To compensate for the inflexibility of fixed exchange rates, the euro area needs flexibility through a system of orderly debt restructuring. With virtually no room for macroeconomic manoeuvring since the crisis onset, fiscal austerity has been the main instrument for achieving reductions in...

In this dynamic and incisive overview of the European project from its beginnings, Ashoka Mody convincingly demonstrates that the tensions and flaws of the European project were both baked-in and foreseen from the beginning. He focuses on personalities whose ambitious and relentless push for...

Then and now, an introduction -- Part I. Fake socialism, 1947-1964. An uncertain beginning -- The path not taken -- Nehru's dangerous gamble -- Nehru doubles his bet -- Tagore's unheard song -- Mr. Nehru's tragedy, democracy's first betrayal -- Part II. Violence, 1964-1984.Shastri's brave...