New Books In Economics

Once described as a “German oddity”†, Ordoliberalism was one of a number of new liberalisms that emerged from the political maelstrom of the interwar period. But, unlike the other neoliberal splinters, Ordoliberalism – founded at the University of Freiburg by economist Walter Eucken and jurist Franz Böhm – was quickly tested in the real world. The West Germany rebuilt out of the ashes of war was founded on its principles: rules-based economics, independent agencies protected from politics and the state as arbiter. The country's recovery and successful reunification were a testament to Ordoliberalism’s effectiveness but, as the European Community became a union and created the euro, its other members were keener to import the success than the rules. When crisis struck from 2008, the EU's architecture was severely stress-tested and remains under strain in the wake of the coronavirus pandemic. Is the long EU political crisis due to Ordoliberalism or due to its non-implementation? Can and should Ordoliberalism ad