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Although it is agreed that the dual development of monetary integration and territorial enlargement are likely to generate profound effects on European spatial structure, in both West and East, much uncertainty centres around the question of what changes will be brought about. This book furthers our economic understanding of the opportunities and challenges offered by these developments. The emphasis is primarily on the economic agenda associated with European integration. Part A reviews the debate on European monetary unification. Economic integration raises many issues, one which is dealt in depth is the issue of convergence versus divergence. Part B centres around the dynamics of cohesion in the EU and the associated regional policies, reflecting on experience from the past and challenges for the future. Part C sheds some light on the complexities of transition and integration of Central and Eastern European countries, the second major challenge being faced by the EU at the turn of the century. ... Read more

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In this book, leading financial professionals and academic examine the prospects for the European single currency, widely seen as heralding a 'quantum leap' for the European financial markets. ... Read more

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Does Europe still have a choice?The Euro is heavilypromoted as a way to reduce unemployment and provide more freedom. Butis the outcome so certain?It is high time for an economist,independent minded and free from special interests, to sound thealarm.Jean-Jacques Rosa denounces the creation of the Europeansingle currency as Europe's worst mistake since the deflationarypolicy of the 1920s, which turned the 1929 stock market crash into adecade of tragedy.In coming to this judgement, Jean-Jacques Rosaapplies logic, the truths of everyday existence, human experience, andstatistical proof.Is the Euro really just the political will to meltthe European nations into one state? Why- when the right size fortoday's nations would be infinitely more modest? Against the trend ofintellectual conformity, the timidity of the elites, and the knee-jerk approbation of Franco-German integration, Jean-Jacques Rosa,often polemical, suggests it's time to escape from this impasse --from the Euro. ... Read more

Customer Reviews (2)

Convincing demolition of the case for the euro
This critical study of the euro, written by a respected French economist, should make sense to every trade union member. Throughout the eurozone, growth is weak, unemployment high and rising, and investment stagnant. Yet society needs full employment: without it, we cannot end all its by-products, poverty, crime, corruption, bad health, illiteracy, lack of skills. When workers are in work, they can prevent all these evils.
Rosa shows that unemployment is high because macro-economic policy, not Brown�s micro, supply-side, fiddling, decides employment levels, and the European Union has the wrong macro policy. Euro-fundamentalists, including the Labour Government, cling to a fixed overvalued currency - pound or euro - cutting real wages, revenues and growth, and raising unemployment. The resulting excessive interest rates deflate the real economy of production and inflate the casino economy of speculation.
In the 1930s, France clung to the Gold Standard and suffered hugely; Britain floated the pound, and did better. In the 1990s, countries like Britain that left the ERM grew faster and had lower inflation than France, which stayed in.
Capitalists argue that welfare spending and �labour market inflexibility� cause permanent �structural� unemployment, so you can only increase growth by raising unemployment enough to cut wages. Rosa demolishes this �Eurosclerosis� argument. He shows that in 1989, the last year before the Maastricht Treaty�s monetarism was imposed, the French economy grew by 4%, although welfare payments and the labour market stayed the same.
We need a policy for growth, of floating exchange rates and cutting short-term interest rates down to zero. The OECD estimates that in France, for instance, cutting exchange rates would add 2% growth, and cutting 2% interest rates by 2% would add 0.5% growth, creating 320,000 jobs a year.
Rosa notes that the euro is Europe�s worst mistake since deflationary policy turned the 1929 crisis into a decade of depression. He stresses that the euro�s economic failings don�t bother the EU�s leaders, because they expressly conceived it as an �economic� way to lock us into the single European state, since they know they could never do it through winning our democratic consent.

No Error Here!
Excellent, Excellent, Excellent - The author provides the reader with an informative insight into why the EU is making a big mistake by adopting the Euro.The EU is clearly not an optimal single currency area yet politicalcorrectness has ruled the day.Without a strong political union the Eurois heading for failure and with a strong political union the EU is headingfor the inefficiencies most smart multinational companies have long sinceabandoned. The Euro could become a perfect example of a good thing (freetrade) taken too far by the feel good politics of the left trying to strongarm the rest of the world away from the dollar.This book is a must readfor all interested in the Euro, but make sure you're not in a rush as thetranslation from the French can leave you scratching your head at times. ... Read more

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In late December 1994--after having attracted widespread praise as a model of economic reform and become a super-magnet for international investors as well as the United States' partner in the newly consummated NAFTA trade agreement--Mexico seemingly overnight plunged into political and economic crisis. The perceived threat to the global economy was to lead the Clinton administration, against strong congressional criticism, to push through an unprecedented $40-billion international rescue package.What went wrong in Mexico? What role was played by flaws in the design of the Mexican reforms, by political as well as economic decision-making in the context of the crises that shook the country, by external market forces, and by sheer bad luck? What lessons can the peso crisis offer to those grappling with newly unfolding crises in other emerging-market economies around the world?The complex anatomy of this "first economic crisis of the 21st century"is here examined-in sometimes sharply divergent perspectives--by a distinguished internationalgroup that includes ex-ministers, financial market participants, leading political scientists and economists, and senior officials from the World Bank, the IMF, and the Inter-American Development Bank.In addition to the editors, the contributors are Robert L. Bartley, Nancy Birdsall, Agustino Carstens, Rudiger Dornbusch, Denise Dresser, Jeffry A. Frieden, Michael Gavin, Francisco Gil-Diaz, David D. Hale, Ricardo Hausmann, Claudio M. Loser, and Peter H. Smith. ... Read more

Product Description
This digital document is an article from Finance & Development, published by International Monetary Fund on December 1, 1998. The length of the article is 2294 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The advent of European Economic and Monetary Union (EMU) and the development of a single, more powerful economic market will have an impact both on other economies of Western Europe and on other countries with established trade and financial links to Europe. Countries that intend to join the EU will need to show progress toward meeting the Maastricht criteria for monetary union. The EMU is also most likely to affect the transition economies of Eastern and Central Europe, the emerging economies of the Mediterranean and the countries in Africa and, to a lesser extent, Asia, the Americas and the industrialized nations outside European as well. Conversely, developments in other parts of the world could affect the EMU. For instance, the crisis in Asia and other emerging markets could produce adverse spill over effects on the euro area and make monetary policy more difficult to implement.

Citation Details
Title: The euro area and the world economy.(Cover Story)
Author: John Green
Publication: Finance & Development (Magazine/Journal)
Date: December 1, 1998
Publisher: International Monetary Fund
Volume: 35Issue: 4Page: 8(4)

Article Type: Cover Story

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A detailed look at how, and why, the American financial system has reached its current state

Today's economy and capital markets are faced with the long-term buildup of public and private credit. Furthermore, we face higher taxes, greater spending, and more debt. We are now at a critical crossroads and our leaders have few realistic solutions. Proposals calling for tax reforms or fewer regulations have fallen on deaf ears. In fact, U.S. democracy has become more socialist and reform is needed immediately. Endless Money is an examination of how the U.S. government and the country's financial systems have embraced socialism, and why cultural deterioration reinforces the trend and jeopardizes democracy. In it, author William Baker sees this socialism embodied in two things. The first is the socialization of income, the second is the socialization of credit.

• Explores the present socialistic qualities of the American government and its financial system
• Looks back at how today's conditions relate not just to the Great Depression, but ancient empires such as Rome
• Calls for radical changes such as reduced regulatory power of the Federal Reserve, a considerable devaluation of the dollar in terms of gold, and repeal of income tax
• Includes a Web site devoted to book, with recommendations, quotes from the financial community, and think tank contacts

Insightful and informative, Endless Money examines our current economic condition and describes what the United States can do to get back on the right economic track. ... Read more

Customer Reviews (5)

Required knowledge that is doomed to be ignored...
This book is not a natural page turner.It is certainly not a quick read, but the ideas that it presents are invaluable for everyone to understand.Baker mentions that we have moved so far away from the monetary basics espoused within, that the conservatives don't even get the picture anymore, and he is right.Nearly half of the US population effectively pays no income taxes.The Left is given almost a majority of the electorate off the bat who can vote for entitlements galore and have no skin in the game...which leads us to where we are now, with tens of trillions of actual current debt and future liabilities, with no way to ever pay it back.
I highly recommend this book to anyone who wants a better comprehension of monetary policy and our economy, along with how we fit into the historic picture.It is a must read.Then pass it along to someone who you believe is thoughtful and bright enough to understand the economic message within.There needs to be as many Americans armed with this knowledge as possible.It truly may be too late anyway.Socialism has been spreading like cancer, and automatic spending (social security, medicare, debt interest and now healthcare) is completely out of control.Not even elected conservatives seem to have the will to rein in the entitlements.

missing the real elephant in the room
A chapter of this book is entitled "Elephants in the room." The author points to many of the obvious ailments produced by our nation's fiat currency and rightly points out why socialism always fails. If one is going to reference von Mises, Rothbard and the Austrian School of Economics this stands to reason. However, he ignores the real "elephant in the room" by giving a pass to and warmly embracing the military industrial complex.
Page after page calls out the Democrats for their excesses (CRA, ACORN, etc.) but the Republicans have seemingly only stepped slightly out of line and need "a brush up" on economics. Baker blames the nation's woes on domestic spending, hippies, Woodstock, and welfare, but fails to notice the drain caused by the military's globe straddling empire.Baker apparently believes that perpetual war against a tactic (terrorism) is somehow doable yet throughout the book he notes the tremendous costs of America's prior wars and the financial suffering which naturally occurs.

After revealing the recruitment of Major General Smedley Butler by a group of wealthy NY brokers to overthrow the US government in 1934, he fails to mention the retired general's book: "War is a Racket" wherein Butler reveals that his entire military career was that of a strong man for his Wall St. bosses enforcing corporate America's will on various countries. How is this different than today's military and why is this enterprise funded by taxpayers?

He suggests that our various military interventions are all for wholesome, worthwhile reasons and apparently can't imagine that they may be the cause of terrorism against the US.

The book is worthwhile in the context of reminding us of what the Austrian School cautions against- a fiat currency, coupled with an out of control federal government, will ultimately destroy the country. But, how does he turn a blind eye to the military industrial complex and how sanctioning, invading, and bombing other countries makes us less safe and will only hasten our impending financial collapse?

Timely Work by a Thoughtful Academic Practitioner
William Baker has a produced a timely work on the financial crisis of our generation.As an investment professional Baker has intertwined both academic and practical insights compiling and making relevant economic historical examples providing insights into the present day.He has successfully debunked Keynes "New Economy" and exposing the dark motives and drivers of today's socialist alliance, a combination of the über rich and the rights of the entitled lower-middle class.The book is a well reasoned cautionary tale providing direction for individuals and our country to avoid calamity. The book is well written and would make a welcome gift for the holidays or as an addition to any serious student of the synthesis of economics, history, politics, and philosophy.

Insightful and Relevant Must Read
Must read for anyone who has a thirst for knowledge regarding the financial disaster of today, how it relates to history and the political scene, and what must be done to turn things around!!

Unquestionably the most in-depth assessment of the US Economy today
Every library covering economic and current market dynamics will require a copy.
What currently is being overlooked or poorly acknowledged by main stream academia and media is clarified in this profound accountinig of today's economy. ... Read more

Product Description
This digital document is an article from World Policy Journal, published by World Policy Institute on December 22, 1999. The length of the article is 4779 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: America and Euroland.
Author: Steven Everts
Publication: World Policy Journal (Refereed)
Date: December 22, 1999
Publisher: World Policy Institute
Volume: 16Issue: 4Page: 25

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With the enlargement of the EU in May 2004, the possible enlargement of the Economic and Monetary Union also became an imminent issue: It can be expected that the 12 countries that have introduced the Euro so far will be joined by several others by the end of the decade.In this book, a set of internationally renowned economists from both sides of the Atlantic analyse the challenges that lie in front of the EU as it used to be, the hurdles that have to be cleared by possible candidates, and the impact of these developments on important economic sectors like the financial markets, etc. The scientists are supported by Central Bankers from current and future Euro-zone members who give their views on the problems and chances of Euro-accession. The book is thus providing an overall view of the major developments regarding the Euro in the years to come. ... Read more