Since the outbreak of the euro crisis, Europe has been experiencing a host of contradictory developments, from efforts to contain the spread of systemic risk in the financial sector while the debt crisis remains unresolved, to a wave of extreme nationalism and xenophobia, says political economist C.J. Polychroniou. Meanwhile in the US, Trump’s jingoistic mindset is only adding to these tensions.
Since the outbreak of the euro crisis, which was directly linked to the global financial crisis that erupted in 2007-08, Europe has been experiencing a host of contradictory trends and developments, which include efforts to contain the spread of systemic risk in the financial sector while the debt crisis remains unresolved for several eurozone member states, and calls for the creation of a European pillar of social rights while neoliberalism reigns supreme in EU’s economic policy agenda. In the meantime, a wave of extreme nationalism and xenophobia have spread in several European countries, challenging in the process not just globalization, but the foundation of an open, liberal society.
Yet it’s not just the state of Europe that raises concerns about the future political and social order. As political economist C.J. Polychroniou points out in this interview, in the US, Trump’s militaristic attitude and jingoistic mindset puts the world on a very dangerous path, adding extra pressure to regions already beset by conflict and creating potential conditions not only for a renewed arms race, but for the actual use of nuclear weapons. Polychroniou has taught and worked in universities and research …read more