Capitalist Convergence? European (dis?)Integration and the Post-crash Restructuring of French and European Capitalisms

ABSTRACT

This article critiques and builds upon first-wave (Höpner and Schäfer 2010. A new phase of European integration: organised capitalisms in post-Ricardian Europe. West European Politics, 33 (2), 344–368) and second-wave (Johnston and Regan 2018. Introduction: is the European Union capable of integrating diverse models of capitalism? New Political Economy, 23 (2), 145–159) European Integration and comparative capitalisms literatures which posit convergence towards a single model of capitalism or growth. It utilises the case study of France to explore the impact of European integration and disintegration on national models of capitalism in the post-crisis era. The article focuses on the impact of integrative and disintegrative dynamics on France’s ‘state-industry-finance nexus’, putting forward three core claims. First, French capitalism is not accurately captured by the above frameworks and remains better characterised by the concept of post-dirigisme. Indeed, comparative capitalisms debates must move beyond a simple bifurcation of capitalist types. Second, European integrative pressures must be viewed as fragmented, differentiating, mediated by domestic state actors and producing capitalist variegation and hybridisation. Countering functionalist tendencies within this literature, it shows how different conceptions of state-market relations crucially mediate the relationship between national capitalisms and European integration. Finally, in the context of Brexit, the dynamics of European disintegration – an issue not discussed so far in these debates – is contributing to a variegated and multi-directional process of capitalist restructuring in post-crisis France.     

Political polarization and the French rejection of the European constitution

Political polarization expressed through the spatial model of political competition explains the rejection of the Treaty Establishing a Constitution for Europe by French voters. The increasing polarization of the distribution of voters during the last 30 years made the outcome of the 29 May 2005 referendum a predictable event.     

French media bias and the vote on the European constitution

This article analyses the behavior of the French media during the campaign for the 29 May 2005 referendum on the Treaty Establishing a Constitution for Europe. The media were biased in favour of the Treaty. The media bear a share of responsibility in the rejection of the Treaty in leading people who felt that the media were disconnected from the people's concerns to vote against the Treaty.     

European Economic and Monetary Integration and the Euro

Recent developments in economic cooperation in Europe are discussed in this article. The launch of the euro on 1 January 2002 will increase the impact of this cooperation in the world economy.     

基于循环经济的产业经济性与生态性相融合的演进

循环经济的3R原则以其和经济性结合程度不同而推进的次序各异。继资源减量的投入产出结构理论之后,资源循环和再利用的推进受制于循环半径的约束,而在一定区域内建立产业共生网络的“小生境模式”,可以实现产业系统经济性和生态性在区域层面融合。     

Economic Integration between the European Union and the Transition Economies of Central European Initiative Countries

In this article we examine the main factors influencing trade and FDI flows between the transition countries of the Central European Initiative (CEI) and the EU member states. We distinguish three groups of CEI countries, according to the degree of trade and FDI integration with the EU: the 'fast mover' countries, the 'next tier' countries and the 'slow movers'. By estimating a number of trade and FDI equations we were able to locate the significance of alternative variables which affect the flows of trade between the CEI countries and the EU. According to our results, the low volume of trade and FDI between the 'next tier' and 'slow movers' of the CEI region, on one hand, and the EU, on the other, is a reflection of the fact that these particular countries have not yet achieved adequate institutional and economic reform while, at the same time, privatisation has not progressed as much.     

European Sector Returns and Capital Market Integration

The paper tests European capital market integration at the sector level. It examines the recent trend of sector‐level returns for four European countries, France, Germany, Italy, and the UK, using “return on assets” of a panel of listed firms of these countries for the period 1988–95. Initial findings suggest that sector returns have converged across countries over time. However, when integration is tested within a capital‐asset pricing model framework, the country effect remains strong. The overall results support the view that European capital market integration is under way, but is far from complete.     

低碳经济与循环经济的异同及整合

进入21世纪后,发展与环境的矛盾日益突出,世界各国先后掀起了推行循环经济与低碳经济的浪潮。我国亦推出了若干措施,大力发展这两种经济模式。今年的“两会”也对其倍加关注,会议一号提案的第一个问题就要求厘清两者的关系,明确中国特色低碳发展道路的核心要求、实现方式和战略目标,并将之作为应对气候变化、推动经济发展方式转变的重大战略坚持下去。     

Role of Migration in Pension Integration within the European Union

Although the European Union has made notable steps towards completion of the economic and monetary union, fiscal convergence, banking union and capital markets union, potential integration of pensions and social security has not advanced as much. As the European Union countries have experienced increased migration/refugee flows over the last decade, the question is whether migrants/refugees can influence the adequacy of member-state pension schemes and potentially allow for a Pan-European Pension Plan. Consequently, the purpose of this paper is to investigate, as a prelude to pension integration, whether immigration and emigration affect pension assets, liabilities, and the asset-liability gap and to identify the determinants of this gap. Using generalized method of moments estimation, evidence is found that increases in immigration and decreases in emigration (as a percent of the population) lead to an increase in the assets of autonomous pension funds. Analogously, increases in valid permits (as a percent of the population) and decreases in unemployment (as a percent of the labor force) result in a decrease in liabilities (benefits) of autonomous pension funds. The novelties of this study are the identification of factors that affect pension assets, liabilities and the asset-liability gap at a country level and the contribution of immigration from non-EU countries to closing the asset-liability gap. The findings can be used to draft pension and migration policies at a pan-European level.

     

简论当代经济与文化一体化的发展趋势

文章从“经济的文化化”和“文化的经济化”这两个方面 ,论述了当代经济与文化一体化的发展趋势     

城乡一体化与二元经济结构的破解

我国是一个发展中国家,存在典型的二元经济现象.由于我国的二元经济具有多维复杂的特征,因此套用现有理论来解决我国的二元经济问题很难取得令人满意的效果.本文在分析我国城乡二元经济的成因和特点的基础上,研究了现有二元经济的理论模式及其不足,提出了科学实施城乡一体化以破解我国的二元经济现象.     

论精神生产经济化到知识经济的发展途径

对精神生产通过自工业革命到现在的比较系统、全面、深入的考察研究,提出精神生产与物质生产系统的概念模型,论述了重视生产与物质生产在交互作用中发展,并指出精神生产的三个发展阶段及其在发展中的五项制约因素,最后得出科技创新在我国“科教兴国”中具有重要的现实和历史意义。     

价值的平衡：论欧盟银行一体化中消费者保护政策的发展

在已过去的将近50年间,欧洲关于消费者保护和银行这两个领域的立法都发生了巨大的变化。并且,这两个领域或者通过立法或者通过法院判例在经常地相互影响。尤其是欧盟,其消费者保护的政策和立法对银行监管削度产生了非常重要的影响。本文对欧盟的共同体机构如何运用消费者保护的政策来影响银行一体化立法的历程和所取得的成果进行详尽的分析,希望能够引起对国际金融监管中的新走向——消费者保护的高度重视。     

The French rejection of the European constitution: An empirical analysis

The French rejection of the Treaty Establishing a Constitution for Europe on 29 May 2005 resulted from (1) fear of loss of national identity as a result of the European integration process and (2) the voters' sanction of the French government's record. Using cross-section data covering the 96 French metropolitan departments, we estimate referendum vote functions in order to assess the effects of these influences on the outcome of the referendum. Estimated coefficients are compared with estimates from the 1992 Maastricht referendum.     

European Integration, Intra-industry Trade in Vertically Differentiated Products and the Balkan Countries

The aim of this paper is to examine the relation between the integration process and the intensity of intra-industry trade between two countries of different levels of development. Our theoretical model and results indicate that trade liberalization and the establishment of the Free Trade Areas between the Balkan countries and the EC have led to the growth of the intra-industry trade between Greece—EC member state—and those countries. The main instruments of this process have been the Europe Agreements and the Stabilization and Association Agreements between the Balkan countries and the EC. The paper presents a model in vertically differentiated products in a Free Trade Area context and proceeds to depict the intensity of intra-industry trade between Greece and the Balkan countries.