THE EMBEDDEDNESS OF CORE-PERIPHERY RELATIONS IN TIME AND SPACE

Abstract

ABSTRACT The paper applies the core-periphery approach developed by the Latin American historical-structuralist school to study the consequences of European integration on its peripheral economies. The structural causes of the Eurozone crisis are explained in terms of the divergent trajectories of interdependent economies with different productive capabilities. It is argued that, as in the 1970s, the new challenges confronting the EU - the digital transformation, new consumption patterns, reversal from globalisation to regional blocs, disenchantment with the European project - call for a radical change in the institutional and productive structures of the Eurozone. Averting the prospect of a disintegrative crisis means revising the European institutions and policies in the direction of a more egalitarian and cohesive Union.