European Union Financial Crisis: A Marxist Analysis
Abstract: European financial
crisis poses a serious challenge to the fundamental structure of the European
Union, political and financial institutions, as well as the values that bind
European together. Different factors have been suggested as the causes of the
crisis notably the failure of national government and economic policies.
Responding to the crisis, numerous attemps have been proposed to accelerate the
recovery, but the crisis still hit Eurozone and brought serious consequences
politically and economically. In one side, the crisis severely damages some EU
member economy but on the other side, the crisis advantages the other members.
Such an inequality not only leads to the crisis but also exacerbate the crisis.
Having said that, this paper will demonstrate that marxian conceptual model of
inequality or constructed economic imbalance provides a better explanation
regarding the causes of the crisis. Using marxist theoretical framework, this
article will further show that introduction of Euro, the accumulation of profit
and capital as well as the current European financial system built upon the
spirit of capitalism and neoliberalism as the key factors contributing to the
crisis and creating inequality.
Author: Petrus K Farneubun
Journal Code: jphubintgg160008
