BLOG DE CARLES MANERA

Abstrat:

This paper analyses the Great Recession: the major economic crisis that began in 2007-08 and continues today. The author argues that many factors caused the crisis and stresses that it is not just a financial crisis, like most writers claim. Instead, the author He says it is a systemic crisis that includes overproduction, falls in business profits, environmental problems, and a stubborn insistence on an economic policy driven by austerity. The author defends the importance of economic history, which provides economists and social scientists with an essential reference for understanding the recession. He also proposes solutions to end the crisis, solutions that are completely different to those proposed by major European governments, led by Germany. Manera thus adopts what is a heterodox approach in economics making this paper different to the more conventional academic literature on economics. The paper is highly critical of the economic policy coming out of Berlin and Brussels, in which ultra-neoliberal orthodoxy is the predominant form of action. The author believes this is the wrong path to take and will only prolong the crisis for the most vulnerable members of society and for the middle classes. The author argues that Germany should lead Europe (rather than leading Germany) and that the European Central Bank should broaden its objectives and become more concerned with economic growth policies.

KEY WORDS: Great Recession, economic crisis, European economics

JEL: B51, E02, F01, N10.

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