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The paper shows that the liberalization processes and the expansion of the financial sector have changed profoundly the economic, social, and political life of the world economy. New phenomena have arisen, such as the supremacy of the monetary authorities over the fiscal ones and the transformation of national governments into creditors of the central banks. These changes have generated negative consequences, like financial instability, an increase in the number of crises, low growth, and distributive inequality. The article clarifies the need to modify relevant aspects of economic policy. It argues that attributing the role of leaders to the monetary authorities in the coordination of economic policies harms growth and distributive equity. The work claims that discretion should be returned to fiscal policy and that public intervention should guide the evolution of the productive structure. To restore discretion to fiscal policy, the quality of public policies and the levels of trust between the different institutions of national economic policy and between financial market operators and government authorities must be improved. [ABSTRACT FROM AUTHOR]

This article analyses the theoretical and empirical determinants of the Thirlwall's Law. It stablishes if they are important to explain the Argentina's and Mexico's growth problems during 1960-2014. This paper utilizes two methodologists. First, it develops a theoretical model which highlights the importance of demand and structural factors as the principal obstacle to the growth process of an economy. Second, it uses historical data to estimate the relevant Thirlwall coefficients through econometric models. The most important result of this investigation is that the Thirlwall law is relevant to explain Argentina's growth problems, but it is not the case for Mexico. [ABSTRACT FROM AUTHOR]

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This article discusses the economic policies affected by the sovereign debt crisis in Europe during the early 21st century. The authors comment on the concept of the eurozone, the economic system of the European Union, and the attempts by the member nations to coordinate their economic and monetary policies. An analysis of the effects of austerity measures on economic stability is also provided.