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Political idealism has prevailed over economic realism in the EU decision process. As a result, today's Eurozone is a puzzle with too many missing pieces. Given the severity of the crisis, policymakers would be well advised to urgently take both structural and pragmatic measures to preserve the Eurozone, as proposed in the paper. Although the discussion about the right balance between fiscal rectitude and support for demand is useful, the fundamental challenge for Europe is to rethink the 'welfare state' model that has prevailed over the past 50 years or so. Political idealism can no longer ignore the significant intergenerational economic constraints that Europe faces today in a world in which it can no longer dictate the terms of exchange. What Europe desperately needs is a new and realistic vision for the 21st century.

Political idealism has prevailed over economic realism in the EU decision process. As a result, today's Eurozone is a puzzle with too many missing pieces. Given the severity of the crisis, policymakers would be well advised to urgently take both structural and pragmatic measures to preserve the Eurozone, as proposed in the paper. Although the discussion about the right balance between fiscal rectitude and support for demand is useful, the fundamental challenge for Europe is to rethink the 'welfare state' model that has prevailed over the past 50 years or so. Political idealism can no longer ignore the significant intergenerational economic constraints that Europe faces today in a world in which it can no longer dictate the terms of exchange. What Europe desperately needs is a new and realistic vision for the 21st century.

From one of the outstanding theorists in the field of economics to-day, Professor Pigou himself, we have the statement that, if economics is to be more than "merely an amusing toy", it must be "realistic", in the sense that its "interest is concentrated upon the world known in experience", and "fruit-bearing", in the sense that its ultimate objective is to contribute to the attainment of "practical results in social improvement". Few will disagree with a general statement of this sort; yet none of us can fail to be conscious of the difficulties involved in maintaining a really close and useful relationship between our theoretical analyses and the most urgent practical problems of the economic world around us. It is with these difficulties and with the effect upon them of recent theoretical developments that this paper is primarily concerned.

A discussion of the economic policies of President de la Madrid in light of Mexican politics and economic realities.

Zur Zeit des Amtsantritts von Miguel de la Madrid im Dezember 1982 befand sich Mexiko in einer katastrophalen wirtschaftlichen Lage. Nachdem erste Notmaßnahmen gegriffen haben (Umschuldung, Senkung des Haushaltsdefizits und der Inflationsrate), werden nun längerfristige Wirtschaftsreformen angestrebt (Reprivatisierung öffentlicher Beteiligungen, Öffnung für Auslandsinvestitionen). Die konservative Sparpolitik wird aber nicht ohne Auswirkungen auf die politische Stabilität bleiben. Durchgreifende Reformen des politischen Systems sind dringend erforderlich

Präsident Miguel de la Madrid Hurtado gelang mit Hilfe des Internationalen Währungsfonds eine Umschuldung Mexikos. Grundzüge seiner Wirtschaftspolitik: Sparmaßnahmen, Privatisierung, Öffnung der Wirtschaft für ausländisches Kapital. Bei den Wahlen im Sommer wird sich erweisen, ob die Regierungspartei PRI weiterhin die dominierende Kraft in Mexiko bleiben und das mexikanische Demokratiemodell überdauern wird, falls die Oppositionspartei Partido de Accion Nacional (PAN) weiter erstarkt. Bei Gewinnen der Opposition bleiben der Regierung zwei Möglichkeiten: Wahlmanipulation oder Übergang zu einem echten Pluralismus. (SWP-Ort)

"The authoress outlines in this article, how latecomer countries are much more willing to use economic tools for strengthening their position in international negotiations and for intervening in their domestic economies to achieve political goals than economically developed countries in Europe and North America. To do so she reconceptualises the economic dimension of power by adjusting existing theoretical concepts that link economics and politics, to current realities and contemporary debates. In analysing Chinese foreign policies she is able to validate her initial assumptions and confirms concerns of the future success of foreign policies from European countries." (author's abstract)