The Economic and Politics of the Euro Crisis: A Varieties-of-Capitalism Perspective

Department of Government comparative politics lecture

This presentation explores the origins and consequences of the contemporary crisis of the Euro from the perspective of a varieties-of-capitalism approach to the political economy. It associates the inadequacies of the governing institutions adopted for the Euro with a set of mythologies that was blind to the presence of distinctive varieties of capitalism in Europe and locates some of the roots of the crisis in the problems associated with combining joining varieties of capitalism in a single currency. The problems encountered by the Euro lie less in the ‘asymmetrical shocks’ anticipated in 1992 and more in the ‘institutional asymmetries’ across political economies. The problems the EU has had in resolving the crisis are also linked to divergent diagnoses of the problem rooted in distinctive philosophies of governance associated again with varieties of capitalism in Europe.

Peter A. Hall is Krupp Foundation Professor of European Studies, a faculty associate of the Minda de Gunzburg Center for European Studies, and co-director of the Program on Successful Societies for the Canadian Institute for Advanced Research. Hall is co-editor of Successful Societies: How Institutions and Culture Affect Health (with M. Lamont), Changing France: The Politics that Markets Make (with B. Palier, P. Culpepper), Varieties of Capitalism: The Institutional Foundations of Comparative Advantage (with D. Soskice), The Political Power of Economic Ideas: Keynesianism across Nations, Developments in French Politics I and II (with A. Guyomarch, J. Hayward and H. Machin), European Labor in the 1980s and the author of Governing the Economy: The Politics of State Intervention in Britain and France as well as over seventy articles on European politics, public policy-making, and comparative political economy.

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