7. Under the Shadow of Stagflation

Case Law ◽

Transitional Period ◽

Economic Downturn ◽

Monetary System ◽

European Court ◽

History Of ◽

This chapter examines European integration during the 1970s. The 1970s is often portrayed as a dismal decade in the history of European integration, when the European Community (EC) experienced severe turbulence as it digested Britain's accession and was buffeted by the global economic downturn. Stagflation and Eurosclerosis — sluggish economic growth combined with institutional immobility — ensued. At the same time, however, the Community developed in important ways. The European Court of Justice generated an impressive body of case law, and the EC coped with the challenges of enlargement, the break-up of the international monetary system, and the consequences of slower economic growth. The chapter rejects the notion that the 1970s was a dismal decade in the history of European integration and describes it as a transitional period between the launch of the Community in the 1960s and the acceleration of European integration in the 1980s.

A Brief History of the International Monetary System since Bretton Woods

10.1093/oso/9780198718116.003.0001 ◽

2017 ◽

Author(s):

José Antonio Ocampo

Keyword(s):

Global Economy ◽

Ad Hoc ◽

Negative Effects ◽

Bretton Woods ◽

Monetary System ◽

The Us ◽

Us Government ◽

History Of ◽

The 1944 Bretton Woods Conference, which created the International Monetary Fund and the International Bank for Reconstruction and Development, was a major landmark in international cooperation. However, the Bretton Woods system came under increasing pressure in the 1960s due to the lack of a reliable adjustment mechanism to manage payment imbalances as well as the persistent asymmetries in the balance-of-payments pressures faced by surplus and deficit countries. In 1971 the system effectively collapsed when the US government suspended convertibility of dollars into gold for other central banks—a decision that would prove to be permanent. The system that evolved to replace it can be viewed as a ‘non-system’ with diverse ad hoc arrangements. Viewed overall this non-system has proved to be fairly resilient, but some of its major gaps continue to have negative effects on the global economy.

The 1960s

10.1093/oso/9780198817345.003.0003 ◽

2018 ◽

Author(s):

Samuel Wangwe ◽

Hiroshi Kawamura

Keyword(s):

Economic Growth ◽

Creative Thinking ◽

Global Climate ◽

Developed Countries ◽

Monetary System ◽

System A ◽

Development Decade ◽

System P ◽

The global climate in the 1960s was one of excitement and hope brought by the independence of many countries from colonialism, the UN declaration of the First Development Decade, and unprecedented economic growth. Against this background, the Survey reminded developed countries about their responsibilities to assist broader economic growth and industrialization in developing countries in support of social development. The Survey contributed to identifying development challenges and to enhancing creative thinking to development policy and practices. It also provided analytical rationale for establishing specialized UN entities such as UNCTAD and UNIDO. Behind the excitement, however, the Survey expressed concerned about the sustainability of the international monetary system, a prelude to the turbulent 1970s and 1980s following the collapse of the Bretton Woods system.

Conclusion

10.1093/oso/9780198804116.003.0006 ◽

2017 ◽

Author(s):

Aled Davies

Keyword(s):

The State ◽

Real Economy ◽

Social Democratic ◽

Monetary System ◽

1960S And 1970S ◽

Post War ◽

The 1960S ◽

City Of London ◽

The City

The aim of this book has been to evaluate the relationship between Britain’s financial sector, based in the City of London, and the social democratic economic strategy of post-war Britain. The central argument presented in the book was that changes to the City during the 1960s and 1970s undermined a number of the key post-war social democratic techniques designed to sustain and develop a modern industrial economy. Financial institutionalization weakened the state’s ability to influence investment, and the labour movement was unable successfully to integrate the institutionalized funds within a renewed social democratic economic agenda. The post-war settlement in banking came under strain in the 1960s as new banking and credit institutions developed that the state struggled to manage. This was exacerbated by the decision to introduce competition among the clearing banks in 1971, which further weakened the state’s capacity to control the provision and allocation of credit to the real economy. The resurrection of an unregulated global capital market, centred on London, overwhelmed the capacity of the state to pursue domestic-focused macroeconomic policies—a problem worsened by the concurrent collapse of the Bretton Woods international monetary system. Against this background, the fundamental social democratic assumption that national prosperity could be achieved only through industry-led growth and modernization was undermined by an effective campaign to reconceptualize Britain as a fundamentally financial and commercial nation with the City of London at its heart....

European Court of Justice (ECJ)

Oxford Research Encyclopedia of Politics ◽

10.1093/acrefore/9780190228637.013.1143 ◽

2019 ◽

Author(s):

Sabine Saurugger ◽

Fabien Terpan

Keyword(s):

European Integration ◽

Market Integration ◽

The European Union ◽

Integration Process ◽

Core Element ◽

Academic Field ◽

Court Of Justice ◽

European Court ◽

The 1960S ◽

Analytical Approaches

Considered an unusually powerful actor that has furthered European integration, the Court of Justice of the European Union (CJEU) has attracted considerable interest from both scholars and the public. Legal scholars and political scientists, as well as historians, have studied the Court in the context of it being one of the main actors in the integration process. Those that saw European integration as “integration through law” originally considered the Court to be the core element driving this process. The Court’s case law has influenced market integration, the balance of power among the EU’s institutions, and the “constitutional” boundaries between supranational and national competences. The pathbreaking rulings Costa vs. Enel and van Gend en Loos introduced new legal principles of direct effect and primacy in the 1960s; the 2007 Laval and Viking rulings triggered criticism of the Court’s decision, which was said to put the rights of companies above those of workers; whereas the Mangold ruling in 2005 on age discrimination was widely welcomed in spite of some negative reactions in Germany. Hence, while “integration through law” remains a powerful narrative in the academic field of European studies, the Court’s decisions and its role in the EU system have not remained unchallenged. This view of the Court as being less central to European integration is based on two developments in this field of study. On the one hand, research findings based on various analytical approaches—from rational choice to post-positivist—suggest that “integration through law” since the beginning of European integration has been a far less straightforward process than we have otherwise been led to believe. Scholars assert that the Court has been constrained by political, administrative, and constitutional counteractions since its establishment in 1952. On the other hand, scholars have identified a number of developments in the integration process from the early 1990s and the Maastricht Treaty, such as the increase in new modes of governance and intergovernmental decision-making, that explain why the Court’s role has come into question. Understanding these debates is crucial to grasping the broader institutional as well as political and legal developments of European integration.

The 1970s

Oxford Research Encyclopedia of American History ◽

10.1093/acrefore/9780199329175.013.286 ◽

2020 ◽

Author(s):

L. Benjamin Rolsky

Keyword(s):

Culture Wars ◽

Transitional Period ◽

American People ◽

Late 20Th Century ◽

The Sixties ◽

History Of ◽

Formative Experiences ◽

The 1960S ◽

Nervous Breakdown ◽

Governing Institutions

Few decades in the history of America resonate more with the American people than the 1960s. Freedom, justice, and equality seemed to define the immediate futures of many of America’s historically most ostracized citizens. Despite the nostalgia that tends to characterize past and present analyses of the sixties, this imaginative work is important to consider when narrating the subsequent decade: the 1970s. Such nostalgia in considering the 1960s speaks to a sense of loss, or something worked at but not quite achieved in the eyes of the nation and its inhabitants. What happened to their aspirations? Where did they retreat to? And, perhaps more importantly, to what extent did “the spirit” of the 1960s catalyze its antithesis in the 1970s? In many ways the 1970s was a transitional period for the nation because these years were largely defined by various instances of cultural, or tribal, warfare. These events and their key actors are often under-represented in histories of late-20th-century America, yet they were formative experiences for the nation and their legacy endures in contemporary moments of polarization, division, and contestation. In this sense the 1970s were neither “liberal” nor “conservative,” but instead laid the groundwork for such terms to calcify into the non-negotiable discourse now known simply as the culture wars. The tone of the time was somber for many, and the period may be best understood as having occasioned a kind of “collective nervous breakdown.” For some, the erosion of trust in America’s governing institutions presented an unparalleled opportunity for political and electoral revolution. For others, it was the stuff of nightmares. America had fractured, and it was not clear how the pieces would be put back together.

Globalizing Capital: A History of the International Monetary System

The SHAFR Guide Online ◽

10.1163/2468-1733_shafr_sim280020572 ◽

2017 ◽

Keyword(s):

Monetary System ◽

History Of

Negotiating the Foundations of European Law, 1950–57: The Legal History of the Treaties of Paris and Rome

Contemporary European History ◽

10.1017/s0960777312000239 ◽

2012 ◽

Vol 21 (3) ◽

pp. 339-356 ◽

Cited By ~ 6

Author(s):

ANNE BOERGER-DE SMEDT

Keyword(s):

Legal History ◽

European Court Of Justice ◽

European Law ◽

Court Of Justice ◽

European Court ◽

Conscious Choice ◽

History Of ◽

AbstractThis article analyses how the seeds for the development of European law from the 1960s onwards were sown in the foundational treaties. It argues that despite the fact that both European treaties embodied a conscious choice by the majority of the governments not to establish the European Communities on a constitutional basis, a small number of politicians and jurists managed nonetheless to insert the potential for the constitutional practice. Following a chronological account of each set of negotiations, the article untangles the complex ideas and decisions, which crafted both the legal shape of the treaties and the jurisdiction of the new European Court of Justice.

Exploring the use of the concept human dignity in disability human rights law: from UNCRPD to EctHR

The Age of Human Rights Journal ◽

10.17561/tahrj.v17.6321 ◽

2021 ◽

pp. 27-53

Author(s):

Elif Celik

Keyword(s):

Human Rights ◽

Human Dignity ◽

Case Law ◽

Recent History ◽

Human Rights Law ◽

Persons With Disabilities ◽

European Court ◽

History Of

The UN Convention on the Rights of Persons with Disabilities (CRPD) accommodates the concept of human dignity more fully than does any other human rights treaty. The role and interpretation of dignity is thus particularly interesting from the perspective of disability human rights and case law. This study examines the role and significance of the concept of dignity in relation to the human rights disability discourse and jurisdiction through the guidance and impact of the CRPD. It examines the currently available jurisprudence of the CRPD Committee and the European Court of Human Rights (ECtHR) in light of the CRPD, seeking to identify the rights that are particularly related to the concept of dignity through the perspective of disability and to identify the requirements of the respect for dignity for persons with disabilities. While accepting the limitations of the sources in this examination due to the recent history of the CRPD, the study nevertheless locates some points where human dignity has particular relevance to the realisation of the rights protected in the CRPD.

Le système monétaire européen à la lumière de l’expérience et de la théorie monétaires

Études internationales ◽

10.7202/701233ar ◽

2005 ◽

Vol 12 (3) ◽

pp. 465-474 ◽

Cited By ~ 1

Author(s):

Roger Dehem

Keyword(s):

Gold Standard ◽

Macroeconomic Policies ◽

Monetary Policies ◽

Bretton Woods ◽

The Past ◽

Monetary System ◽

The Sixties ◽

History Of ◽

The One

In the light of monetary experience and theory, the EMS appears to be unsustainable. Monetary history of the past sixty years shows that every attempt to stabilise the international monetary System has been frustrated as a consequence of divergent egocentric monetary policies. The breakdown of the rules of the gold standard game in the twenties, as well as the use of money as an instrument in national macroeconomic policies under the Bretton Woods regime have ultimately led to the demise of the fixed exchange rates System. In the sixties, European views on monetary policies were quite divergent, but in the seventies institutional attempts were made to bring them apparently into line. The "snake" arrangements, initiated in 1972, soon degenerated. The more ambitious attempt of 1979, the institutionally more elaborate EMS, suffers from the same basic weakness as all the previous ones. It lacks a common monetary standard, such as the one proposed in the 1975 Ail-Saints Manifesto. Such a standard is a necessary and a sufficient condition for a sustainable common monetary System.

An Intellectual History of Environmental Economics

Annual Review of Energy and the Environment ◽

10.1146/annurev.energy.27.122001.083429 ◽

2002 ◽

Vol 27 (1) ◽

pp. 57-81 ◽

Cited By ~ 99

Author(s):

David Pearce

Keyword(s):

Economic Growth ◽

Intellectual History ◽

Environmental Economics ◽

Policy Instruments ◽

Well Being ◽

Economic Systems ◽

Incentive Design ◽

History Of ◽

Traditional Work ◽

▪ Abstract From modest beginnings in the 1960s, environmental economics has grown to be a major subdiscipline of economics. It combines traditional work in the field of welfare economics and the theory of economic growth with more recent perspectives on the political economy of choosing policy instruments and the philosophy of sustainable development. The central tenets are that environmental problems have their roots in the failure of economic systems to maximize human well-being, that environmental quality matters for human well-being and for more traditionally oriented economic growth objectives, and that efficient policy can be achieved through incentive design.