Implications for European economic integration after the brexit

Abstract

Paul Krugman (2010) in his New York Times column writes about the “strange triumph of failed ideas” referring to the increasing domination of free-market fundamentalists despite being wrong about everything. This is also the title of a book “A triumph of failed ideas. European models of capitalism in the crisis”, edited by Steffen Lehndorff (2012). In the introduction of the book, Lehndorff argues: The EU single market project in general and EMU in particular are fatally flawed due to their unbalanced focus on free markets without adequate countervailing social and labour standards, and on price stability and austerity without adequate reference to sustainable economic development, employment and social equity (Lehndorff 2012, pp. 23).