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Ordoliberalizm a polityka makroekonomiczna w obliczu kryzysu strefy euro

Michal Moszynski

No 157/2015, Working Papers from Institute of Economic Research

Abstract: The global economic crisis and the crisis in the euro zone exposed the deep differences of opinion between German economists and scientists from other European countries and the US. The German approach conceptually differs in the views on the strategies and tools of anti-crisis policy, especially fiscal stimulus in the Keynesian-style, quantitative easing monetary policy of the ECB, the question of financial assistance to Greece and restructuring its debt. The other areas of difference are the approach to the rules in macroeconomic policy, fiscal consolidation, and interpretation of current account surplus. Given the size and performance of German economy it is important to understand the reasons for these opposites, which constitute the research goal of this article. Considerations are based on the thesis that ordoliberal thought still has a strong impact on the practice of macroeconomic policy in Germany and also at European level. The analysis is built on the short overview of ideological foundations of the German social market economy and its most important postulates, which then will be applied for interpretation of intellectual distinctions between economists from Germany and other countries in the theoretical and practical dimensions of economic policy observed in Europe. The methodology includes the critical literature studies and the comparative analysis of macroeconomic policy through the prism of economic thought.

Keywords: Germany; macroeconomic policy; ordoliberalism; rules; economic order (search for similar items in EconPapers)
JEL-codes: B25 E61 H12 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-hme, nep-mac and nep-mon
Date: 2015-08, Revised 2015-08
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