German dominance in the EMS: evidence from interest rates

The paper presents an empirical analysis of German dominance and asymmetries in the EMS based on a dynamic system of equations explaining national money market interest rates. The hypothesis of strict German dominance of the EMS is rejected. However, there are some noticeable asymmetries in the EMS. Germany is a relatively strong player and has been the least dependent country in the early phase of the system. Since 1983, German independence has diminished. In contrast, France throughout and Italy in the early phase of the EMS have been relatively weak players in the system.     

Back to the future: The dream of a perpetuum mobile in the atomic society and the hydrogen economy

This article analyses a certain kind of society in which it is proclaimed that abundant energy can be used without any negative side effects. In such “utopias”, individual needs are described as unrestricted, and economic and technological change is said to be unlimited - as if the society were to have a perpetuum mobile at its command. The two examples connected with such expectations are “the atomic/nuclear society” and “the hydrogen economy”. Although these two utopias do differ, their many similarities are the focus of this article. They are similar in that they both invoke the dream of controlling a virtual perpetuum mobile, propose an expert/lay knowledge gap, downplay any risks involved, and rely on a public relations campaign to ensure the public’s collaboration with companies and politicians. I thus connect these two different utopias, discussing them as a part of the modern history of energy production and consumption. Making this connection clarifies some lessons for future energy planning, such as the need for reflection on and critical engagement with utopias, awareness of how a more participatory democratic process may be secured regarding energy issues, and the negative consequences if risk is described in solely economic terms.