The Great Eurozone Disaster

Published 03/2013

The last couple of years have seen the eurozone lurch from crisis to calamity. With Greece, Portugal and Ireland already driven to the brink of economic catastrophe, and the threat that a number of other EU countries are soon to follow, the consequences for the global economy are potentially dire. In The Great Eurozone Disaster, Heikki Patomäki dissects the current crisis, revealing its origins lie in the instability that has driven the process of financialisation since the early 1970s. Furthermore, the public debt crises in the European deficit countries have been aggravated rather than alleviated by the responses of the Commission and leaders of the surplus countries, especially Germany.

Providing a captivating narrative about how Europe ended up in its present predicament, Patomäki presents a radical new vision for 'global economic democracy' as the only viable way out of the current crisis.

The Political Economy of Global Security

Published 06/2008

What are the possibilities for and conditions of global security in the 21st century?

This book provides an innovative study of future wars, crises and transformations of the global political economy. It brings together economic theory, political economy, peace and conflict research, philosophy and historical analogy to explore alternatives for the future.

Patomäki develops a bold, original and thought provoking political economy analysis of the late 20th century neo-liberalisation and globalisation and their real effects, which he describes as a 21st century version imperialism. In order for us to understand global security and to anticipate the potential threats and crises, he argues that a holistic understanding and explanation of history is necessary and demonstrates that a systematic causal analysis of structures and processes is required. Putting this theory into practice, Patomäki constructs a comparative explanatory model which traces the rise of imperialism in the late 19th century and culminated in the First World War. He argues that even a partial return to the 19th century ideals and practices is very likely to be highly counterproductive in the 21st century world and could become a recipe for a major global catastrophe.

This book will be of interest to students and scholars of international relations, globalization studies, politics, economics and security studies.

A Possible World: Democratic Transformation of Global Institutions

Published 10/2004 with T. Teivainen

The scope and powers of international institutions - the United Nations, the Bretton Woods institutions, the World Trade Organization - continue to grow with globalization. If democratic values are still sought after, then their deficit at international level must be addressed. This book surveys the range of proposals on the table, with an emphasis on feasibility. It describes and evaluate a wide spectrum of democratic reform proposals for the UN, World Bank and IMF, the WTO and international judicial institutions. It explores innovative ideas for empowering global civil society; a Global Truth Commission; referenda and a World Parliament; a debt arbitration mechanism and global taxation.

After International Relations. Critical Realism and the (Re)Construction of World Politics

Published 08/2003

After International Relations articulates a systematic critical realist response to a quest for more emancipatory methodologies in International Relations. Heikki Patomäki here establishes a way out of the international relations problematic which has puzzled so many great thinkers and scholars for the last two hundred years. After International Relations shows how and why theories based on the international problematic have failed; articulates an alternative, critical realist research programme; and illustrates how this research programme can be put to work to enable better research and ethico-political practices.

Democratising Globalisation: The Leverage of the Tobin Tax

Published 08/2001

In the 1970s Professor James Tobin proposed a very modest tax on currency transactions to make much speculative movement of funds unprofitable and the world financial system less volatile. Heikki Patomaki makes an up-to-date case for the Tobin tax, and explains how to implement it. He argues that global financial markets undermine the real economy of production and employment, cause de-democratization by transferring accountability away from national parliaments, and redistribute wealth in favour of the well-off. The Tobin tax, if implemented with other regulatory measures, would be emancipatory. It would control global finance, bolster state autonomy and influence the politics of globalization towards democratic control, social responsibility and justice. The main obstacle is lack of political will. Dr. Patomaki argues that a group of countries could initiate the system, and develops the idea of a Tobin tax organization (TTO) which would implement and supervise the process.