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32. After the Crash: A Perspective on Multilevel European Democracy
- Author:
- Fritz W. Scharpf
- Publication Date:
- 12-2014
- Content Type:
- Working Paper
- Institution:
- Max Planck Institute for the Study of Societies
- Abstract:
- At the end of the postwar period, the politically shaped configurations of normatively integrated European political economies differed greatly among “social-market” and “liberal market economies.” Such differences persist even though the characteristic achievements of social market economies have since eroded under the pressures of global capitalism and of European integration. Focusing on European integration from a social-market perspective, there is no question that it has widened the range of individual options. But it has also reduced the capacity of democratic politics to deal with the challenges of global capitalism, and it has contributed to rising social inequality and the erosion of public services and transfers. This paper will first summarize those asymmetries of European integration which have done the most to constrain democratic choices and to shift the balance between capital, labor, and the state by establishing an institutional priority of negative over positive integration and of monetary integration over political and social integration. It will then explain why efforts to democratize European politics will not be able to overcome these institutional asymmetries and why politically feasible reforms will not be able to remove the institutional constraints. The changes that would be required to restore democratic capacities to shape the political economy could only have a chance if present veto positions were to be fundamentally shaken. On the speculative assumption that the aftermath of a deep crisis might indeed create the window of opportunity for a political re-foundation of European integration, the concluding section will outline institutional ground rules that would facilitate democratic political action at both the European and national levels.
- Topic:
- Economics, Markets, Politics, Labor Issues, Democracy, and Capitalism
- Political Geography:
- Europe
33. Challenging Varieties of Capitalism's Account of Business Interests: The New Social Market Initiative and German Employers' Quest for Liberalization, 2000–2014
- Author:
- Daniel Kinderman
- Publication Date:
- 11-2014
- Content Type:
- Working Paper
- Institution:
- Max Planck Institute for the Study of Societies
- Abstract:
- Do employers in coordinated market economies (CME’s) actively defend the non-liberal, market-constraining institutions upon which their strategic coordination and competitive success depends? This paper revisits the debate over firms’ employer preferences with an in-depth examination of employers in Germany – a paradigmatic CME and crucial “test case” for Varieties of Capitalism. It is based on interviews with key officials and an in-depth examination of a large-scale campaign – the New Social Market Initiative or INMS – founded and funded by German metalworking employers to shape public opinion. The paper argues that German employers have a strong preference for liberalization: they have pushed hard for the liberalization of labor markets, the reduction of government expenditures, the expansion of market-oriented freedoms, and cuts to social protection, employment protection and benefit entitlements. I find no empirical support for the claim that the INSM is an attempt to appease discontented firms within employers’ associations. On the contrary: for many employers, the Agenda 2010 reforms did not go far enough. Following the discrediting of the Anglo-American model in the financial crisis, far-reaching concessions by employees, and the unexpected revitalization of the German economy, employers have moderated their demands – but liberalization remains their default preference. This paper also addresses the role of ideas and the conditions under which employer campaigns can influence policy.
- Topic:
- Economics, Markets, Labor Issues, and Capitalism
- Political Geography:
- Europe and Germany
34. Future scenarios for the development of the European labour force
- Author:
- Anna Ruzik-Sierdzińska
- Publication Date:
- 02-2014
- Content Type:
- Policy Brief
- Institution:
- Center for Social and Economic Research - CASE
- Abstract:
- The future size and quality of the European labour force are important production factors for future economic growth in the region. The performance of many systems such as social security and health depends on the population of future potential tax payers. Older workers are an important and increasing share of the employment in Europe. Due to lower fertility and longer life expectancy, today, a larger than ever share of the population is over 50. Eurostat projections show that the share of people between the ages of 50 and 74 in the population aged 20-74 will increase in the EU27 countries from the current 40 per cent to 47 per cent in 2050. However, countries differ in terms of elderly activity. Existing studies show that this is related to various factors, including labour market institutions. As demographic ageing is expected to continue in the future, it is important to know more about these factors in order to recommend policies that could be efficient for the development of future labour markets and the economy as a whole. The aim of the described part of the project was to assess the impact of ageing on the labour market, especially on the structure of the labour force and labour productivity. We looked at this from various angles. First, we examined it via the determinants of the transition from work to retirement (see: Riedel and Hofer, 2013) with a broader analysis of non-labour market activities at older ages (Styczyńska et al., 2013). Then, we tried to answer the question about how individual productivity changes with age in different countries and if lifelong learning can contribute to higher labour productivity in the future (Ruzik-Sierdzińska et al., 2013). Finally, we looked at the demand for labour in the perspective of ageing societies, i.e. at employers' policies, attitudes and behaviours towards older workers and retirement (van Dalen et al., 2013).
- Topic:
- Demographics, Markets, Labor Issues, Social Policy, Public Policy, and Aging
- Political Geography:
- Europe, Central Asia, Caucasus, Eastern Europe, and European Union
35. European Banking Union: An Immediate Tool for Euro Crisis Management and a Long-Term Project for the Single Market
- Author:
- Giulia Rosa Maria Cavallo
- Publication Date:
- 10-2014
- Content Type:
- Working Paper
- Institution:
- Istituto Affari Internazionali
- Abstract:
- After the adoption of a single monetary policy which commits the European Central Bank to maintaining the euro's purchasing power and price stability in the Eurozone, the European Union is facing a new, but equally fundamental challenge: the implementation in a relatively short time of the so-called "Banking Union". Its purpose is twofold: (1) breaking the link between banking and sovereign risk, with the ultimate goal of achieving full protection of EU savers in the event of a crisis; and (2) ensuring uniformity of credit conditions - which are still too fragmented - within the European banking market, to ensure greater EU integration of the financial system. Starting from the Communication in which the European Commission stressed the need for a banking union, this paper intends to explore the complex process towards its establishment by looking at the EU institutional mechanisms and the legal aspects. In particular, the analysis will be based on two building blocks: (1) the Single Supervisory Mechanism, with a single supervisor at the heart of the banking union; and (2) the Single Resolution Mechanism as a new integrated resolution framework and a resolution fund to address the failure of banking institutions. The paper then assesses the next steps for a fully fledged banking union, necessary in order for this new instrument to lay the foundations for a genuine Economic and Monetary Union, thereby fostering financial and economic stability in the euro area and in the EU as a whole.
- Topic:
- Economics, Markets, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe
36. Completing Europe: From the North-South Corridor to Energy, Transportation, and Telecommunications Union
- Publication Date:
- 11-2014
- Content Type:
- Working Paper
- Institution:
- Atlantic Council
- Abstract:
- One of the greatest successes of our new century has been the progress made in unifying Europe. The accession of Central Europe's countries to the European Union (EU) has contributed to the end of division that wrought confrontations and conflicts. Yet this task is far from finished. Europe's economic woes, as well as new security challenges along the Union's eastern border add to the urgency of completing and consolidating the European integration project as part of our transatlantic vision of a Europe whole, free, and at peace.
- Topic:
- Markets, Communications, and Infrastructure
- Political Geography:
- Europe
37. Labor Market Slack in the United Kingdom
- Author:
- David G. Blanchflower and David N. F. Bell
- Publication Date:
- 07-2014
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- This paper examines the amount of slack in the UK labor market and finds the downward adjustments made by the Monetary Policy Committee (MPC) to both unemployment and underemployment invalid. Without evidence to support its assessment of the output gap, the MPC reduces the level of unemployment based on its claim that long-term unemployment does not affect wages. The authors produce evidence to the contrary and present arguments on why the MPC's halving of the level of underemployment in the United Kingdom is inappropriate. Bell and Blanchflower set out arguments on why they believe the level of slack is greater than the MPC calibrates. Consistent with that is the fact that real wages in the United Kingdom continue to fall.
- Topic:
- Economics, Markets, and Labor Issues
- Political Geography:
- United Kingdom and Europe
38. The Weightless Marketplace: Coming to Terms with Innovative Payment Systems, Digital Currencies and Online Labor Markets
- Author:
- David Bollier
- Publication Date:
- 04-2014
- Content Type:
- Working Paper
- Institution:
- Aspen Institute
- Abstract:
- The structure and character of commerce has changed dramatically since the arrival of the World Wide Web and various digital technologies, particularly mobile phones and large, interconnected databases. Consumers now have much greater market power and choice. Markets can more easily scale, often globally. Co-production and fluid producer/consumer interactions are routine. Transactions themselves have become far cheaper and more easily consummated.
- Topic:
- Foreign Exchange, International Trade and Finance, Markets, Science and Technology, Communications, and Monetary Policy
- Political Geography:
- United States and Europe
39. The State-owned Enterprises Issue in China's Prospective Trade Negotiations
- Author:
- John Whalley and Hejing Chen
- Publication Date:
- 10-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- China, in the next few years, faces the prospect of major regional and bilateral trade negotiations possibly including the Trans-Pacific Partnership (TPP), the Regional Comprehensive Economic Partnership with the Association of Southeast Asian Nations (ASEAN) and Japan, Korea, India, Australia and New Zealand and separate negotiations with India, Korea and Japan, potentially the United States and even possibly the European Union. A likely key element in such negotiations, and one already raised by the United States in the TPP negotiations, is that of trade arrangements involving state-owned enterprises (SOEs). China is viewed from outside as having a large SOE sector, and large SOEs are viewed as having a protected monopoly position in domestic Chinese markets.
- Topic:
- International Trade and Finance, Markets, and World Trade Organization
- Political Geography:
- Japan, China, Europe, India, Asia, Australia, and Korea
40. Reforming the Global Architecture of Financial Regulation: The G20, the IMF and the FSB
- Author:
- Malcolm D. Knight
- Publication Date:
- 09-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The global financial crisis that began in 2007 and deepened in 2008 exposed major weaknesses in financial and macroeconomic policy coordination, and profound flaws in financial risk management and regulation in a number of advanced countries. The severity of the crisis led global leaders to recognize that they must find a way to reform the global regulatory architecture to ensure that the financial system can absorb shocks while continuing to function efficiently.
- Topic:
- International Trade and Finance, Markets, International Monetary Fund, Financial Crisis, and Reform
- Political Geography:
- United States, United Kingdom, and Europe