Comparative Economics, Globalisation and the Eurozone in the Quest for a New Eurozone Paradigm

Bruno Dallago ()
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Bruno Dallago: Department of Economics and Management, University of Trento

Acta Oeconomica, 2019, vol. 69, issue supplement1, 99-119

Abstract: The Eurozone is at a crossroads. Its neoliberal and ordoliberal construction proved to be unworkable and, after the crisis, made the macroeconomic adjustment slow and costly – causing financial and real divergence among the member countries. Kolodko’s writings offer interesting insights. This article considers Kolodko’s study of Poland and Greece and adds two other paradigmatic cases, those of Germany and Italy. Kolodko’s case studies and criticism of neoliberalism lead him to propose a New Pragmatism in policy making. This proposal offers important insights, but neglects two fundamental problems: moral hazard and institutional differences. These have to be included in the New Pragmatism to give this the strength and ability to contribute to solve the Eurozone problems.

Keywords: Eurozone; Germany; Greece; institutional differences; Italy; moral hazard; neoliberism; ordoliberalism; New Pragmatism; Poland (search for similar items in EconPapers)
JEL-codes: E02 E63 E65 F36 F45 G01 (search for similar items in EconPapers)
Date: 2019
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