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151

Heller, Schmitt and the Euro

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terms
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notes

Streeck, W. (2016). Heller, Schmitt and the Euro. In Streeck, W. How Will Capitalism End? Essays on a Failing System. Verso, pp. 151-164

the German variant of social liberalism that emphasizes the need for the state to ensure that the free market produces results close to its theoretical potential

153

The competitive advantage of ordoliberalism after 1945 was that it could be sold as a lesson learned the hard way from the statist-dictatorial Nazi regime and its war economy: from the failure, political, moral and economic, of the Behemoth

—p.153 by Wolfgang Streeck
notable
4 years, 9 months ago

The competitive advantage of ordoliberalism after 1945 was that it could be sold as a lesson learned the hard way from the statist-dictatorial Nazi regime and its war economy: from the failure, political, moral and economic, of the Behemoth

—p.153 by Wolfgang Streeck
notable
4 years, 9 months ago

pertaining to the economic theories of Friedrich Hayek, an Austrian and British economist and philosopher best known for his defense of classical liberalism

155

Today’s post-democratic, or better perhaps: a-democratic, Hayekian capitalism, after the victory, or almost-victory, of neoliberalism, may be regarded as a historically updated version of ordoliberalism

—p.155 by Wolfgang Streeck
notable
4 years, 9 months ago

Today’s post-democratic, or better perhaps: a-democratic, Hayekian capitalism, after the victory, or almost-victory, of neoliberalism, may be regarded as a historically updated version of ordoliberalism

—p.155 by Wolfgang Streeck
notable
4 years, 9 months ago
161

[...] While other central banks are embedded in a state with coextensive jurisdiction and have to face a government and a public at the same territorial and political level, the currency and the common market the ECB runs are stateless (as is, essentially, the legal system governed by the ECJ). This makes the ECB the most independent central bank in the world, and its monetary regime the most depoliticized. Unlike Keynesian money, the euro is nothing but a means of exchange and a store of value; it is in particular not suitable for democratic market correction, for example in pursuit of full employment. European money, as conceived in the treaties that created it, is Austrian, ordoliberal and neoliberal money.

—p.161 by Wolfgang Streeck 4 years, 9 months ago

[...] While other central banks are embedded in a state with coextensive jurisdiction and have to face a government and a public at the same territorial and political level, the currency and the common market the ECB runs are stateless (as is, essentially, the legal system governed by the ECJ). This makes the ECB the most independent central bank in the world, and its monetary regime the most depoliticized. Unlike Keynesian money, the euro is nothing but a means of exchange and a store of value; it is in particular not suitable for democratic market correction, for example in pursuit of full employment. European money, as conceived in the treaties that created it, is Austrian, ordoliberal and neoliberal money.

—p.161 by Wolfgang Streeck 4 years, 9 months ago

beyond the scope of the law

162

For several years now the ECB has routinely been acting extra legem to fill the political vacuum created at the centre of the EMU by its founders, with the intention to build Euroland into the apolitical capitalist market economy of neoliberalism

this is a masterpiece of a sentence imo

—p.162 by Wolfgang Streeck
confirm
4 years, 9 months ago

For several years now the ECB has routinely been acting extra legem to fill the political vacuum created at the centre of the EMU by its founders, with the intention to build Euroland into the apolitical capitalist market economy of neoliberalism

this is a masterpiece of a sentence imo

—p.162 by Wolfgang Streeck
confirm
4 years, 9 months ago