a triumph of failed ideas: european models of capitalism in the crisis
DESCRIPTION
Presented by Steffen Lehndorff in Toronto 25 April 2012.TRANSCRIPT
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„Europe speaks German now!“
A triumph of failed ideas: European models of capitalism in the crisis
Toronto25 April 2012
Steffen LehndorffIAQ / University of Duisburg-Essen
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Unemployment rates in Europe (12/2011)
Source: Eurostat
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Source: IMK
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Source: IMK
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Source: IMK
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Current account of Germany with Eurozone (bn €)
Source: Deutsche Bundesbank (own calculation)
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Nominal wages as agreed in collective bargaining*
* West Germany, 2000 - 2010
Source: Bispinck, WSI Report 6, 2011
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The rise of the low wage sector, Germany 2000/2006*
* Wage brackets as per cent of all workers; Source: Thorsten Kalina / IAQ (SOEP)
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Labour and capital income, by business cycle
Source: Brenke DIW-WB 8/2011
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Internal flexibility in the crisis
Index 2000 = 100Source: IAB
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The victim is declared guilty ...
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Quelle: IMF (Ball/Leigh/Loungani 2011)
The medicine is killing the patient
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Beware the German Model
„It is not just the austerity measures that are crucial. The structural reforms are equally important for me. For example, the labour market reforms in Germany, known as „Hartz IV“, have lead to massive improvements on the labour market.“
Angela MerkelWorld Economic Forum, Davos25/01/2012
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http://www.etui.org/Publications2/Books/A-triumph-of-failed-ideas-European-models-of-capitalism-in-the-crisis