The Establishment of the EU as the Most Successful Implementation of Globalization Elements in Light of the Global Financial Crisis and the German-French Cooperation

Uğur Özgöker
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Uğur Özgöker: Kadir Has University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2009, vol. 24, issue 83, 115-130

Abstract: 1700’s marked the start of the Industrial revolution in England which has spread to Europe particular to France and Germany. In this process the two countries became main rivals in the production of Coal and Steel industries which helped the growth of war-making industries. This rivalry followed by consecutive wars between the two nations in 1870-71, 1914-1918, 1939-1945 that took the lives of over millions of people and Europe laid devastated by these conflicts. The post-war climate nurtured the idea of regional peace which brought into existence the European Coal and Steel Community (ECSC). Responsibility for Coal and Steel had passed out of the states and into the hands of international institutions in new Europe. This new supranational model of the EU successfully integrated many facets of the Globalization 40 years before the destruction of Berlin Wall on 1989 or the collapse of the Soviet Union on 1991. This clear transfer of rights to special institutions developed unique characteristics of the EU such as free movement of capital, free competition, free trade, customs union, parliamentary democracy and human rights. Over the historical rivalry between Germany and France rose the social and financial success story of united Europe. This paper explores the experience of France and German by focus- ing on their institutional structure.

Keywords: Liberalism; Free Movement of Capital; Free Competition; Free Trade; Customs Union; Parliamentary Democracy (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:24:y:2009:i:83:p:115-130

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