Integration in Crisis: A Regulationist Perspective on the Interaction of European Varieties of Capitalism

Abstract

The whole pattern of European integration is in crisis and important institutional transformations can be observed. It is argued that traditional comparative approaches, such as the Varieties of Capitalism literature, fall short in providing an adequate analytical framework to deal with the European crisis. We propose applying a theoretical framework which allows us to focus on the specific and asymmetric linkages between national economies in combination with a systematic analysis of institutions at different spatial levels. This is provided by a modified and expanded regulation approach. We provide an empirical overview of the different regimes of accumulation and their interaction, and our analysis of the asymmetric interaction helps us to explain the crisis and its dynamics. In addition, we analyse the reactions to the crisis and the consequences in terms of institutional transformations at different spatial levels. Finally, conclusions regarding the dynamics of future political-economic developments in Europe are drawn.

Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective

“…The sovereign debt crisis is discussed as result of private bank behaviour, with little discussion of Europe's economic policy regime. Becker and Jäger (2012) offer a contradistinction between export-oriented versus financialised economies similar to ours and, indeed, draw on a similar PK literature, while maintaining a Marx-inspired regulationist framework. The sovereign debt crisis is not analysed and the eastern and southern European countries are discussed within one group, which is unsuitable for an analysis sovereign debt crises.…”

“…Overbeek (2011), Becker and Jäger (2012) and Ryner (2015) are closest to our approach. All of them have a substantial role for financialisation, but have a limited treatment of the macroeconomic dynamics or the demand regimes involved.…”

Abhängige Finanzialisierung und ungleiche Entwicklung: Zentrum und Peripherie im europäischen Integrationsprozess

“…Die Maßnahmen laufen auf die Institutionalisierung einer autoritär neoliberalen Wirtschaftspolitik auf EU-Ebene hinaus (Heinrich 2012: 401), die nicht nur "hayekianisch" (Anderson 2012: 56) ist, sondern auch in der Tradition des deutschen Ordo-Liberalismus steht, wie Oberndorfer (2012) herausgearbeitet hat. Diese Politikmuster entsprechen der Interessenlage speziell des deutschen Banken-und Finanzkapitals sowie den exportorientierten Kapitalfraktionen, die bislang durch die Krise gestärkt wurden (Becker/Jäger 2012;Overbeek 2012: 235).…”

The Recent Protest Movements in Eastern Europe as an Indicator for Multiple Crises?

“…The reason for the vulnerability of Eastern European economies is deeply rooted in the 1990s. Back then, the development of all former state socialist countries was shaped by a process of peripheralisation, meaning an increased dependency on Western economies in terms of investment, company ownership and technological know-how (Becker/Jäger 2012). The degree of peripheralisation within the region differs.…”