Eurotragedy

EuroTragedy is an incisive exploration of the tragedy of how the European push for integration was based on illusions and delusions pursued in the face of warnings that the pursuit of unity was based on weak foundations.

This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. The euro induced huge capital flows from the northern to the southern countries of the Eurozone that triggered an inflationary credit bubble in the latter, deprived them of their competitiveness, and made them vulnerable to the financial crisis that spilled over from the US in 2007 and 2008. As private capital shied away from the southern countries, the ECB helped out by providing credit from the local money-printing presses. The ECB became heavily exposed to investment risks in the process, and subsequently had to be bailed out by intergovernmental rescue operations that provided replacement credit for the ECB credit, which itself had replaced the dwindling private credit. The interventions stretched the legal structures stipulated by the Maastricht Treaty which, in the absence of a European federal state, had granted the ECB a very limited mandate. These interventions created a path dependency that effectively made parliaments vicarious agents of the ECB's Governing Council. This book describes what the author considers to be a dangerous political process that undermines both the market economy and democracy, without solving southern Europe's competitiveness problem. It argues that the Eurozone has to rethink its rules of conduct by limiting the role of the ECB, exiting the regime of soft budget constraints and writing off public and bank debt to help the crisis countries breathe again. At the same time, the Eurosystem should become more flexible by offering its members the option of exiting and re-entering the euro - something between the dollar and the Bretton Woods system - until it eventually turns into a federation with a strong political power centre and a uniform currency like the dollar.

Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.

An exposé of Hitler’s relationship with film and his influence on the film industry A presence in Third Reich cinema, Adolf Hitler also personally financed, ordered, and censored films and newsreels and engaged in complex relationships with their stars and directors. Here, Bill Niven offers a powerful argument for reconsidering Hitler’s fascination with film as a means to further the Nazi agenda. In this first English-language work to fully explore Hitler’s influence on and relationship with film in Nazi Germany, the author calls on a broad array of archival sources. Arguing that Hitler was as central to the Nazi film industry as Goebbels, Niven also explores Hitler’s representation in Third Reich cinema, personally and through films focusing on historical figures with whom he was associated, and how Hitler’s vision for the medium went far beyond “straight propaganda.” He aimed to raise documentary film to a powerful art form rivaling architecture in its ability to reach the masses.

Examines how the Celtic Tiger, an economy that was hailed as one of the most successful in history, fell into a macroeconomic abyss necessitating an unheard of bail-out. It covers property market bubbles, regulatory incompetency, and disastrous economic policies. A highly readable account of the unprecedented near collapse of the Irish economy.

This study examines the darker side of England's culture of economic improvement between 1640 and 1720. It is often suggested that England in this period grew strikingly confident of its prospect for unlimited growth. Indeed, merchants, inventors, and others promised to achieve immense profit and abundance. Such flowery promises were then, as now, prone to perversion, however. This volume is concerned with the taming of incipient capitalism - how a society in the past responded when promises of wealth creation went badly wrong. The notion of 'projecting' played a key role in this process. Thriving theatre, literature, and popular culture in the age of Ben Jonson began elaborating on predominantly negative images of entrepreneurs or 'projectors' as people who pursued Crown's and their own profits at the public's expense. This study examines how the ensuing public distrust came to shape the negotiation in the subsequent decades over the nature of embryonic capitalism. The result is a set of fascinating discoveries. By scrutinising greedy 'projectors', the incipient public sphere helped reorient the practices and priorities of entrepreneurs and statesmen away from the most damaging of rent-seeking behaviours. Far from being a recent response to mainstream capitalism, ideas about socially responsible business have long shaped the pursuit of wealth, power, and profit. Taming Capitalism before its Triumph unravels the rich history of broken promises of public service and ensuing public suspicion - a story that throws fresh light on England's 'transition to capitalism', especially the emergence of consumer society and the financial revolution towards the end of the seventeenth century.

Global Taxation investigates the global transition to modern taxation from the 18th century to today. Modern taxation refers to the broad-based tax instruments that allowed for the emergence of big government as we know it today, including, most prominently, income taxes and general consumption taxes. The volume draws on a new historical dataset of tax introduction worldwide to map the global spread of modern taxes descriptively and to explore its correlates analytically. It makes four contributions to the literature. First, it corrects a pervasive Western bias in historical political economy and fiscal sociology. Most of this literature focuses heavily on the tax policy of advanced democracies in Europe. The chapters of this volume explore how far Western theories and insights travel to non-Western contexts. Second, the volume mitigates a recency bias in much of the macro-quantitative literature in comparative political economy and public finance. The chapters investigate whether insights travel across time from recent to more distant periods of observation. Third, the volume compensates for the substantive preoccupation of extant research with the personal income tax and the VAT by extending the analysis to other important tax instruments: the corporate income tax, the inheritance tax, non-VAT sales taxes, and social security contributions. Finally, the volume goes beyond the prevalent methodological nationalism in fiscal sociology and comparative political economy. It shows that non-sovereign tax introductions were common in colonial and imperial settings and compares analytically how the logic of these non-sovereign introductions differed from sovereign ones.

An overview of the causes and consequences of speculative attacks on domestic currency and international financial turmoil. It provides a comprehensive treatment of the existing theories of exchange rate crises and of financial market runs.