A triumph of failed ideas: European models of capitalism in the crisis
-
Upload
left-streamed -
Category
News & Politics
-
view
1.293 -
download
0
description
Transcript of A triumph of failed ideas: European models of capitalism in the crisis
„Europe speaks German now!“
A triumph of failed ideas: European models of capitalism in the crisis
Toronto25 April 2012
Steffen LehndorffIAQ / University of Duisburg-Essen
Unemployment rates in Europe (12/2011)
Source: Eurostat
Source: IMK
Source: IMK
Source: IMK
Current account of Germany with Eurozone (bn €)
Source: Deutsche Bundesbank (own calculation)
Nominal wages as agreed in collective bargaining*
* West Germany, 2000 - 2010
Source: Bispinck, WSI Report 6, 2011
The rise of the low wage sector, Germany 2000/2006*
* Wage brackets as per cent of all workers; Source: Thorsten Kalina / IAQ (SOEP)
Labour and capital income, by business cycle
Source: Brenke DIW-WB 8/2011
Internal flexibility in the crisis
Index 2000 = 100Source: IAB
The victim is declared guilty ...
Quelle: IMF (Ball/Leigh/Loungani 2011)
The medicine is killing the patient
Beware the German Model
„It is not just the austerity measures that are crucial. The structural reforms are equally important for me. For example, the labour market reforms in Germany, known as „Hartz IV“, have lead to massive improvements on the labour market.“
Angela MerkelWorld Economic Forum, Davos25/01/2012
http://www.etui.org/Publications2/Books/A-triumph-of-failed-ideas-European-models-of-capitalism-in-the-crisis