IDEAS home Printed from https://ideas.repec.org/a/fan/spespe/vhtml10.3280-spe2018-001001.html
   My bibliography  Save this article

Stateless Money and State Power: Europe as ordoliberal Ordnungsgef?ge

Author

Listed:
  • Werner Bonefeld

Abstract

Since the start of the Euro crisis there has been an abundance of literature that identifies an ordoliberal Europe with the politics of austerity. This literature is confronted by the paradox that the Euro is a stateless currency. Ordoliberalism holds that economic orders are politically constituted and sustained. The article contends that the exploration of ordoliberal principles of economic constitution and Ordnungspolitik uncovers the crucial role of the member states in monetary union. What monetary union integrates is the role of the state in establishing and sustaining a framework for the domestic conduct of economic activity. In detail, in monetary union the democratically constituted member states assume the role of federated executive states of European money, which governs the decentralised relations of competitive adjustment in territorialised labour markets. The European economic order depends on the commitment and capacity of the member states to make it work within their jurisdictions.

Suggested Citation

  • Werner Bonefeld, 2018. "Stateless Money and State Power: Europe as ordoliberal Ordnungsgef?ge," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2018(1), pages 5-26.
    • Handle: RePEc:fan:spespe:v:html10.3280/spe2018-001001
    as

    Download full text from publisher

    File URL: http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=61618&Tipo=ArticoloPDF
    Download Restriction: Single articles can be downloaded buying download credits, for info: https://www.francoangeli.it/DownloadCredit
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Vanberg, Viktor J., 2014. "Ordnungspolitik, the Freiburg School and the reason of rules," Freiburg Discussion Papers on Constitutional Economics 14/01, Walter Eucken Institut e.V..
    2. Werner Bonefeld, 2012. "Freedom and the Strong State: On German Ordoliberalism," New Political Economy, Taylor & Francis Journals, vol. 17(5), pages 633-656, November.
    3. Feld, Lars P. & Köhler, Ekkehard A. & Nientiedt, Daniel, 2015. "Ordoliberalism, pragmatism and the eurozone crisis: How the German tradition shaped economic policy in Europe," Freiburg Discussion Papers on Constitutional Economics 15/04, Walter Eucken Institut e.V..
    4. Fabio Masini, 2016. "Trading-Off National and Supranational Collective Goods: The Birth and Death of Neoliberal Pluralism," International Journal of Political Economy, Taylor & Francis Journals, vol. 45(4), pages 339-356, October.
    5. Mark Baimbridge & Brian Burkitt & Philip Whyman (ed.), 2000. "The Impact of the Euro," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37244-3.
    6. David Currie, 2000. "EMU: Threats and Opportunities for Companies and National Economies," Palgrave Macmillan Books, in: Mark Baimbridge & Brian Burkitt & Philip Whyman (ed.), The Impact of the Euro, chapter 8, pages 113-138, Palgrave Macmillan.
    7. Feld, Lars P., 2012. "Europa in der Welt von heute: Wilhelm Röpke und die Zukunft der Europäischen Währungsunion," Freiburg Discussion Papers on Constitutional Economics 12/2, Walter Eucken Institut e.V..
    8. Peter Bernholz, 2013. "The Slow and Hidden Road to Serfdom," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 14(02), pages 61-74, August.
    9. Michelle Everson & Christian Joerges, 2013. "Who is the Guardian for Constitutionalism in Europe after the Financial Crisis?," LEQS – LSE 'Europe in Question' Discussion Paper Series 63, European Institute, LSE.
    10. Engelbert Stockhammer, 2016. "Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective," New Political Economy, Taylor & Francis Journals, vol. 21(4), pages 365-379, July.
    11. Walter Eltis, 2000. "British EMU Membership Would Create Instability and Destroy Employment," Palgrave Macmillan Books, in: Mark Baimbridge & Brian Burkitt & Philip Whyman (ed.), The Impact of the Euro, chapter 9, pages 139-159, Palgrave Macmillan.
    12. Marcelo Resico & Stefano Solari, 2016. "The Social Market Economy as a Feasible Policy Option for Latin Countries," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2016(2), pages 27-52.
    13. Tribe,Keith, 1995. "Strategies of Economic Order," Cambridge Books, Cambridge University Press, number 9780521462914, January.
    14. von Mises, Ludwig, 1985. "Liberalism in the Classical Tradition," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number mises1985.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lars P. Feld & Ekkehard A. Köhler & Daniel Nientiedt, 2015. "Ordoliberalism, Pragmatism and the Eurozone Crisis: How the German Tradition Shaped Economic Policy in Europe," CESifo Working Paper Series 5368, CESifo.
    2. Malte Dold & Tim Krieger, 2023. "The ideological use and abuse of Freiburg’s ordoliberalism," Public Choice, Springer, vol. 195(3), pages 341-361, June.
    3. Laica, Christoph & Lauber, Arne & Sahm, Marco, 2017. "Sequential round-robin tournaments with multiple prizes," BERG Working Paper Series 129, Bamberg University, Bamberg Economic Research Group.
    4. Jürgen Wandel, 2019. "Prospects for an ordoliberal reform of the European Union," Economic Affairs, Wiley Blackwell, vol. 39(1), pages 28-43, February.
    5. Troels Krarup, 2019. "‘Ordo’ versus ‘Ordnung’: Catholic or Lutheran roots of German ordoliberal economic theory?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 66(3), pages 305-323, September.
    6. Stephan Puehringer, 2016. "Think Tank networks of German neoliberalism. Power structures in economics and economic policies in post-war Germany," ICAE Working Papers 53, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    7. Jakob Kapeller & Stephan Puehringer & Christian Grimm, 2022. "Paradigms and policies: the state of economics in the German-speaking countries," Review of International Political Economy, Taylor & Francis Journals, vol. 29(4), pages 1183-1210, July.
    8. Feld, Lars P. & Köhler, Ekkehard A. & Nientiedt, Daniel, 2017. "The "dark ages" of German macroeconomics and other alleged shortfalls in German economic thought," Freiburg Discussion Papers on Constitutional Economics 17/03, Walter Eucken Institut e.V..
    9. Feld Lars P. & Köhler Ekkehard A. & Nientiedt Daniel, 2018. "Die Europäische Währungsunion aus traditioneller und moderner ordnungsökonomischer Perspektive," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 69(1), pages 65-84, July.
    10. Jörg Bibow, 2018. "How Germany’s anti-Keynesianism has brought Europe to its knees," International Review of Applied Economics, Taylor & Francis Journals, vol. 32(5), pages 569-588, September.
    11. Reto Bürgisser & Donato Di Carlo, 2023. "Blessing or Curse? The Rise of Tourism‐Led Growth in Europe's Southern Periphery," Journal of Common Market Studies, Wiley Blackwell, vol. 61(1), pages 236-258, January.
    12. 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.
    13. Karsten Kohler & Engelbert Stockhammer, 2022. "Growing differently? Financial cycles, austerity, and competitiveness in growth models since the Global Financial Crisis," Review of International Political Economy, Taylor & Francis Journals, vol. 29(4), pages 1314-1341, July.
    14. Marta Silva & João Carlos Lopes, 2020. "The structural adjustment of the Portuguese economy in the context of the economic reform of the Eurozone," Working Papers REM 2020/0143, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    15. Winkler, Adalbert, 2013. "Der lender of last resort vor Gericht," Frankfurt School - Working Paper Series 206, Frankfurt School of Finance and Management.
    16. Stephan Puehringer, 2021. "Zur Pluralitaet der oekonomischen Politikberatung in Deutschland," ICAE Working Papers 132, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    17. Höpner, Martin, 2019. "The German undervaluation regime under Bretton Woods: How Germany became the nightmare of the world economy," MPIfG Discussion Paper 19/1, Max Planck Institute for the Study of Societies.
    18. Ekkehard A. Köhler & Daniel Nientiedt, 2023. "Was Walter Eucken a proponent of authoritarian liberalism?," Public Choice, Springer, vol. 195(3), pages 363-376, June.
    19. Lars P. Feld & Ekkehard A. Köhler, 2023. "Standing on the shoulders of giants or science? Lessons from ordoliberalism," Public Choice, Springer, vol. 195(3), pages 197-211, June.
    20. Claudius Gräbner & Philipp Heimberger & Jakob Kapeller, 2019. "Economic Polarisation in Europe: Causes and Options for Action," wiiw Research Reports 440, The Vienna Institute for International Economic Studies, wiiw.

    More about this item

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • H1 - Public Economics - - Structure and Scope of Government
    • P59 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fan:spespe:v:html10.3280/spe2018-001001. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stefania Rosato (email available below). General contact details of provider: http://www.francoangeli.it/riviste/sommario.aspx?IDRivista=121 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.