The Economic Foundations of the Greek Crisis
Posted: July 10, 2010 Filed under: Economy | Tags: Academic article, eurozone, Greek economy facts, Spyros Sakellaropoulos Leave a comment »by Spyros Sakellaropoulos *
*Paper given at the conference on the Greek crisis at the University of Salford, May 4 2010
This intervention is an attempt to explain the mechanism on the basis of which the economic crisis was brought into existence in present-day Greece. I propose to demonstrate: that there is no question either of excessive wage increases or of an exports crisis. On the contrary, today’s situation is the product of an interaction between three different factors and the endeavour to solve the problem is being carried out on the basis of decisions that are first and foremost political. The three factors are a) the fact that the mode of incorporation of Greek capitalism into the international division of labour has run up against its limits, b) the crisis of the euro and the consequences of this for the Greek economy, c) the attempt that is being made by the forces of capital internationally to impose a new model of accumulation. Read the rest of this entry »
