Learning to manage external constraints : Belgian monetary policy during the Bretton Woods era (1944-1971)

This paper analyses the Belgian monetary and exchange rate policies at the time of Bretton Woods. It sheds light on the groping adjustment process by which internal economic policies are hit by or adapt to the external constraints. In 1944, an ambitious monetary reform laid down the economic policy objectives that remained in force for two decades, namely price stability and strong currency. However, we point out different incompatibilities between these objectives and the economic context of the 1950s and 1960s that could have negative consequences on Belgian economic growth?. More precisely, the long lasting European currencies inconvertibility (1944-1958) contradicted the orthodox approach of the monetary policy favoured by the Central Bank. When total convertability was finally achieved, the huge increase of capital movements led to a progressive loss of the monetary policy autonomy, despite the setting up of a two-tier exchange market, which can be viewed as an institutional innovation responding to new constraints.Monetary policy, Bretton Woods, Currency inconvertibility, Capital movements, Two-tier exchange market

De l'Etat providence à l'Etat social actif : quelles mutations sous-jacentes

La notion d’État social actif sous-tend les réorientations récentes de la politique sociale belge et européenne. Elle est fille de la crise de l’État providence et du défi de la globalisation financière. Quelle crise ? Quel défi ? Quel enjeu ?

Au-delà du PIB : réconcilier ce qui compte et ce que l’on compte

Le PIB est au coeur d'une tourmente. son statut de cible et de repère pour la conduite et l'évaluation des politiques économiques est remis en question. De nouveaux indicateurs tentent de pallier ses lacunes au regard d'objectifs de qualité de vie, de réduction des inégalités, de développement durable. La commission Stiglitz a récemment rendu un Rapport à ce sujet, document qui suscite de nouvelles questions et invite à poursuivre le débat.

La croissance ne fait pas le bonheur : les économistes le savent-ils ?

Malgré une croissance économique continue, des enquêtes révèlent que la “satisfaction de vie” des Occidentaux stagne. Pourquoi le bien-être ne progresse-t-il pas - ou plus - avec les revenus ? Qu'en disent les économistes ?

Concertation sociale et transformations socio-économiques en Belgique, de 1944 à nos jours

The socioeconomic development of most European countries has been largely shaped by social dialogue, by negotiations between employers and workers representatives. To that respect, Belgium has played a pivotal role. The Belgian post-WW2 institutions, aimed at fostering social dialogue, are often alluded to as a reference. In sixty years, these institutions have changed, along with the transformations of the economic, social and political context. We study here the dynamical movement that simultaneously transforms the social dialogue, on the one hand, and the historical context in which it is anchored, on the other. We contrast two thirty-year periods: the golden age, followed by an age of upheaval. The former is characterized by the setting up and the extension of a coherent model while the latter rather appears as a defensive withdrawal in a context of crisis and of socioeconomic upheaval. In the midst of the turmoil, the social partners uneasily seek for meaningful responses.

Alternative Indicators to GDP: Values behind Numbers. Adjusted Net Savings in Question

After sixty years of predominance in the western countries, both the objective of economic growth and its core measure, the Gross Domestic Product (GDP), have been questioned. It no longer seems consistent to maintain growth as a societal goal and to keep GDP as the major reference for socioeconomic policies. Numerous alternative indicators have been suggested. These new indicators potentially constitute a great opportunity for change: it is now broadly accepted that what we measure affects what we do. We go a step further, claiming that the way we measure it is just as crucial: indicators intrinsically carry axiological and normative conceptions, embedded in the specific way they are built. As indicators are increasingly being used for shaping political ends, light should be shed on these underlying conceptions. Our analysis of the Adjusted Net Savings (ANS, the sustainability indicator proposed by the World Bank) attempts to illustrate these normative underpinning, often obscured by technical concerns around the numbers. By systematically deconstructing the ANS, from its conceptual framework to its sub-dimensions, we shed light on the singular and debatable conception of ‘sustainability’ (in its human and ecological aspects) encompassed in the ANS. This exercise aims to provide an insight into the societal values embedded in such indicators, which can strongly influence decision-making.Beyond GDP, Indicators, Adjusted Net Savings, Sustainable Development, Epistemology of Statistics

Plaidoyer universitaire pour le rail

[Chapeau] Le réseau ferré en Wallonie s’apparentera bientôt à un train touristique reliant deux gares Calatrava plutôt que d’assurer à chacun le droit à sa mobilité