Stagnation Versus Growth in Europe, 1st ed. 2016 Capitalism in the 21st Century

This book explores the debate on the policies required to overcome the crises of 2008 and 2011, in which the focus on short-term measures has overshadowed the need to analyze the low growth rate in the European Union, and especially the Eurozone, as the basis for interventions that will counteract the tendency toward stagnation. Factors that lie at the root of the low growth are examined in depth, covering, for example, the impact of the demographic trend toward an aging population in Europe, consequences of inequality for growth, challenges posed by technological change, competition from emerging countries, and difficulties in improving European governance. In addition, potential actions to foster innovation and avoid long-term stagnation, such as new measures to open up markets, stimulate competition in services, and promote green growth, are discussed. The book comprises a selection of contributions presented at the XXVII Villa Mondragone International Economic Seminar, which brought together renowned economists and representatives of a broad range of countries and leading international institutions. It will appeal to all who are interested in the latest thinking on stagnation/growth, inequality, governance, competitiveness, and innovation in Europe.

Making progress in economic and monetary union.- Long-term tendencies in the shares of total household income flowing to upper and lower quantiles of European households.- When “secular stagnation” meets Piketty's capitalism in the 21st century: growth and inequality trends in Europe reconsidered.- Long term patterns of European accumulation and growth: Europe at a turning point.- Those things you might not see, which are still beneficial.- Demographic changes and economic growth.- Industrial policy, investment and green growth.- The investment plan for Europe: a contribution to addressing the EU’s competitiveness challenges.- The European internal market and innovation: the challenges ahead.- The Greek crisis and its structural features: some insights from a comparative exercise.- Greek export and labor market performance: facts and myths that can help devise a useful growth strategy.- Sustainable development: valuing the future for the environment and equity.- Fault lines in the international monetary system: risks for economic recovery and sustainable growth.

Luigi Paganetto is Emeritus Professor and Full Professor of European Economics at the University of Rome Tor Vergata, and President of the Economics Foundation Tor Vergata for Economic Research. He participates as an expert in European and International working groups. He is the author of articles and books in the fields of Macroeconomics, International Economics, Italian and European Industrial Economics, and Energy and Environment.