The Eurozone crisis since 2010 has instilled political disunity and generated a long period of economic stagnation. The cyclical recovery enjoyed in 2017 is no cause for complacency. It should act as an impetus to undertake long-overdue reforms, which require a change in perspective to develop a medium-term orientation for the next decade. There is no future for those incapable of investing. There is no stimulus for innovative investment in countries that have been converted to the hegemony of finance at the expense of productive investment. Europe must confront the challenges of the 21st century by recovering its ideological autonomy in the community spirit of its origins,which can be summed up as social progress.This book demonstrates the need for a long-term vision with two goals: reconstructing a social contract based on an entrepreneurial partnership and investing in the ecological transition. This political vision will restore to citizens of the member-states a sense of belonging to a wider community. To attain this, argues, Michel Aglietta, one ofthe most important heterodox economists today, we must strengthen European institutions at the financial and fiscal levels. This involves making the euro a full currency, endowed with democratic legitimacy. Praise for Michel Aglietta's Money: 5,000 Years of Debt and Power "Believe it or not, money is absent from the economic theories that underpin every policy ever enacted on our behalf! Michel Aglietta's new book explains splendidly this remarkable absence and, in the process, highlights beautifully the clash between finance and democracy, with special emphasis on how the US dollar's domination reflects, on the one hand, America's geopolitical power and, on the other, the inherent incongruities of the financial sector."
--Yanis Varoufakis, author of And the Weak Suffer What They Must?
The Reform of Europe