Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Europe is in worse shape than the US because in the US it is at least conceivable that a Cabinet and Congress could be in place that would enact the kinds of policies that Galbraith advocates.

In Europe you have a European Commission infected with Market Fundamentalism (and I'm not just talking about the Commissioners but also the "civil service") and the likelihood of a consensus in the Council and the Parliament to move away from Market Fundamentalism is slim. In addition, the Commission and the Central Bank are required by their statutes to push economic "liberalisation".

So the US is more likely to start moving away from Market Fundamentalism than the EU.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Carrie (migeru at eurotrib dot com) on Fri Mar 20th, 2009 at 06:16:44 AM EST

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