Download Book

Bettina De Souza Guilherme Christian Ghymers Stephany Griffith-Jones Andrea Ribeiro Hoffmann Editors Financial Crisis Management and Democracy Lessons from Europe and Latin America Financial Crisis Management and Democracy Bettina De Souza Guilherme Christian Ghymers Stephany Griffth-Jones Andrea Ribeiro Hoffmann Editors Financial Crisis Management and Democracy Lessons from Europe and Latin America Editors Bettina De Souza Guilherme Christian Ghymers Founder and Co-coordinator of the Jean Founder and Co-coordinator of the Jean Monnet Network “Crisis-Equity-Democracy Monnet Network “Crisis-Equity-Democracy for Europe and Latin America” for Europe and Latin America” IRELAC IRELAC Rio de Janeiro, Brazil Brussels, Belgium European Parliament Andrea Ribeiro Hoffmann Brussels, Belgium Pontifcal Catholic University of Rio de Janeiro (PUC-Rio) Stephany Griffth-Jones Rio de Janeiro, Brazil Initiative for Policy Dialogue Columbia University Coordinator of the second phase of the Jean New York, USA Monnet Network “Crisis-Equity-Democracy for Europe and Latin America” Institute of Development Studies Rio de Janeiro, Brazil Sussex University Brighton Brighton, UK This book is an open access publication. ISBN 978-3-030-54894-0 ISBN 978-3-030-54895-7 (eBook) https://doi.org/10.1007/978-3-030-54895-7 © The Editor(s) (if applicable) and The Author(s) 2021 Open Access This book is licensed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made. The images or other third party material in this book are included in the book’s Creative Commons license, unless indicated otherwise in a credit line to the material. If material is not included in the book’s Creative Commons license and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specifc statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland Acknowledgements This project has been selected as a Jean Monnet Network and funded with support from the European Commission. This publication refects the views of the authors alone, and the Commission and the European Parliament cannot be held responsible for any use which may be made of the information contained herein. v Contents 1 Introduction �� 1 Stephany Griffth-Jones and Bettina De Souza Guilherme Part I Global Economic Crisis 2 The Road from Prosperity into the Crisis: The Long Cycle of Post-War Economic, Social and Political Development �� 11 Stephan Schulmeister 3 The Systemic Nature of the Global Crisis and Some Principles for Tackling It �� 55 Christian Ghymers Part II Regional Governance and Crisis Management in Europe and Latin America 4 The Double Democratic Deficit �� 75 Bettina De Souza Guilherme 5 European Union’s Democratic Legitimacy after the MoUs: The Political Legacy of an Economic Crisis �� 111 Dimitris Katsikas 6 Finance Capitalism and Democracy: The Case of the Financial Transactions Tax �� 125 Stephan Schulmeister 7 Regional Governance and Macroeconomic Crisis Management in Latin America �� 135 Maria Antonieta Del Tedesco Lins and Andrea Ribeiro Hoffmann vii viii Contents Part III Impact of the Crisis in Europe and Latin America: National Level 8 Managing the Crisis in Greece: The Missing Link between External Conditionality and Domestic Political Economy �� 145 Dimitris Katsikas and Pery Bazoti 9 The Crisis: Its Management and Impact on Equity and Democracy in Portugal and Possible Consequences for the EU �� 161 Kai Enno Lehmann 10 The 2011 Crisis in Italy: A Story of Deep-Rooted (and Still Unresolved) Economic and Political Weaknesses �� 173 Simone Romano 11 Latin American Economic Crises and Populist Bids: Argentina, Brazil and Mexico �� 185 Maria Antonieta Del Tedesco Lins 12 The Fall of a Giant: Greed, Corruption and Abuse of Power Undermining Democracy in Brazil �� 201 Andrea Ribeiro Hoffmann and Bettina De Souza Guilherme 13 Venezuela in Crisis: Governability, Equity and Democracy �� 213 José Briceño-Ruiz and Kai Lehmann Part IV Impact of the Crisis in Europe and Latin America: Regional Level 14 The Rise of Right-Wing Populism in Europe: A Psychoanalytical Contribution �� 227 Paula Sandrin 15 European Economic Governance and Rising Sovereignism �� 241 Eleonora Poli 16 Eurozone Crisis Management and the Growth of Opposition to European Integration �� 251 Susannah Verney and Dimitris Katsikas 17 A “Pink Tide” Then a “Turn to the Right”: Populisms and Extremism in Latin America in the Twenty-First Century �� 265 Carolina Salgado and Paula Sandrin 18 The Crisis of Latin American Regionalism and Way Ahead �� 281 José Briceño-Ruiz and Andrea Ribeiro Hoffmann Contents ix Part V Conclusions 19 Comparing the Crises in Europe and Latin America: Causes, Management, Impact and Consequences �� 297 Andrea Ribeiro Hoffmann and Bettina De Souza Guilherme Part VI Reform Proposals 20 Financial Instability, Climate Change and the “Digital Colonization” of Europe: Some Unconventional Proposals �� 309 Stephan Schulmeister 21 Promoting Investment in the European Union, Evaluating the Juncker Plan �� 323 Stephany Griffth-Jones 22 Proposal for a Pact for National Responsibility Through EU Solidarity Within the Present EU Architecture �� 337 Christian Ghymers 23 Proposals for Reforms and Democratization of the EMU �� 345 Bettina De Souza Guilherme 24 Operational Proposal for an EU-CELAC Strategic Alliance �� 361 Christian Ghymers Epilogue �� 379 By Loukas Tsoukalis Chapter 1 Introduction Stephany Griffth-Jones and Bettina De Souza Guilherme This book is the result of the 3 years comparative and multidisciplinary Jean Monnet Network, “Crisis-Equity-Democracy for Europe and Latin America”, of senior academics and policy advisors from four European and three Latin American countries, including experts on the European Union and Latin American regionalism. The rationale of the project and the common link is that both Europe and Latin America can learn from their respective experiences on “crisis”, its management and the distributive and democratic implications at national and regional level. The Latin American debt crisis of the 1980s and the global fnancial crisis of 2008 and the following Eurozone debt crisis have much in common in regard to their economic and social impacts and the following wave of populism and polarisation. Furthermore, the research and exchange in the network clearly showed that these crises are symptoms and consequences of the same systemic faws inherent both in the present EU and global fnancial, economic and governance system. Given that both regions face fairly similar global unsustainability challenges, from a macro- fnancial as well as an environmental point of view, their similarities should call for the joint elaboration and implementation of a bi-regional strategic alliance for addressing the roots of the global crisis. S. Griffth-Jones Initiative for Policy Dialogue, Columbia University, New York, USA Institute of Development Studies, Sussex University Brighton, Brighton, UK B. De Souza Guilherme (*) Founder and Co-coordinator of the Jean Monnet Network “Crisis-Equity-Democracy

Load more