The Politics of the Eurozone Crisis: Two Puzzles Behind the German Consensus

Jacoby, Wade (2015) The Politics of the Eurozone Crisis: Two Puzzles Behind the German Consensus. [Conference Proceedings] (Submitted)

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Abstract

Summary: This article follows conventions and defines ordoliberalism as a body of economic thought that stresses an institutionally defined economic “order” that establishes and regulates markets. Contrary to neoliberalism, with which it is often confused, ordoliberalism denies any kind of natural ontology for markets, insisting that states must instead construct an “economic constitution” in order for the market to work properly. German ordoliberalism has traditionally had strong preferences for flexible labor market structures, anticartel laws that limit firms’ abilities to exploit consumers, and an independent central bank focused on price stability.

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