The second part of the chapter explores the shadow of this transAtlantic divide in Wolfgang Schäuble and Timothy Geithner's conflicting approaches to the European sovereign debt crisis. It begins with a comparative analysis of the early Freiburg and Chicago Schools and then traces the American evolution towards a more monopoly-friendly and monetarist-oriented framework entailing market and financial deregulation. This chapter examines German ordoliberalism and its relation to American neo-liberalism, highlighting transAtlantic (mis)perceptions of the German framework from the postwar period to the present. Vanberg, the constitutionalist perspective on the market brings the Ordoliberals of the Freiburg School in line with the institutional research of James Buchanan, who universalized the liberal ideal of voluntary cooperation, transferring it from the scope of market choices to that of institutional choices. The most original contribution of the Ordoliberals was to attack the problems of the competitive market from an " institutional approach " : the order of competition is in itself a " public good " and as such should be protected.
With particular reference to the first pillar, it is widely believed that the process of European unification, the establishment of " independent authorities ", the creation of an economic area informed by the principle of competition that, starting from Rome, via Maastricht, reaches in Lisbon, have received a special impetus from the reflections of so-called German " Ordoliberals " of the first half of the twentieth century. This ambitious strategy has been developed over the years and today we can say that it is based on the following three pillars: an economic pillar, a social pillar and an environmental pillar.
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While the foundational synthesis of economic and legal concepts became indefensible, the cultural underpinnings of the ordoliberal tradition survived and developed a life of their own in particular in German political discourses.įollowing the European Council which was held in Lisbon in March 2000, the heads of state or government launched the so-called " Lisbon Strategy ", with the objective of making the EU most competitive economic area in the world and to achieve full employment by 2010. In the responses to the financial crisis the ordoliberal commitment to the rule of law gave way to discretionary emergency measures.
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Anglo-American neoliberalism rather than German Ordoliberalism was in the ideational driver seat since the 1980s. The influence of the ordoliberal school on European law, so the essay argues, is overrated in all stages of the integration project. The second is its cultural and religious background in particular in German Protestantism. One is the importance of law in the ordoliberal vision of the ordering of economy and society.
It focuses on two aspects which are widely neglected in current debates. The essay questions the validity of such assessments. This school of thought is widely perceived as the ideational source of Germany’s crisis politics which has even led to an “ordoliberalisation of Europe”. Ordoliberalism became during the years of the financial crisis the target of a European-wide critical campaign.
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