Alternativas al corsé monetario del euro

El País, 15 de marzo, 2019.

La Unión Económica y Monetaria (UEM) fue un error histórico, no para Alemania –que originalmente estaba en contra pero se convirtió en su principal beneficiario— sino para los países mediterráneos, Francia incluida, que por distintas razones estaban impacientes por “europeizar” la moneda alemana. Esos países sufren, pero no por su elevada deuda, como sostiene Alemania, sino porque las distintas culturas económicas nacionales requieren distintos regímenes monetarios para permitir que sean internacionalmente competitivas sus distintas estructuras sociales e institucionales. Ya en 1992, Ralf Dahrendorf, el entonces director de la London School of Economics, señaló que algunos países, como Francia, han impulsado el crecimiento económico históricamente con deuda pública, mientras que otros, como Italia, dependían de la alta inflación para alimentar la demanda doméstica. Un país altamente dependiente de las exportaciones como Alemania requiere estabilidad monetaria. Impuesto en Europa en su conjunto, como sucedió durante los neoliberales años noventa, el régimen monetario a la alemana asegura mercados cautivos para las exportaciones alemanas e imposibilita las ocasionales devaluaciones a otros países para defender su competitividad internacional. (…)

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El imperio europeo se hunde

Entrevista por Miguel Mora, Revista Contexto, Madrid, 13 de marzo, 2019.

¿Cómo definiría esta fase del capitalismo?

El experimento neoliberal ha fracasado: no ha traído prosperidad ni ha resuelto el conflicto entre las clases, mientras vemos que en muchos países aparecen distintas formas de revuelta contra el capitalismo globalizado, movimientos anticapitalistas o, mejor dicho, antiinternacionalistas. El neoliberalismo siempre fue un movimiento internacional que abrió las economías nacionales, y ese es ahora el objetivo de la resistencia. En parte sucede esto porque la izquierda de la tercera vía se unió a la fiesta internacionalista en medio de la euforia globalizadora y perdió la conexión con la gente a la que el sistema iba dejando atrás. Por eso los “chalecos amarillos” en Francia ya no se consideran de izquierdas, porque la izquierda no ha sabido responder a sus preocupaciones y los sindicatos han quedado fuera de la lucha. (…)

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The European Union is a liberal empire, and it is about to fall

The London School of Economics and Political Science, Brexit Blog, March 2019.

What is the European Union? The closest concept I can come up with is that of a liberal empire. An empire is a hierarchically structured block of states held together by a gradient of power from a centre to a periphery. At the centre of the EU is Germany, trying more or less successfully to hide inside a “Core Europe” (Kerneuropa) formed together with France. Germany doesn’t want to be seen as what the British used to call a Continental Unifier, even if in fact this is what it is. That it likes to hide behind France is a source of power for France vis-a-vis Germany.

Like other imperial countries, most recently the United States, Germany conceives of itself, and wants others to do the same, as a benevolent hegemon doing nothing else than spreading universal common sense and moral virtues to its neighbours, at a cost to itself that is, however, worth bearing for the sake of humanity. In the German-cum-European case, the “values” that are to give legitimacy to empire are those of liberal democracy, constitutional government and individual liberty, in short, the values of political liberalism. Wrapped into them, to be displayed when expedient, are free markets and free competition, i.e., economic liberalism. Determining the exact composition and the deeper meaning of the imperial value package and how it is to be applied in specific situations is a prerogative of the hegemonic centre – enabling it to extract a sort of political seigniorage from its periphery in return for its benevolence. (…)

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Greek to a Greek

Review of Yanis Varoufakis (2017), Adults in the Room: My Battle with Europe’s Deep Establishment, London: The Bodley Head.

Appeared in Inference: International Review of Science 4 (3), March 2019.

What a strange book—strange but indispensable nevertheless. From January to July 2015, Yanis Varoufakis served as the Greek government’s finance minister. Adults in the Room is an account of his battle with what he calls Europe’s deep establishment. It is often self-indulgent, sometimes sentimental. He also takes pains to show he is human. He describes his happy marriage. He takes dinner with friends. He remembers his student days, and argues with his daughters. He encounters German secret service agents who unaccountably urge him to continue fighting the good fight. His mistakes he assigns to a nature that is too trusting given the intrigues both abroad and at the court of Alexis Tsipras, his prime minister and the leader of Syriza.

And yet, the book is indispensable. For whom? For the journalists who helped the masters of Europe get rid of Varoufakis; for the armies of European functionaries, les ronds-de-cuir; and, one might hope, for teachers and students of the policy sciences. Varoufakis’s book provides an honest account of how our world is governed. It will be plausible to anyone who has tried to make sense of political life without falling victim to the charm of political power. (…)

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Reflections on Political Scale

Adam Smith Lecture in Jurisprudence, University of Glasgow, 30 May 2018. Published online on February 6, 2019, in: Jurisprudence: An International Journal of Legal and Political Thought.

I start, not with Smith – he will show up near the end – but with a close friend of his, the historian Edward Gibbon. In the fourth volume of his Decline and Fall of the Roman Empire, published in 1788, Gibbon’s narrative reaches the point when in the late fifth century the Western Roman Empire forever expired. Before he finally turns his attention to the history of Byzantium, Gibbon pauses to look back at more than four centuries of Roman imperial statehood to consider what the ‘awful revolution’ he has recounted might mean for ‘the instruction of the present age’. (…)

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