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Unwitting ArchitectGerman Primacy and the Origins of Neoliberalism$
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Julian Germann

Print publication date: 2021

Print ISBN-13: 9781503609846

Published to Stanford Scholarship Online: May 2021

DOI: 10.11126/stanford/9781503609846.001.0001

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PRINTED FROM STANFORD SCHOLARSHIP ONLINE (www.stanford.universitypressscholarship.com). (c) Copyright Stanford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in SSO for personal use.date: 25 September 2021

Deflecting Neoliberalism

Deflecting Neoliberalism

Power and Purpose in Germany’s Eurocrisis Management

(p.164) Chapter 7 Deflecting Neoliberalism
Unwitting Architect

Julian Germann

Stanford University Press

This chapter explores how the German political economy was transformed by the global rise of neoliberalism and how this change feeds into Germany’s approach to the eurocrisis. Rather than being pushed down an Anglo-American road, German policymakers still seek to preserve what is left of the domestic compromise between capital and labor. The chapter argues that China’s massive demand for German exports informs the long-term vision of a neoliberal Europe structurally adjusted to support the global position of German manufacturers. At the same time, the perceived threat of US interest rates rising out of step with economic conditions in Europe and emerging markets hardened the German stance on austerity during the fever-pitched policy battles at the height of the eurocrisis. Together, these international pressures and opportunities have produced the predicament of German primacy as a transformative and yet destabilizing force within the EU.

Keywords:   global value chains, European Union, eurocrisis, neoliberalism, austerity, exports, Germany, China, ordoliberalism, social market economy

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