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Greek Capitalism in Crisis Marxist Analyses 1st Edition by Stavros Mavroudeas ISBN 041574492X 9780415744928

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Author(s): Stavros Mavroudeas
ISBN(s): 9780415744928, 041574492X
Edition: 1
File Details: PDF, 1.16 MB
Year: 2014
Language: english
SKU: EB-4920478 Categories: , Tag:

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ISBN 10: 041574492X
ISBN 13: 9780415744928
Author: Stavros Mavroudeas

Despite the depth of the Greek crisis, the exorbitant burdens placed upon the working people and the massive popular resistance movement to capitalist policies, there is a definite lack of consistently Marxist analyses of the Greek problem. International debates regarding the Greek crisis have been dominated by orthodox (Neoclassical and neo-Keynesian) approaches. The heterodox side of these debates has been occupied by Radical Political Economy approaches (usually radical post-Keynesian or Marxo-Keynesian perspectives). Moreover, they are dominated by the ‘financialisation’ thesis which is quite alien to Marxism, neglects the sphere of production and professes that the global crisis is simply a financial crisis that has nothing to do with ‘real’ accumulation and the profit rate. This book argues that by emphasising the sphere of production and profitability, classical Marxist analysis better explains the Greek crisis than its orthodox and heterodox competitors. The contributors present critiques of the prevalent approaches and offer studies of the Greek crisis that use the methodology and the analytical and empirical tools of classical Marxist Political Economy. In particular, it is shown that the Greek crisis was caused by falling profitability and the ensuing overaccumulation crisis. The ‘broad unequal exchange’ existing between the euro-center and the euro-periphery contributed to Greek capital’s falling profitability. This book enriches the debate about the Greek economic crisis by demonstrating the insights that can be drawn by considering the Marxist alternative to the dominant mainstream and heterodox approaches.

Greek Capitalism in Crisis Marxist Analyses 1st Table of contents:

Part I Critiques of Mainstream and Heterodox analyses of the Greek problem

1 Mainstream accounts of the Greek crisis More heat than light?
i Introduction
ii A Greek ‘disease’
iii EMU is not (and cannot, at least easily, become) an OCA
iv The Greek problems have national origins exacerbated by errors in EMU’s structure but all these can be rectified
v Mainstream explanations: a critique

  • The TDH: a Columbus egg dilemma

  • ULC and competitiveness: a partisan analysis
    vi In place of conclusions
    notes
    references

2 The fiscal crisis in Greece Whose fault?
i Introduction
ii Comparing the fiscal structure in Greece and EU-15 (1995–2012)
iii The empirical method of the net social wage measurement
3.1 Measuring the net social wage
3.1.1 General methodology
iv The net social wage in Greece
v Conclusions
notes
references

3 Explaining the rising wage–productivity gap in the Greek economy
i Introduction
ii Theories of distribution
iii Determinants of the wage productivity gap

  • Capital-labour ratio

  • Consumer price index (CPI)

  • ‘Cost of job loss’ – unemployment

  • Union density

  • International competition (import-penetration)

  • Labour force composition (age, sex, education)
    iv Real wage, productivity, deflators and the ratio of unproductive to productive labour
    v Econometric estimation of the determinants of the wage-productivity gap
    vi Conclusions
    notes
    references

4 The Greek EU-IMF Memoranda A problematic strategy for Greek capitalism
i Introduction
ii The theoretical and political background of the Memoranda: the neoliberal approach to export-led growth
iii The Greek Memoranda strategy
iv The systematic failures of the Memoranda strategy
v Conclusions
notes
references

5 Financialisation and the Greek case
i Introduction
ii The financialisation thesis: a dead alley
iii Financialisation explanations of the Greek crisis

  • Financial expropriation

  • Class struggle and financialisation

  • Minskian disinflation
    iv Channels of financialisation in Greece?
    notes
    references

Part II Marxist explanations of the Greek crisis

6 The law of the falling rate of profit in the post-war Greek economy
i Introduction
ii Empirical results: the law of the falling rate of profit in the post-war Greek economy
iii Is there a tendency for the profit rate to fall in the Greek economy?

  • a Identifying the time series properties of the profit rate

  • b Data

  • c Econometric methods

  • d Estimating the model

  • e Results
    iv Conclusions
    notes
    references

7 Profitability and crisis in the Greek economy (1960–2012) An investigation
i Introduction
ii Public debt and international competitiveness

  • Is the Greek crisis a mere public debt crisis?

  • The over-borrowing from international capital markets

  • The development with Euro
    iii Profit rate and underconsumption in the Marxian theory of economic crises

  • The organic composition of capital and the profit rate

  • The overaccumulation of capital

  • The ‘realisation’ problem

  • The economic crisis as a condition of ‘self-preservation’ of capital
    iv Profitability and international competitiveness of the Greek economy: an empirical study

  • Net capital stock return

  • Assumptions and restrictions of the analysis

  • Net capital stock return during the period 1960–2012: a basic periodisation
    v Further quantitative analysis

  • The variables

  • Mathematical models and result analysis

    • a The variables of Marxian analysis

    • b The probable impact of international competitiveness
      vi A brief note on the nature of the current crisis of the Greek economy
      vii Epilogue
      notes
      references

8 The Greek crisis A dual crisis of overaccumulation and imperialist exploitation
i Introduction
ii The turbulent course of Greek capitalism
iii The internal cause: a profitability crisis
iv The ‘external’ cause: euro-centre imperialist exploitation
v The eruption of the Greek crisis
Appendix

  • The classification of sectors into productive and unproductive
    notes
    references

Part III Crisis, poverty and the labour market

9 Economic crisis, poverty and deprivation in Greece The impact of neoliberal remedies
i Introduction
ii The dominant perspectives on inequality and poverty
iii Testing the validity of the dominant discourse. What does the evidence show?
iv The impact of the economic crisis and of neoliberal remedies
v Conclusion
notes
references

10 A comparative study of aspects of employment and unemployment in Greece before and after the crisis
i Introduction
ii An overview of the Greek labour market
iii Hidden unemployment and the real unemployment rate
iv The work-time dimension
v Part-time and temporary work contracts
vi Conclusions
notes
references

11 Recession and atypical employment A focus on contemporary Greek metropolitan regions
i Introduction
ii Flexibility, employment arrangements and the capitalist production

  • New spatial formations and flexibilisation: devalorisation is necessarily region specific
    iii Flexible employment in Greece and the crisis

  • A brief note on the background of Greek capitalism and atypical employment

  • The post-2008 period
    iv Discussion and conclusions
    acknowledgements

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Tags: Stavros Mavroudeas, Greek Capitalism, Crisis Marxist