Norman's lament: the Greek and Euro area crisis in historical perspective

Dyson, Kenneth Herbert Fewster ORCID: https://orcid.org/0000-0002-6162-8729 2010. Norman's lament: the Greek and Euro area crisis in historical perspective. New Political Economy 15 (4) , pp. 597-608. 10.1080/13563467.2010.492853

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Abstract

This article uses original and secondary archival sources to examine the value of the distinction between creditor and debtor states in explaining the behaviour of domestic elites in international and European macroeconomic and monetary cooperation, compared to variables like size and trade. It highlights the paradox and tension between changes in institutional forms and stronger incentives to cooperate (Montagu Norman's ‘new Europe’) and persisting patterns in strategic behaviour across space and over time. Central to this continuity is a fundamental asymmetry of power between creditor and debtor states. The imbalances that underpin creditor–debtor state relations also reveal the structural underpinnings of arguments from economic principle, ‘who argues what’ and receptiveness to economic ideas and thinkers. Not least, the case studies and arguments in the article offer fresh and different insights into British and French attitudes to European coordination.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Department of Politics and International Relations (POLIR)
Subjects:	H Social Sciences > HC Economic History and Conditions J Political Science > JN Political institutions (Europe)
Uncontrolled Keywords:	creditors; debtors; coordination; economic governance; Europe; Keynes; imbalances; Montague Norman
Publisher:	Taylor & Francis
ISSN:	1356-3467
Last Modified:	18 Oct 2022 13:34
URI:	https://orca.cardiff.ac.uk/id/eprint/14413

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