Magnus Ryner, professore di politica economica internazionale, è capo del Dipartimento di studi europei e internazionali al King’s College London.

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Brexit, The Crisis of the European Union, and Global Capitalism

 

The European Union was once seen as a something that potentially would facilitate a supranational method to revitalise a particular European variety of capitalism, based on long-term time-horizons in investments, technological innovation and social partnership (Servan-Shreiber, 1969; Albert, 1993). The reality is something different. The Single Market and the Eurozone facilitated a financialised variety of capitalism whereby the European Union was subordinated to an increasingly unstable American hegemony. Brexit is merely the latest manifestation of the crisis of this constellation, and should thus be seen in the context of the Eurozone crisis management and the global financial crisis, where the underlying problems have not been resolved. Failure to address the fundamental problems of finance-led capitalism in Europe is likely to enhance disintegration, which, however, only will make matters worse. The alternative is a more Euro-federal arrangement but based on other politico-economic foundations than those of the Maastricht Agreement. There is no shortage of prescriptions for such an arrangement. The fundamental question is: what agency may possibly be constituted and mobilised to advanced such an alternative European project?