The Political Economy of Europe Since 1945: A Kaleckian Perspective

20 Pages Posted: 8 Nov 2019

See all articles by Joseph Halevi

Joseph Halevi

The University of Sydney - Department of Political Economy; International University College (IUC) of Turin

Date Written: June 1, 2019

Abstract

This paper analyzes the early stages of the formation of the Common Market. The period covered runs from the end of WW2 to 1959, which is the year in which the European Payments Union ceased to operate. The essay begins by highlighting the differences between the prewar political economy of Europe and the new dimensions and institutions brought in by the United States after 1945. It focuses on the marginalization of Britain and on the relaunching of French great power ambitions and how the latter determined, in a very problematical way, the European complexion of France. Because of France’s imperial aspirations, France, not West Germany, emerged as the politically crisis prone country of Europe acting as a factor of instability thereby jeopardizing the process of European integration, Among the large European nations, Germany and Italy appear, for opposite economic reasons, as the countries most focused on furthering integration. Germany expressed the strongest form of neomercantilism while Italy the weakest.

Keywords: European Monetary System, Common Market, France, Germany, Italy, Netherlands, currency depreciation, European Monetary Union

JEL Classification: E02, F02, F5, N14, N24

Suggested Citation

Halevi, Joseph, The Political Economy of Europe Since 1945: A Kaleckian Perspective (June 1, 2019). Institute for New Economic Thinking Working Paper Series No. 100, June 2019; DOI: 10.36687/inetwp100. Available at SSRN: https://ssrn.com/abstract=3482113

Joseph Halevi (Contact Author)

The University of Sydney - Department of Political Economy ( email )

Merewether Building (H04)
Sydney, 2006
Australia

International University College (IUC) of Turin ( email )

Piazza Carlo Felice, 18
Torino, 10121
Italy

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