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The peripheralization of Southern European capitalism within the EMU

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  • Francesca Gambarotto
  • Stefano Solari

Abstract

The paper discusses the problem of the Southern European (SE) capitalism and its difficult path into the EMU (European Monetary Union), looking at the remote causes of the crisis that hit these economies. For this reason, we consider European countries as a set of asymmetrically integrated variety of capitalism. The institutional configuration chosen by Europe to aggregate the many varieties of capitalism not only reduced the political autonomy of the single states, but effectively hindered the specific coordination mechanism of Southern European (SE) capitalism which was importantly based on state intervention as a structural element and on inflationary policies. Despite the deep market-oriented reforms this change caused both structural and macroeconomic unbalances. The aim of the paper is to integrate some principles of the variety of capitalism and the dynamics of institutional change with some insights inspired by the work of Arrighi to supply a synthetic and 'alternative' perspective on the difficult role that Southern countries are experiencing in Europe.

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  • Francesca Gambarotto & Stefano Solari, 2015. "The peripheralization of Southern European capitalism within the EMU," Review of International Political Economy, Taylor & Francis Journals, vol. 22(4), pages 788-812, August.
    • Handle: RePEc:taf:rripxx:v:22:y:2015:i:4:p:788-812
    DOI: 10.1080/09692290.2014.955518
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    4. Jasiecki Krzysztof, 2022. "The coronavirus and center-peripheral relations in the economies of the European Union," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 58(3), pages 235-247, September.
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    6. Koddenbrock, Kai & Sylla, Ndongo Samba, 2019. "Towards a political economy of monetary dependency: The case of the CFA franc in West Africa," MaxPo Discussion Paper Series 19/2, Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo).
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    8. Szunomár, Ágnes & Lima da Frota Araujo, Carlos Raul, 2022. "Kelet-Közép-Európa a digitális selyemúton? Lehetséges politikai gazdaságtani magyarázatok [Central and Eastern Europe on the Digital Silk Road? Possible political economic explanations]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 367-388.
    9. Philipp Kern & Howard Gospel, 2023. "The effects of strategy and institutions on value creation and appropriation in firms: A longitudinal study of three telecom companies," Strategic Management Journal, Wiley Blackwell, vol. 44(1), pages 343-366, January.
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