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Martin Riese

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Robert A. Blecker

Several recent critiques have questioned the theoretical logic of standard models of balance-of-payments-constrained growth (BPCG) and the empirical support for ‘Thirlwall's law’. On the empirical side, critics charge that most econometric estimates of this model have effectively only tested whether exports and imports grow at similar rates in the long run. On the theoretical side, the criticisms have focused on the role of foreign income growth, capital accumulation, relative prices and country size in BPCG models. This article reviews the current state of the debate over these critiques and also offers a brief discussion and evaluation of three alternative models. The alternative models all highlight a significant role for the level of relative prices (or the real exchange rate) in determining long-run growth, which is consistent with recent empirical studies.

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Editorial The spectre of stagnation? Europe in the world economy

The spectre of stagnation? Europe in the world economy

Sebastian Gechert, Torsten Niechoj, Jan Priewe and Andrew Watt

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Editorial to the special forum Making the euro area work: proposals for monetary and fiscal reform

Making the euro area work: proposals for monetary and fiscal reform

Stefan Ederer and Torsten Niechoj

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Werner Raza, Bernhard Tröster and Rudi von Arnim

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Peter Bloom

This chapter introduces the main aims and themes of the book. It desires to better understand why the more economically liberal a country becomes the greater its reliance on political authoritarianism seems to be across contexts. It asks what are the underlying dynamics driving this diverse “authoritarian capitalism” in the twenty-first century? How to explain the rise of authoritarian capitalism in the age of globalization? What does this reveal about the more fundamental relationship between political authoritarianism and economic capitalism? To answer this question it links the contemporary global spread of the free market to affective authoritarian political fantasies.
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Peter Bloom

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Peter Bloom

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Peter Bloom