Monetary Economies of Production
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Monetary Economies of Production

Banking and Financial Circuits and the Role of the State

Edited by Louis-Philippe Rochon and Mario Seccareccia

The central focus of this book is the relationship between money, the sphere of production, and the State. It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.
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Chapter 13: The end of the innocence: the true nature of the euro crisis, and the alternative based on Minsky’s socialization of the economy and Parguez’s good deficits

Riccardo Bellofiore


Europe is in the middle of an economic and social storm. In the meantime, the world economy is going into a recession that is none other than the manifestation of the deep structural crisis of capitalism. The institutional design of the euro is marked by many contradictions. It is however the global crisis that triggered the European crisis. The European crisis does nothing but react to the world dynamics. In this context, the Eurozone risks imploding. The Greek crisis has been transmitted to Ireland and Portugal – that is, the periphery of the Continent – and now, as expected, it has eventually hit Spain. At that point, suddenly, the crisis has become centred on Italy, with spillover effects on France and even Germany; an acceleration that has been quite unexpected. Germany is sharply awakening from the illusion of a decoupling from European demand. This illusion is, indeed, the only reason that can justify its suicidal policy since 2010, from which however it has had progressively to recede.

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