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EU Aggregate Demand As a Way out of Crisis? Engaging the Post‐Keynesian Critique

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  • Andreas Bieler
  • Jamie Jordan
  • Adam David Morton

Abstract

Post‐Keynesians have delivered an important advance in providing explanations of the Eurozone crisis, not the least in demonstrating how the formation of the European integration project lacked the means to manage effectively the macroeconomic imbalances between core and peripheral spaces across the region. Through a critical engagement with such descriptions, this article argues that to account more adequately for the formation of the asymmetrical and crisis‐ridden forms of development across the Eurozone it is necessary to focus on the uneven and combined development of Europe's peripheral spaces and their integration into an expanded free trade regime since the 1980s. It is through a focus on the structuring condition of uneven and combined development shaped by capitalist social relations of production and attendant class struggles that we can locate the origins of the present crisis.

Suggested Citation

  • Andreas Bieler & Jamie Jordan & Adam David Morton, 2019. "EU Aggregate Demand As a Way out of Crisis? Engaging the Post‐Keynesian Critique," Journal of Common Market Studies, Wiley Blackwell, vol. 57(4), pages 805-822, July.
    • Handle: RePEc:bla:jcmkts:v:57:y:2019:i:4:p:805-822
    DOI: 10.1111/jcms.12843
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    References listed on IDEAS

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    Cited by:

    1. John Marangos, 2023. "The Post-Keynesian Perspective and Policy Recommendations for the Greek Financial Crisis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(3), pages 423-447, September.
    2. Adriano Cozzolino, 2020. "The Discursive Construction of Europe in Italy in the Age of Permanent Austerity," Journal of Common Market Studies, Wiley Blackwell, vol. 58(3), pages 580-598, May.
    3. Stavros P. Migkos & Damianos P. Sakas & Nikolaos T. Giannakopoulos & Georgios Konteos & Anastasia Metsiou, 2022. "Analyzing Greece 2010 Memorandum’s Impact on Macroeconomic and Financial Figures through FCM," Economies, MDPI, vol. 10(8), pages 1-19, July.
    4. Jamie Jordan & Vincenzo Maccarrone & Roland Erne, 2021. "Towards a Socialization of the EU's New Economic Governance Regime? EU Labour Policy Interventions in Germany, Ireland, Italy and Romania (2009–2019)," British Journal of Industrial Relations, London School of Economics, vol. 59(1), pages 191-213, March.
    5. Julio Revuelta, 2021. "The Effects of the Economic Adjustment Programmes for Greece: A Quasi-Experimental Approach," Sustainability, MDPI, vol. 13(9), pages 1-15, April.

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