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European Common Goods

The crisis affecting the global economy and consequently the Euro during these months requires a radically different response from those actually envisaged and carried out. The way Europe and European governments and electors will handle the Greek crisis will set an important precedent for the next crises and their entailed risks of sovereign defaults. The probable decisions by the Greek government, practically left alone as other governments in similar deficit crises, are based on the massive sale of public goods to unspecified buyers in order to raise the money necessary to guarantee the next loans. This is not only a wrong decision in political terms, but also in practical terms. Politically we have had ample experience in the past quarter of century that deregulations and privatisations were not synonymous with efficiency, investments, modernisation and competition. On the contrary, there is a long list in Europe and around the world, of resounding failures and actual destruction of value by the same market forces that were extolled as the long lasting solution to any national and international economic problem. The last financial, market and economic global crisis has shown beyond any doubt that markets alone are not capable to rule themselves, that there is no invisible hand balancing the different interests and that public money has rescued the same oligopolies that were supposed to not to exist in a healthy competitive environment, fostered by a deregulated market. There is no free lunch and there is no unregulated market oriented to a common good.




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