Andrew Martin’s European Social Models from Crisis to Crisis published by Oxford University Press
April 3, 2015
Andrew Martin, Research Associate at CES and Co-editor of the Open Forum Working Paper Series, recently published European Social Models from Crisis to Crisis (co-edited with J. E. Dølvik, Oxford University Press, 2014). The book assesses employment and inequality in Europe since the beginning of monetary integration. The following is the publisher's summary and endorsements at the back of the book. For more information and to purchase a copy of the book, please go to Oxford University Press
From Oxford University Press
This book analyzes the interaction of European social models — the institutions structuring labor markets' supply side — and their turbulent macroeconomic environment from the deep Europe-wide recession, ending Germany’s post-unification boom, through monetary union's establishment, to the Great Recession following the recent financial crisis. The analysis reaches two conclusions challenging the dominant view that the social models caused unemployment by impairing labor markets' efficiency in the name of equity. First, the social models' employment and distributive effects are far outweighed by their macroeconomic environment, especially in the Eurozone, where its truncated structure of economic governance transformed the Great Recession into a sovereign debt crisis. Second, instead of a trade-off between efficiency and equity, the employment effects of counteracting markets’ tendency to generate inequality depends on the macroeconomic conditions under which it occurs and how it is done.
"This is a fascinating book providing a wealth of information and incisive analysis on how monetary integration affects the evolution of social models in Europe. It is required reading for all those who are eager to understand the social dimension of the euro crisis.” Paul De Grauwe, John Paulson Professor in European Political Economy at the London School of Economics and Political Science
"This volume delivers a pioneering study of the connection between the development of Europe's monetary system and the evolution of European welfare and labour regimes. Analysing the causes and consequences of the recent crisis, Dølvik and Martin conclude that neglecting its severe social consequences risks increasing divergence, the disintegration of EMU, and destabilisation of the EU. To avert this, EMU needs further reform. Reading this book will help all who want to work toward such reform." László Andor, Commissioner for Employment, Social Affairs and Inclusion, European Commission 2010-2014
"This amazing volume reaches sobering conclusions for European welfare state and integration prospects. It is the first collection in welfare regime studies and comparative political economy to show how the European sovereign debt crisis, with its aftershocks of mass unemployment and rising inequality resulted from how monetary integration unfolded since the 1989 fall of the Berlin Wall. Breaking with methodological nationalism, it's first rate, timely and indispensible for EU pundits and academics." Anton Hemerijck, Professor of Institutional Policy Analysis, VU University Amsterdam, and Centennial Professor of Social Policy, LSE.