Europe's existential crisis

Alan Cafruny

Chapter 6 in Globalization in a Turbulent Era, 2025, pp 92-109 from Edward Elgar Publishing

Abstract: As the era of globalization comes to an end, Europe is entering into a prolonged phase of economic decline. This chapter explores Europe's descending economic trajectory resulting from a dysfunctional and disintegrative monetary union, the weak recovery from the global financial crisis and the Covid-19 pandemic, and the contradictions and eventual demise of the German export mercantilist model. Europe's descent has been greatly accelerated by the economic consequences of the war in Ukraine and “New Washington Consensus,” a series of protectionist U.S. policies starting with the first Trump administration and accelerating under the Biden administration, both of which have been catastrophic for Germany. U.S. leadership within the Atlantic bloc is becomes less consensual and more predatory.

Keywords: European Union; Eurozone crisis; Ukraine; Zeitenwende; Germany; Deindustrialization (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035330492
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