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The world economy is on the brink of a profound crisis. The threat of global deflation and the emergence of chronic excess global capacity characterizes the contemporary phase of crisis and stagnation. Lucarelli argues that these pathological features of globalization acquire a remorseless logic during the 'mature' stages of monopoly capitalism. He explores the historical origins and theoretical tendencies of this protracted crisis from a Keynes/Kakecki perspective.

First published in 1999, this work of economic history explores the evolution of the single market and of economic and political integration in Europe since World War II. Beginning with European integration and the genesis of the Customs Union, Bill Lucarelli then proceeds through the Trans-Atlantic Rivalry, the European Monetary Union (EMU) the European Monetary System (EMS) and on to Maastricht. The study intends to be a critique of the prevailing theories of negative integration, weighting economic integration against political integration, with a particular focus on the concept of...