Italy’s Decline and the Crisis of European Integration
Political Economy, Political Theology, and the Problem of Sovereignty
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Beschreibung
"This fascinating book reopens a debate beyond Italy itself - one that Europe still needs to confront.”
—Dani Rodrik, Ford Foundation Professor of International Political Economy, Harvard University, USA
“Can Italy stand on its own feet? As Guzzi shows, it could very well - before its elites tried to discipline their citizens by locking them into an external constraint.”
—Wolfgang Streeck, Emeritus Director, Max Planck Institute for the Study of Societies, Germany
This book offers a theoretically ambitious interpretation of Italy’s long-term economic, social and political decline within the framework of European integration. Combining political economy, the history of economic thought, and philosophical theory, the book argues that the institutional architecture of the EU has acted as a structural constraint on Italy’s development, eroding its productive base, limiting democratic sovereignty, and amplifying inequality. Amidst the current geopolitical crisis facing the Continent, it contends that the roots of today’s European predicament lie in the very process of integration launched with the Maastricht Treaty. While it initially harmed certain countries, its effects are now spreading to other countries as well, making a fundamental rethinking of Europe’s common policies increasingly necessary. Thus, the book challenges the mainstream narrative that attributes Italy’s stagnation to national mismanagement and instead situates the country’s trajectory within broader contradictions of the EU’s economic governance. Drawing on both heterodox and institutionalist literatures—as well as on extensive descriptive data—the analysis engages critically with the Maastricht Treaty, the “external constraint” strategy, the technocratic role of the European Central Bank, and the political theology underpinning the euro as a secular promise of salvation. The final chapter explores alternative scenarios and argues for a broader cultural reorientation capable of reimagining Europe beyond its current institutional form.
Gabriele Guzzi is Adjunct Professor at the University of Cassino and Southern Lazio, Italy. His research focuses on the philosophy of economics and on the relationship between European integration, Italy’s economic decline, and democratic sovereignty. He served as an economic advisor to the Italian government (2019–2022).
This book offers a historically grounded and theoretically ambitious interpretation of Italy’s long-term economic, social and political decline within the framework of European integration. Combining political economy, the history of economic thought, and political and philosophical theory, the book argues that the euro and the institutional architecture of the EU have acted as structural constraints on Italy’s development, eroding its productive base, limiting democratic sovereignty, and amplifying inequality. Amidst the current economic and geopolitical crisis facing the Continent, moreover, this book argues that the roots of today’s European crisis lie in the very process of integration launched with the Maastricht Treaty. While it initially harmed certain countries—those on the periphery relative to the core—it is now extending its effects to other nations as well, making a rethinking of the approach to common policies increasingly necessary. Thus, the book challenges the mainstream narrative that attributes Italy’s stagnation to national mismanagement and instead situates the country’s trajectory within broader contradictions of the EU’s economic governance. Drawing on both heterodox and institutionalist literatures —as well as on extensive descriptive data— the analysis engages critically with the Maastricht Treaty, the “external constraint” strategy, the technocratic role of the European Central Bank, and the political theology underpinning the euro as a secular promise of salvation. By reconstructing key turning points—from the 1992 crisis to the sovereign debt turmoil, and from constitutional reforms to ideological transformations—the book shows how European monetary integration has redefined Italian statehood and weakened the post-war democratic and social contract. The final chapter explores alternative scenarios and argues for a broader cultural and political reorientation capable of reimagining Europe beyond its current institutional form. Targeted at scholars in European studies, political economy, economic history and political theory, the book offers a bold and timely contribution to core debates on the EU, sovereignty, and the crisis of European capitalism.
reframes Italy’s decline as rooted in EU design, not national mismanagement combines political economy, history, and philosophy in a unique critique of EU institutions offers scenarios for Europe’s future, from reform to euro exit strategies
Autor*in
Gabriele Guzzi
Themen in »Italy’s Decline and the Crisis of European Integration«
European Integration Eurozone Crisis Italy’s Economic Decline Maastricht Treaty Europe’s Geopolitical Crisis External Constraint Monetary Sovereignty Ordoliberalism Political Theology Populism Legitimacy Democratic Deficit European Political History Italian Political History