical perspective, the current struggles of social democracy in national electoral arenas seem to be mainly an aftershock of the failure of Third Way politics-a politics that has

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Competitive Europeanisation, Transnational Production and a Multiscalar Perspective on Social Policy in Europe

Hürtgen¹

2021

Zeitschrift Für Sozialreform

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The article discusses social policy with regard to the multiscalar competitive architecture of Europeanisation. The basic thesis is that the foundational logic of contemporary Europeanisation must be understood as a logic of economic integration via multiscalar socio-political fragmentation. For such an analysis, a critical political economy of Europeanisation is necessary, more precisely a labour-oriented European political economy of scale. I argue that existing regime-competition debates need to be broadened in two ways: First, social and economic geography, especially the concepts of scale, rescaling and glocalisation should be included. Such an expansion enables grasping that socio-political fragmentation not only encompasses national welfare systems, but cuts through them as well. Second, labour and production processes have to be brought back into the frame of competitive Europeanisation, to bring the extent of the Europeanisation social crisis into view.

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Financialisation as the core problem for a “Social Europe”

Cited by 3 publications

References 44 publications

Profit rate convergence in the European economic area: A panel data analysis

Profit rate convergence in the European economic area: A panel data analysis

The Bed You Made: Social Democracy and Industrial Policy in the EU

Competitive Europeanisation, Transnational Production and a Multiscalar Perspective on Social Policy in Europe

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