Commentary on Political Economy

Tuesday 20 September 2011

Crisis of the Republic - The European Union and Capitalist Ideology

We have often returned on this website to the congeries of interests and rationalisations that go under the name of "orthodox economics". The Financial Times finally offers an all-too-brief discussion of the peculiar brand of ideology that passes for economic science in Germany in the form of "Ordo-liberalism" which we have discussed here before, particularly in connection with the concept of "competition" and the Austrian School (Hayek especially) - see here

The problem now is that this "ideology" (a term that we often dislike, preferring "strategy" instead because of its "political" significance) threatens to destroy the European Union and the euro with it. Martin Wolf discusses the imbroglio in the FT (see below) and we are also linking a story that shows the danger that the Chinese dictatorship (among others) poses to the European "republics" if they fail to unite politically and economically in the face of the present crisis. Here are the five stories in a variety of languages that deal with these several topics. We will return to them soon in a more systematic manner. (Growing European trade tensions with Chinese dictatorship) (German elites and Ordnungspolitik leading to European ruin)

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