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Europe’s ‘long-Covid’ economic frailty

Last year’s agreement on an EU recovery package was widely celebrated. This year its inadequacy will sink in. The attention of the European public is with good reason focused on the pandemic and the need to accelerate the rollout of the vaccines. But other risks lurk ahead. Since last summer a bubble of complacency has surrounded the European Union’s recovery package and the vision it holds out of a greener future. Europe’s constructive response to the crisis contrasts pleasingly with the dark political drama played out on the other side of the Atlantic. But 2021 may bring disillusionment, as the frailty of Europe’s economic position is once again exposed. The achievements of the EU in responding to the social and economic fallout from the crisis are real. In 2020, thanks to intervention by the European Central Bank, it avoided a return to a sovereign-debt crisis.

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The Rise and Fall and Rise (and Fall) of the U.S. Financial Empire

The dollar is dead. Long live the dollar. If 2020 confirmed one thing, it was the centrality of the dollar to the global economy. U.S. hegemony may already have passed us in a political and strategic sense, but U.S. financial influence is proving more enduring. This is reassuring in the sense that the U.S. Federal Reserve has once again acted as a responsive and generous steward of the dollar-based financial system. But it is also a cause of puzzlement and frustration. While China and Russia experiment with alternatives to the dollar-based payment system, in Europe the buzzword of the day is “strategic autonomy.” Given the increasing aggression of Washington’s financial sanctions, compounded by the capriciousness of the presidency of Donald Trump, this is hardly surprising. It is an obvious reaction to the weaponization of interdependence. It is far from obvious to critics that dollar hegemony is an unalloyed blessing.

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After Escape: The New Climate Power Politics

The vista painted for us by Bruno Latour, Eva Lin, and Martin Guinard in their concept for the Taipei Biennial 2020 is alarming: “We are witnessing a massive extension of conflicts and an extreme brutalization of politics. The ‘international order’ is being systematically dismantled … We lack a common world.” The divisions are so deep that we can no longer even define peace and war. “It is crucially important to explore alternative modes of encounter … to avoid destruction,” yet we cannot do so on the assumption of an overarching authority, which is precisely what no longer exists. “The present imperative is not simply to foster a discussion among a multiplicity of perspectives, since this would inevitably fall back to older models of universalism” in a vain attempt to reconcile “multiple visions of the same natural world. The aim … is to explore alternative procedures

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Bitcoin: Das neue Gold?

Digitale Währungsformen wie die Kryptowährung Bitcoin werden gerade zu Zeiten von Corona immer relevanter. Der Wirtschaftshistoriker Adam Tooze bezweifelt allerdings, dass Bitcoin die Währung der Zukunft werden könnte. Von Lisa Splannemann. More at INFOradio

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Adam Tooze on Wages of Destruction and the Nazi economy

Prof. Adam Tooze ist spätestens seit seinem Bestseller “Crashed. Wie zehn Jahre Finanzkrise die Welt verändert haben” einer der bekanntesten Wirtschaftshistoriker der Welt. Im 10. Wfa-Spezial spricht er nun mit Ole Nymoen über das nationalsozialistische Wirtschaftssystem, das er in “Die Ökonomie der Zerstörung” präzise analysiert hat. Adam Tooze über die

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Adam Tooze on the corona crisis and its impact on world economy

Böll.Thema – Welt im Umbruch – Adam Tooze im Gespräch Für das Magazin „Böll.Thema“ führte der Referent Internationale Politik der Heinrich-Böll-Stiftung, Jörg Haas, ein Gespräch mit dem Wirtschaftshistoriker Adam Tooze (Columbia University, New York). Im Zentrum des Gesprächs stehen die Umbrüche des Jahres 2020: Die Pandemie und ihre Folgen, die

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on bookshelves

Look out for Adam’s next books, Shutdown: The Global Crises of 2020 coming to print in 2021, and Carbon, out in 2023.

on air

Discussion with Wolfgang Schäuble

WEF 2020: Why Protests Are An Integral Part Of Democracy

GZERO World with Ian Bremmer – Is a 2nd Great Depression Coming?

on record
on the blog
Journalism & Interviews

Chartbook

Sign up below for Adam’s bi-weekly newsletter, which includes economic data, images, & stories that matter.

on bookshelves

Look out for Adam’s next books, Shutdown: The Global Crises of 2020 coming to print in 2021, and Carbon, out in 2023.

on air

Discussion with Wolfgang Schäuble

WEF 2020: Why Protests Are An Integral Part Of Democracy

GZERO World with Ian Bremmer – Is a 2nd Great Depression Coming?

on record
on the blog