The Political Economy of Monetary Disunion

Beschreibung

“This book is an exciting and original exploration in the political economy of collective responsibility. Paradoxically but revealingly, it largely owes its global reach to the author’s sympathetic portrayal of a small European country buffeted by enduring geopolitical inequality.”

 —Michael Herzfeld, Professor, Harvard University, USA, and Leiden University, The Netherlands.

This book reassesses the Eurozone financial crisis of the 2010s, and critically compares EU strategies for addressing it with those adopted during the Covid-19 and economic crises of the 2020s. Whilst it has been broadly accepted amongst academics and policymakers that the Eurozone turmoil originated in the banking sector and then deterritorialized towards peripheral Economic and Monetary Union countries, the mechanisms implemented for this transformation remain understudied. Using a non-performative reading of Deleuze and Guattari's concept of the assemblage, the book analyses the mechanisms used in Greece and the Economic and Monetary Union to transfer the financial and moral responsibility of the crisis from the private to the public sector. Combining insights from political economy, economics and social studies of finance, this investigation critiques the austerity policies imposed by European institutions, and identifies the ‘green and just transformation’ as the best way forward to address the ongoing Eurozone problems. The book will appeal to students and scholars of political economy, public administration, economics, and European politics.

Radman Šelmić is an institutional advisor and academic specialized in green and circular economy. He has previously worked at the Birmingham Business School, University of Birmingham and the University of Leicester, UK.

This book reassesses the Eurozone financial crisis of the 2010s, and critically compares EU strategies for addressing it with those adopted during the Covid-19 and economic crises of the 2020s. Whilst it has been broadly accepted amongst academics and policymakers that the Eurozone turmoil originated in the banking sector and then deterritorialized towards peripheral Economic and Monetary Union countries, the mechanisms implemented for this transformation remain understudied. Using a non-performative reading of Deleuze and Guattari's concept of the assemblage, the book analyses the mechanisms used in Greece and the Economic and Monetary Union to transfer the financial and moral responsibility of the crisis from the private to the public sector. Combining insights from political economy, economics and social studies of finance, this investigation critiques the austerity policies imposed by European institutions, and identifies the ‘green and just transformation’ as the best way forward to address the ongoing Eurozone problems. The book will appeal to students and scholars of political economy, public administration, economics, and European politics.

Autor*in

Radman Šelmić

Themen in »The Political Economy of Monetary Disunion«

Greece Eurozone Assemblage Ordoliberalism Poststructuralism ECB Austerity

Stimmen zu »The Political Economy of Monetary Disunion«

“Radman Šelmić offers us a refreshingly iconoclastic view of the recent global economic crises. Focusing on the Greek experience in particular, he shows how the moralistic assumptions promulgated by neoliberal institutions generated a blame game that became a self-fulfilling prophecy of disaster. This book is an exciting and original exploration in the political economy of collective responsibility. Paradoxically but revealingly, it largely owes its global reach to the author’s sympathetic portrayal of a small European country buffeted by enduring geopolitical inequality.” (Michael Herzfeld, Professor, Harvard University, USA, and Leiden University, The Netherlands)

“Radman Šelmić’s inquiry into the Eurozone crisis provides more than just a rigorous study of the political origins, social effects and toxic ramifications of this event. What Šelmić has produced is a theoretical study revivifying the critique of money capital and the psychic desire for power that was the central but overlooked aspect of Deleuze and Guattari’s pathbreaking work Capitalism and Schizophrenia. Šelmić demonstrates how the theory of ‘agencement’ does not have to culminate in insipidly ‘performative’ engagements with capitalist technocracy. Rather, Šelmić sets out an analysis that throws into relief the banking apparatuses that captured the realm of everyday life in the Eurozone aftermath. Careful study of this work will be invaluable in confronting the question of finance, inflation, unemployment and environmental volatility today.” (Louis Moreno, Goldsmiths, University of London, UK)

“Michel Foucault famously wrote about ‘ordoliberalism’.  Radman Šelmić sees this as an economic and political assemblage (in Deleuze’s sense) of power.  Here the state is far more integral than in classical neoliberalism. Thus Šelmić gives an incisive and exciting account of EU and Greek disunity, one which features the unity of superstate institutions and financial capital.” (Scott Lash is a sociologist living in London. A senior editor of Theory Culture & Society and Research Affiliate at Oxford Anthropology)

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