N14 - Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: 1913-Return

This critical review explains the negative impact of the euro on the Spanish economy and its distortion in the period from 2002 to 2014. In this first cycle within the euro area, there was a financial boom, without voluntary savings, which generated a lack of coordination in the economic process and structure. The result was a bubble of overconsumption and malinvestments, which burst with a deflation of capital and wages, and a switch from construction industry to tourism services as Spain's main economic sector. The economic distortion was such that it delayed the exit from the Great Recession of 2008 and the European Financial Crisis of 2010 until 2014, with a recovery and the beginning of a new cycle. The Austrian business cycle theory and capital-based macroeconomics are used to support and illustrate the case study, with quantitative techniques: not to predict, but only to show the real development and to facilitate dialogue with other economic schools.

The article deals with the fate of the first governor of the Czechoslovak Central Bank after World War II. It analyses his economic thinking and the sources that influenced it. The text sees him as deeply rooted in non-liberal Central European tradition but with a strong impact of Anglo-Saxon economics of the interwar period. The article also explores his contribution to the transition of the Czechoslovak economy to Soviet-type central planning and proves the hypothesis that his influence was much smaller than existing literature indicates.

This article focuses on the development and resolution of Czechoslovak state debt from 1945 to 1953. It describes two distinct periods. Between 1945 and 1948, the budget followed a prewar structure where debt constituted a separate part. These times were characterized by an increase of state debt as a result of a postwar economic reconstruction. From 1949 to 1953 the structure of the state budget was adapting to its new function in the economy and the amount of the debt appeared to stabilize. The most important subject of controversy is the solution chosen in 1953. The monetary reform imposed in that year brought an overall nullification of internal state liabilities. There were two reasons for this decision: to substantively break away from the past and to substantially reduce the value of financial assets held by the wealthier segment of society.

The key question of the presented thesis is what precisely economic nationalism means. The author uses the situation in Czechoslovakia between the two world wars as a background of her examination of both its dimensions, economic and nationalistic. She points out several problems arising from the use of the term. She also answers the question to what extent economic nationalism is economic and to what extent it is national. Following her empiric study of the effects of nationalism on economic relations, the author redefines the existing conception and suggests that emphasis be put on the terms economic emancipation and above all national economism. The latter expression describes non-standard economic relations - politically motivated creation of highly deformed market environments characterised by restricted entry opportunities, with the nationality of capital holders being the principal disqualifying condition.