Merlo, Stefano;
(2023)
Self-fulfilling crises in the Eurozone and the institutional preconditions of republican sovereignty.
Review of Social Economy
, 81
(1)
pp. 130-153.
10.1080/00346764.2022.2117401.
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Abstract
The normative vocabulary of republican political theory can be fruitfully applied to evaluate the phases of market turbulence in sovereign debt markets witnessed during the Eurozone crisis. A view of justice that requires the minimisation of dominating relationships between agents highlights how the institutional preconditions of undominated sovereignty were lacking in the Eurozone. The agreed-upon structure within which countries operated fuelled self-fulfilling market movements in sovereign bond markets, which bear the hallmark of unjust domination as weaker Member States formed a social relationship with investors over which they did not have meaningful control. In motivating the thesis, the paper touches upon the recent debates on the sources and site of domination and on the stance, republican scholars should take toward competitive markets. Given this diagnosis, Eurozone countries have an obligation to establish supranational institutions that increase private and public channels of risk-sharing.
| Type: | Article |
|---|---|
| Title: | Self-fulfilling crises in the Eurozone and the institutional preconditions of republican sovereignty |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1080/00346764.2022.2117401 |
| Publisher version: | https://doi.org/10.1080/00346764.2022.2117401 |
| Language: | English |
| Additional information: | © 2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis GroupThis is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, dis-tribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed,or built upon in any way. |
| Keywords: | Republicanism; Eurozone crisis; financial markets; non-domination; sovereignty |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL SLASH UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Political Science |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10165962 |
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