Greece, Financialization and the EU

Abstract

The global political economy is in flux as a series of cumulative crises impacts its organization and governance. The IPE series has tracked its development in both analysis and structure over the last three decades. It has always had a concentration on the global South. Now the South increasingly challenges the North as the centre of development, also reflected in a growing number of submissions and publications on indebted Eurozone economies in Southern Europe.An indispensable resource for scholars and researchers, the series examines a variety of capitalisms and connections by focusing on emerging economies, companies and sectors, debates and policies. It informs diverse policy communities as the established trans-Atlantic North declines and 'the rest', especially the BRICS, rise.

Iceland and the International Financial Crisis

“…I maintain that the enthusiastic behaviour of the outvasion Vikings and the widespread, almost cheerleading acceptance of their endeavours at home must be explained in relation to Iceland's history and through its postcolonial national identity. This is similar to, for example, what Foukas and Dimoulas claim is true of the crisis in Greece: that a historical and geopolitical analysis is vital to understand economic developments (Foukas & Dimoulas, 2013). Linking acquisitions of foreign companies with the masculine image of the Viking explorers implied that the Icelandic businessmen had unique natural characteristics, which helped them get ahead in international business.…”

“…Influenced by neoliberal economists like Friedrich von Hayek, Milton Friedman and James M. Buchanan, who all visited the country in the 1980s, Icelandic capital accumulation was to be re-co-ordinated according to financial market norms and values. Interestingly, this is when neoliberal financialization also started in Greece (Foukas & Dimoulas, 2013) and in Ireland (Kirby, 2010), which were to compare to Iceland in the contemporary financial crisis.…”

Financialization in the Crypto-Colonies: Greece and Thailand

“…Similarly, when Greece was in 2003, the second fastest growing economy in the Eurozone with significant exposure to German-capital owned banks in the country (see Fouskas and Dimoulas, 2013), Germany experienced a contraction in GDP.…”

“…(A.P, 2012). Although the problem of corruption in Greece should not be underestimated (see Fouskas and Dimoulas, 2013), it must be underlined that before the crisis Greece was -according to the international specialized agency Transparency International -at the same level in terms of corruption as Czech Republic and South Korea (see Pogatza, 2015).…”

The State and Modes of Regulation in Greece from the Post-War Period to the 2009 Financial Crisis

“…44 Second, low interest rates that allowed extended borrowing and gave impetus to a finance-led economy reflected by an everexpanding banking sector, the establishment of new domestic, European and international banks in a short time as well as bloated activity on the stock market. 45 These two factors-high labour productivity and increased borrowing-boosted domestic demand, which in turn increased the import of equipment used in production and consumer goods. As a result, the external balance of goods and services deteriorated, a process that was further aggravated due to a limited ability to compete in export markets.…”