Crisis in the Eurozone by Costas Lapavitsas

By Costas Lapavitsas

First, there has been the credits crunch, and governments all over the world stepped in to bail out the banks. The sequel to that debacle is the sovereign debt drawback, which has hit the eurozone challenging. The hour has come to pay the piper, and usual voters throughout Europe are turning out to be to gain that socialism for the rich capacity punching a couple of new holes of their already-tightened belts.
Building on his paintings as a number one member of the popular examine on cash and Finance crew, Costas Lapavitsas argues that eu austerity is counterproductive. Cutbacks in public spending will suggest an extended, deeper recession, aggravate the weight of debt, extra imperil banks, and will quickly spell the top of financial union itself.
"Crisis within the Eurozone" charts a wary direction among political economic climate and radical economics to envisage a restructuring reliant at the forces of prepared labour and civil society. The clear-headed rationalism on the middle of this publication conveys a arguable message, unwelcome in lots of quarters yet quickly to be echoed around the continent: impoverished states need to give up the euro and reduce their losses or worse difficulty will happen.

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This is the heart of their disagreement, and the ultimate basis for the differences between the Right and the Left that exist today: Do we view the state as having an obligation more to protect private wealth (or, in the lexicon of the Right, “liberty”) or to provide for the “general happiness”? As there are principled reasons for honorable and sincere men and women to disagree on that question, they do today as much as they did in 1787. As an ideological partisan, Paine provided the structure of what would evolve over time into the modern program of social democracy.

Marx argues instead that the market for labor power is fundamentally different, reflecting as it does the structurally dominant position of capital, which manifests itself in a difference which exists only for labor power and no other commodity: that its usevalue (to capitalists purchasing it) is of necessity greater than its exchange-value (the wages paid to workers). Its price could thus never be “fairly” set. Market Democracy 37 capitalism is widely agreed to be the central motivating force in the political institutionalization of the idea of natural rights of the sort enumerated in the Declaration of Independence, and the notion that representative governments exist to protect such rights.

Although that point cannot be emphasized too strongly, it is equally necessary to stress that the conflictual nature of the process remains: surplus continues to be extracted from the labor of others just as under a pharaoh, an emperor, or a king. It is similarly true that under capitalism, the wage laborer almost certainly has a higher standard of living than his equivalent in prior epochs, reflecting the fact that both the absolute level of the retained wages, and, perhaps, the relative portion of the surplus they keep vis-`a-vis their employer, are both higher than the feudal serfs or the eighteenth-century peasants would have received.

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