Self-fulfilling crises in the Eurozone and the institutional preconditions of republican sovereignty
Bibliographic Data
| ID | 9257130 |
|---|---|
| Authors | Stefano Merlo (0000-0001-9204-5959, Faculty of Social Sciences, John Stuart Mill College, VU, Amsterdam, The Netherlands, corresponding author) |
| Year | 2023 |
| Volume | 81 |
| Issue | 1 |
| Pages | 130-153 |
| Publication date | 2023-01-02 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Review of Social Economy (JOURNAL) |
| Journal identifiers | ISSN: 0034-6764 • E-ISSN: 1470-1162 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/00346764.2022.2117401 |
| OpenAlex | W4294335436 |
| Language | EN |
| Citations received | 2 |
| References cited | 31 |
The normative vocabulary of republican political theory can be fruitfully applied to evaluate the phases of market turbulence in sovereign debt markets witnessed during the Eurozone crisis. A view of justice that requires the minimisation of dominating relationships between agents highlights how the institutional preconditions of undominated sovereignty were lacking in the Eurozone. The agreed-upon structure within which countries operated fuelled self-fulfilling market movements in sovereign bond markets, which bear the hallmark of unjust domination as weaker Member States formed a social relationship with investors over which they did not have meaningful control. In motivating the thesis, the paper touches upon the recent debates on the sources and site of domination and on the stance, republican scholars should take toward competitive markets. Given this diagnosis, Eurozone countries have an obligation to establish supranational institutions that increase private and public channels of risk-sharing
Bond · Debt · Economic system · Economics · European debt crisis · European integration · European union · International economics · Liberalization · Market economy · Normative · Obligation · Political economy · Political science · Politics · Sovereign debt · Sovereignty · European Union Policy and Governance · Finance · Global Financial Regulation and Crises · Law · Social Policy and Reform Studies
A Republican Europe of States
Models of currency crises with self-fulfilling features
Responsibility and Global Justice
Equality and Freedom in the Workplace
On the People's Terms
A General Theory of Domination and Justice
Freedom as Independence
Domination and Global Political Justice
Freedom as Antipower
From Slavery to the Cooperative Commonwealth
The Invention of Market Freedom
Republicanism
On the source, site and modes of domination
Capitalism, Class Conflict, and Domination
Who should fight domination? Individual responsibility and structural injustice
European Republicanism
What is a Free State? Republican Internationalism and Globalisation
Republicanism and Global Justice
Republican Freedom, Popular Control, and Collective Action
Neorepublicanism
Market Freedom as Antipower
| Unique citing works | 2 |
|---|---|
| Citations per year | 0,67 |
| Citation span | 2023 - 2024 (2) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 2 |