Re-routing globalization: polycrisis, Europe's decline and the crisis of Atlanticism

Alan W. Cafruny and Vassilis K. Fouskas

Chapter 16 in Critical Political Economy of the European Polycrisis, 2025, pp 240-255 from Edward Elgar Publishing

Abstract: This chapter documents the shifting tectonic plates of the global economy and their harsh impact on Europe. US predatory economic policies resulting from the war in Ukraine and the United States’ neo-mercantilist turn are fueling the growth of far-right movements and parties across the European continent, even as the United States confronts its own, potentially cataclysmic, crisis in a second Trump administration. Germany forms the epicentre of Europe's contemporary crisis. Its distinctive ordoliberal, export-led economic model was predicated on access to the US and Chinese markets as well as cheap Russian energy. Yet, the combination of US protectionism, inflation, and the substantial cost of re-routing energy supplies accelerates processes of deindustrialization and the loss of national and regional autonomy. Policies and structural forces are shifting the imperialist centres of global capital accumulation away from Europe as global capital re-composes and reorganizes in the geography of North American and Chinese orbits.

Keywords: Polycrisis; US mercantilism; Ukraine; Russia; German ordoliberalism; Global capitalist restructuring (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035347933
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