This book analyzes the European Great Recession of 2008-12, its economic and social causes, its historical roots, and the policies adopted by the European Union to find a way out of it. It contains explicit debates with several economists and analysts on some of the most controversial questions about the causes of the crisis and the policies applied by the European Union. It presents the cases of Iceland, Greece, and Ireland, the countries that first declined into crisis in Europe, each of them in a different way. Iceland is a case study for reckless banking practices, Greece of reckless public spending, and Ireland of reckless household indebtedness. At least seven other countries, mostly from the peripheries of Europe, had similarly reckless banking and spending practices. In the center of the book are the economic and social causes of the crisis. Contemporary advanced capitalism became financialized, de-industrialized and globalized and got rid of the "straitjacket" of regulations. Solid banking was replaced by high-risk, "casino-type" activity. The European common currency also had a structural problem - monetary unification without a federal state and fiscal unification. The other side of the same coin is European hyper-consumerism. A new lifestyle emerged during two super-prosperous periods in the 1950s to 1960s, and during the 1990s to 2006. Trying to find an exit policy, the European Union turned to strict austerity measures to curb the budget deficit and indebtedness. This book critically analyzes the debate around austerity policy. The creation of important supranational institutions, and of a financial supervisory authority and stability mechanisms, strengthens integration. The correction of the euro's structural mistake by creating a quasi-fiscal unification is even more important. The introduction of mandatory fiscal rules and their supervision promises a long-term solution for a well-functioning common currency. These measures, meanwhile, create a two-tier European Union with a fast-track core. This book suggests that the European Union will emerge stronger from the crisis. This book will be of particular interest to students and researchers of economics, history, political science and international finance, but will also prove profitable reading for practitioners and the interested public. Book jacket.

Ivan Berend uses a vast range of sources, as well as his own personal experience, to analyze the fortunes of the postwar socialist regimes in Eastern Europe. His comparative approach stretches beyond the confines of economic history to produce a work of political economy, encompassing the cultural and personal forces that have influenced the development of the "Eastern Bloc" countries over the past fifty years. The book is distinguished by its unique combination of time, region and topic, and is a major contribution to the economic history of the twentieth century.

Berend's memoir offers an interesting case study, a subjective addition to the "objective" historical works on Central and Eastern European state socialism. It describes the hard choices of intellectuals in a dictatorial state: 1. remain in isolation, concentrate on scholarly works, and exclude politics in your personal life; 2. be in opposition, criticize and unveil the regime, accept discrimination and exclusion; 3. remain within the establishment and work for reforming the country using legal possibilities to criticize the regime and to achieve changes from within. Ivan T. Berend, is Distinguished Professor at the University of California Los Angeles, Director of the European Studies Program. He was one of the masterminds of regime change in Hungary. He made a career in Hungary as a university professor, Rector of the University of Economics (1973-79), and President of the Hungarian Academy of Sciences (1985-90). He was President of the International Committee of Historical Sciences (1995-2000), and Vice-President of the International Economic History Association (1986-1994). His research interests are the complex economic, social, ideological, and cultural history of Central and Eastern Europe in the 19th-20th century; economic modernization; problems of European backwardness; transition from state socialism to capitalism. He published 26 books and more than 120 studies.--Publisher's description