A Propos of the Euro-Zone crisis: From ‘Uneven and Combined Development’ (UCD) to ‘Global Fault-lines’ (GF)

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Journal of Global Faultlines

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A Propos of the Euro-Zone crisis: From ‘Uneven and Combined Development’ (UCD) to ‘Global Fault-lines’ (GF)

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Author(s): Vassilis K. Fouskas , Constantine Dimoulas

Publication date (Print): September 2013

Journal: Journal of Global Faultlines

Publisher: Pluto Journals

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Abstract

This article advances a crisis theory of financialisation and imperial geo-politics in order to recast key concepts and causal parameters related to the sources of debt and the way in which the Euro-Atlantic area is in danger of complete disintegration. It juxtaposes the concept of ‘uneven and combined development’ (UCD) to that of ‘global fault-lines’ (GF), showing the advantages enjoyed by the latter with the inclusion of geo-political and security dimensions as co-constitutive explanatory variables in the understanding of economic crises in general and of the Euro-zone crisis in particular.

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Author and article information

Contributors

Vassilis K. Fouskas

Constantine Dimoulas

Journal

Journal ID (doi): 10.13169

Journal ID (publisher-id): jglobfaul

Title: Journal of Global Faultlines

Publisher: Pluto Journals

ISSN (Print): 23977825

ISSN (Electronic): 20542089

Publication date (Print): September 2013

Volume: 1

Issue: 1

Pages: 110-135

Affiliations

Professor of International Politics & Economics and the Director of the Centre for the Study of States, Market & People (STAMP) at the Business School of the University of East London. E-mail: v.fouskas@ 123456uel.ac.uk

Lecturer in Social Administration and Evaluation of Social Programmes at Panteion University, Athens, E-mail: kdimoul@ 123456inegsee.gr

Article

Publisher ID: jglobfaul.1.1.0110

DOI: 10.13169/jglobfaul.1.1.0110

SO-VID: ff5308f2-77e6-468c-bdb4-34e1e3db4cea

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All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

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ScienceOpen disciplines: Social & Behavioral Sciences

References

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Comments

Comment on this article

[1] Albo, G., Gindin, S. and Panitch, L. (2010) In and Out of Crisis . Oakland: PM press.

[2] Amit, R. and Zott, C. (2001) ‘Value creation in e-business’, Strategic Management Journal , 22, 493–520.

[3] Archiburgi, D., (ed.) (2011) Global Democracy. Normative and Empirical Perspectives . Cambridge: Cambridge University Press.

[4] Armstrong, P., Glyn, A. and Harrison, J. (1984) Capitalism since World War II . London: Fontana.

[5] Arrighi, G. (1994/2009) The Long Twentieth Century. Money, Power and the Origins of our Times . London: Verso.

[6] Arrighi, G. (2007) Adam Smith in Beijing. Lineages of the 21^st Century . London: Verso.

[7] Arrighi, G. and Silver B., (eds.) (1999) Chaos and Governance in the Modern World System . Minnesota: University of Minnesota Press.

[8] Arrighi, G. and Silver, B. (2010) ‘The end of the Long Twentieth Century’, in C. Calhoun and G. Derluguian (eds.), Business as Usual: The Roots of the Global Financial Meltdown . New York and London: Social Research Council and New York University Press.

[9] Bonefeld, W. (1988) ‘Class struggle and the permanence of primitive accumulation’ Common Sense , 8.

[10] Brenner, R. (2003) The Boom and the Bubble: The US in the World Economy . London: Verso.

[11] Brenner, R. (2006) The Economics of Global Turbulence . London: Verso.

[12] Brewer, A. (1980) Marxist Theories of Imperialism . London: Routledge.

[13] Bukharin, N. (1917/2003), Imperialism and World Economy . Sydney: Bookmarks publications.

[14] Callinicos, A. (2009) Imperialism and Global Political Economy . Cambridge: Polity press.

[15] Callinicos, A. (2010) Bonfire of Illusions . Cambridge: Polity press.

[16] Carchedi, G. (2002) ‘Imperialism, dollarisation and the Euro’, Socialist Register .

[17] de Angelis, M. (2001) ‘Marx and primitive accumulation; the continuous character of capital's enclosures’, The Commoner , 2.

[18] Duncan, R. (2012) ‘A new global depression?’ New Left Review , 77, 13–14.

[19] Fine, B. (2010) ‘Locating financialisation’, Historical Materialism , 18, 97–116.

[20] Fouskas, V. K. (1997) ‘The Italian Left and the enlargement of the European Union’ Contemporary Politics , 3 (2), 119–137.

[21] Fouskas, V. K. (2003) Zones of Conflict . London: Pluto Press.

[22] Fouskas, V. K. (2010) ‘Imperialism – again?’ The Political Quarterly . 81 (4), 634.

[23] Fouskas, V. K. and Gokay, B. (2012) The Fall of the US Empire: Global Fault-Lines and the Shifting Imperial Order . London: Pluto Press.

[24] Fouskas, V.K. and Gokay, B. (2005) The New American Imperialism; Bush's War on Terror and Blood for Oil . Connecticut: Praeger.

[25] Gilpin, R. (1981) War and Change in World Politics . Cambridge: Cambridge University Press.

[26] Gowan, P. (1995) ‘Neo-liberal theory and practice for Eastern Europe’, New Left Review , 213, 3–60.

[27] Gowan, P. (1999) The Global Gamble: Washington's Faustian Bid for World Dominance . London: Verso.

[28] Greider, W. (1987) Secrets of the Temple. How the Federal Reserve Runs the Country . New York: Simon & Schuster.

[29] Harvey, D. (1982/2006) Limits to Capital . London: Verso.

[30] Harvey, D. (2003) The New Imperialism . Oxford: Oxford University Press.

[31] Hilferding, R. (1910/1981) Finance Capital: A Study of the Latest Phase of Capitalist Development . London: Routledge.

[32] Jones, D. (2010) Manpower Challenges in the Middle East . Singapore: Hewitt. [Online] Available at: <http://www.iesingapore.gov.sg/wps/wcm/connect/fb7fff00442f7ed78f208f1191531275/iadvisory1oct10_5_v2_Manpower_and_Recruitment_Challenges_in_the_Middle_East_-_Mr_David_Jones.pdf?MOD=AJPERES> [accessed: 27 July 2012].

[33] Keohane, R. (1984) After Hegemony. Cooperation and Discord in the World Political Economy . Princeton, NJ: Princeton University Press.

[34] Keynes, J. M. (1936/1993) The General Theory of Employment, Interest and Money . Cambridge: Cambridge University Press.

[35] Kliman, A. (2007) Reclaiming Marx's Capital; A Refutation of the Myth of Inconsistency . Lanham, MD: Lexington Books.

[36] Krasner, S. (1983) International Regimes . Ithaca: Cornell University Press.

[37] Lapavitsas, C. (2008) ‘Financialised capitalism: Direct exploitation and periodic bubbles’ . London: SOAS University of London.

[38] Lapavitsas, C. (2009) ‘Finalised capitalism: Crisis and financial expropriation’, Historical Materialism , 17, 114–148.

[39] Layne, C. (2006) The Peace of Illusions; American Grand Strategy from 1940 to the Present . Ithaca: Cornell University Press.

[40] Lenin, V.I. (1917/2008) Imperialism, the Highest Stage of Capitalism . New York: International Publishers.

[41] Lenin, V.I. (1915) ‘On the slogan of a United States of Europe’ . [Online] Available at: <http://www.marxists.org/archive/lenin/works/1915/aug/23.htm> [accessed September 2013].

[42] Maksakovsky, P. (2009) The Capitalist Cycle: An Essay on the Marxist Theory of the Cycle . London: Haymarket Books.

[43] Mandel, E. (1972/1976) Late Capitalism . London: New Left Books.

[44] Marx, K. (1857/1973) Grundrisse . Middlesex: Penguin.

[45] Marx, K. (1867/1976) Capital v. 1 . Harmondsworth: Penguin.

[46] Milios, J. and Sotiropoulos, D. P. (2009) Rethinking Imperialism. A Study of Capitalist Rule . New York: Palgrave-MacMillan.

[47] Moseley, F. (1992) The Falling Rate of Profit in the Post-War United States Economy . New York: St. Martin's Press.

[48] Office of International Security Affairs (1995) ‘United States Strategy for the Middle East’. Washington DC: Department of Defence.

[49] Panitch, L. and Gindin, S. (2005) ‘Finance and the American empire’, Socialist Register .

[50] Panitch, L. and Konings, M. (2008) American Empire and the Political Economy of Global Finance . New York: Palgrave.

[51] Rachman, G. (2012) ‘Welcome to Berlin, the new capital of Europe’, Financial Times , 23 October.

[52] Rasizade, A. (2005) ‘The Great Game of Caspian energy: ambitions and realities’, Journal of Southern Europe and the Balkans (renamed into Journal of Balkan and Near Eastern Studies), 7(1), 3–4.

[53] Rosenberg, J. and Callinicos, A. (2008) ‘Uneven and combined development: the social relational substratum of “the international”. An exchange of letters’ Cambridge Review of International Affairs . 1(21), 77–112.

[54] Schumpeter, J. (1961) The Theory of Economic Development . New York and Oxford: Oxford University Press.

[55] Teschke, B. (2003) The Myth of 1648. Class, Geo-politics and the Making of Modern International Relations . London: Verso.

[56] The Guardian (2012) It's payback time: don't expect sympathy – Lagarde to Greeks . [Online] Available at: <http://www.guardian.co.uk/world/2012/may/25/payback-time-lagarde-greeks> [accessed May 2012].

[57] Toksoz, M. (2010) ‘The Gulf Cooperation Council and the global recession’, Journal of Balkan and Near Eastern Studies . 12(2), 195–206.

[58] Tolios, J. (2011) Crisis, ‘Odious’ Debt and Violation of Payments . Athens: Topos.

[59] Wallerstein Immanuel (2011) ‘Dynamics of (unresolved) crisis’, in Craig Calhoun and Georgi Derluguian (eds.) Business as Usual. The Roots of the Global Financial Meltdown . New York and London: Social research Council and New York University Press. pp.69–88.

[60] Waltz Kenneth (1959/2001) Man, the State and War . New York: Columbia University Press.

[61] Williams, W. A. (1959/1972) The Tragedy of American Diplomacy . New York: Norton.

[62] Wolf, M. (2012) ‘The riddle of German self-interest’, Financial Times , 29 May.

[63] Wollen, P. (1993) ‘Our post-Communism: the legacy of Karl Kautsky’, New Left Review , 202, 85–93.