Debt and Destruction: The Making of the Greek and Euro-Atlantic Ruling Classes

Fouskas, Vassilis K.; Dimoulas, Constantine

doi:10.1057/9781137273451_6

Cited by 1 publication

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“…Heterodox and Marxian theories provide deep studies on features of the Greek economy. Since the Greek crisis was ignited by a sovereign debt crisis, one strand of the literature naturally turns to debt expansion as the cause of the Greek crisis (Dodig, Hein, and Detzer 2016; Fouskas and Dimoulas 2013; Girón and Solorza 2015; Stockhammer 2013; Varoufakis and Tserkezis 2016). Scholars try to contend that the Greek economy was deeply influenced by the wider restructuring of world capitalism featured by the expansion of financial activities, which led to the debt expansion and financial speculation to support growth.…”

Section: Introductionmentioning

confidence: 99%

The Greek Crisis Under Structural Constraints

Xie

Wang

Zhi

2023

Review of Radical Political Economics

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This article studies the Greek crisis since 2009 with a synthesized Marxian framework by embedding the Greek capital accumulation process into the capitalist core-periphery structure in the European Union, which deteriorated the competitiveness of Greece and adversely impacted its capital accumulation, leading to a relatively low profit rate in the neoliberal era. Institutions of the European Union helped Greece turn to debt-driven accumulation to sustain growth, especially the external debt of government, but the weak productive accumulation because of relatively low profit rate made the accumulation of debt unsustainable in the long run. When doubt was cast on Greece’s capacity to repay its debts, the economy lost external sources of funding, leading to a halt in debt expansion and the burst of the sovereign debt crisis. JEL Classification: E11, F02, O10

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Section: Introductionmentioning

confidence: 99%