The Great Eurozone Disaster

From Crisis to Global New Deal

Heikki Patomaki
Translated by James O'Connor


Patomaki presents a radical new vision for 'global economic democracy' as the only viable way out of the current crisis.
The last couple of years have seen the eurozone lurch from crisis to calamity. With Greece, Portugal and Ireland already driven to the brink of economic catastrophe, and the threat that a number of other EU countries are soon to follow, the consequences for the global economy are potentially dire.

In The Great Eurozone Disaster, Heikki Patomäki dissects the current crisis, revealing its origins lie in the instability that has driven the process of financialisation since the early 1970s. Furthermore, the public debt crises in the European deficit countries have been aggravated rather than alleviated by the responses of the Commission and leaders of the surplus countries, especially Germany.

Providing a captivating narrative about how Europe ended up in its present predicament, Patomäki presents a radical new vision for 'global economic democracy' as the only viable way out of the current crisis.

Author Bio

Heikki Patomäki is Professor of World Politics at the University of Helsinki, Finland. Previously he has also worked as a Professor of World Politics and Economy at the Nottingham Trent University, UK, and RMIT University, Melbourne, Australia. His most recent book is The Political Economy of Global Security: War, Future Crises and Changes in Global Governance (2008). Patomäki is a founding member of NIGD (Network Institute for Global Democratisation) and has also been an activist in the international ATTAC movement from its inception, currently chairing ATTAC Finland

Table of Contents

  • 1. Introduction
  • 2. The Economic Theory of Debt Crises
  • 3. The Predictability of Global Financial Turmoil
  • 4. Contradictions at the Heart of the EMU
  • 5. The Trouble with the EU's Official Reform Proposals
  • 6. European Futures
  • 7. How Should Debt Crises be Solved?
  • 8. Towards Democratic Global Keynesianism
  • Glossary of Key Terms and Acronyms
  • Bibliography


'Solid in theory and accessible in wording, providing a coherent and captivating narrative about how Europe ended up in its current economic crisis and how it should get out of it.'
Teija Tiilikainen, Finnish Institute for International Affairs

'Offers a compelling analysis of Europe's debt crisis.This book has value both as a basic text and a visionary essay.'
Pami Aalto, University of Tampere

'Analyses of the euro crisis need to take full account of the role of both the economics and politics of Economic and Monetary Union. This book meets these needs beautifully, in an original and easy-to-understand manner.'
Pekka Sauramo, Labour Institute for Economic Research

'The book initiates a sorely needed debate about the twin futures of global economic governance and Keynesian policy.'
Gary Dymski, Leeds University

'A lucid and persuasive account of the eurozone crisis. The book will be valuable to all those seeking a future for Europe which is better than its recent past and its present crises.'
John Grahl, Middlesex University


Publication Date: 14 March 2013
288 pages

Product ISBNs: Paperback: 9781780324784
Hardback: 9781780324791
eBook ePub: 9781780324814
eBook PDF: 9781780324807
eBook Kindle: 9781780324821

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