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
We construct a framework for the interaction between economic system reform and the technological-economic system in order to analyze the dynamic process of China’s economic transformation and development. China has passed through three major phases of economic system reform, which have involved reforming the commodity economy through planning, establishing the socialist market economic system, and improving the socialist market economic system. Correspondingly, China has gone through three technological-economic systems, which may be summed up as: “quantitative subsistence consumption and extensive production without technological progress,” “qualitative subsistence consumption and extensive production with technological progress,” and “standardized mass consumption and mass production.” Since 2012, China’s economy has entered the era of a “new normal,” characterized by lower growth rates. This indicates a fundamental shift in the patterns of social demand away from the current technological-economic system that is growing incapable of sustaining rapid capital accumulation and thus needs transforming. To better explain China’s miracle, we focus on the ways in which the contradictions within each technological-economic system have evolved and have been resolved through targeted reforms to the economic system. Eventually, these reforms will lead to a new system that facilitates further capital accumulation.
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