New from Verso: 'Crisis in the Eurozone' by Costas Lapavitsas et al

 

The renowned Research on Money and Finance (RMF) group present a searing critique of the neoliberal nature of the Eurozone and ruthlessly dissect the roots of the current financial turmoil and the European debt crisis. Lead author Costas Lapavitsas and his co-authors argue that European austerity is contradictory because it leads to recession, and worsens the burden of debt, further imperilling banks and the monetary union itself. The analysis suggests that impoverished states would be wise to quit the Euro and pursue debtor-led, sovereign and democratic default that would lead to deep cancellation of debt. The authors envisage a restructuring relying on the forces of organized labor and civil society, drawing on the theoretical tradition of political economy and heterodox economics, and treading a careful path between declining Europeanism and nascent nationalism.