Global Crisis and Restructuring: Theory, Analysis, and the Case of Greece

Vlados, Charis; Deniozos, Nikolaos

doi:10.2139/ssrn.3433099

Cited by 3 publications

(5 citation statements)

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“…According to Vlados and Chatzinikolaou (2019), an evolutionary perspective can offer a more comprehensive approach to the Greek crisis. They present a proposal for a sustainable exit of the Greek crisis based on the creation and maintenance of an 'institutionally adaptive socioeconomic system' that depends primarily on structural reforms and institutional innovations (Figure 3).…”

Section: Towards a New Evolutionary Approach Of The Greek Socio-economentioning

confidence: 99%

“…They present a proposal for a sustainable exit of the Greek crisis based on the creation and maintenance of an 'institutionally adaptive socioeconomic system' that depends primarily on structural reforms and institutional innovations (Figure 3). Vlados and Chatzinikolaou (2019) Institutional innovations are those changes that gain legitimacy over time, and that can change the cognitive, normative, and regulatory environment of a socio-economic system through structural reforms (Raffaelli & Glynn, 2015). An 'institutionally adaptive socio-economic system' intersects two significant forces: public intervention and private initiative.…”

Section: Towards a New Evolutionary Approach Of The Greek Socio-economentioning

confidence: 99%

“…The Greek crisis constitutes a point of reference and case study for the unsuccessful adaptation of a developed country into the current restructuring dynamics and crisis of globalisation (Bodenstein et al, 2017;Vlados et al, 2019).…”

Section: Introductionmentioning

confidence: 99%

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Institutional Dynamics and Economic Development in Greece: An Acemoglian Approach

Vlados¹,

Chatzinikolaou²

2020

RAE

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The evolution of institutions is a theoretical field of increasing interest today. Socio-economic development in the institutional approach results mainly from the historical unfolding and quality of institutions. This paper aims to highlight Daron Acemoglu’s institutional approach, which appears to be gaining prominence gradually, and propose a new theoretical perception of the developmental process of the Greek socio-economic system. It first analyses Acemoglu’s theoretical contribution, it then compares the ‘Acemoglian’ to other approaches and suggests that the analysis of inclusive and extractive institutions based on historically-significant virtuous and vicious circles has value for the Greek case. While several studies tend to focus on the macroeconomic and macro-financial symptoms of the Greek crisis, an evolutionary approach of the deeper institutional dynamics seems to offer a required reposition. We describe and recommend the development and underdevelopment process in terms of an ‘institutionally adaptive socio-economic system’ and ‘competitiveness web’. These findings indicate that development takes place over historically-significant periods, through complex processes of selection and diffusion of institutional restructurings, and that civil societies are responsible for the political forces who represent them, at least in democratic regimes. In the case of Greece, the proposal to utilise an approach of an ‘institutionally adaptive socio-economic system’ can give a repositioned theoretical perception, especially nowadays when the institutional and evolutionary socio-economic analytical classes seem to be gaining interest and prominence.

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Section: Towards a New Evolutionary Approach Of The Greek Socio-economentioning

confidence: 99%

Section: Towards a New Evolutionary Approach Of The Greek Socio-economentioning

confidence: 99%

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Institutional Dynamics and Economic Development in Greece: An Acemoglian Approach

Vlados¹,

Chatzinikolaou²

2020

RAE

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“…This change of practice comes in conjunction with the establishment of a post-Fordist regime, where nation-centred accumulation regimes are beginning to gradually lead to the perception that innovation and technological upgrading should be the critical objectives of a national industrial policy (Vlados, 1996). However, in the current era of crisis and restructuring of globalisation (Andrikopoulos and Nastopoulos, 2015;Lauridsen, 2018;Vlados et al, 2019a), where business innovation is articulated organically at multiple levels of understanding (micro-mesomacro), industrial policy has to grasp the "competitiveness field" primarily (Haar, 2014) rather than by directly subsidising players in different socio-economic systems, at local, regional, and national level (Froy, 2013).…”

Section: Recent Trends Of Industrial Policy Focusmentioning

confidence: 99%

Untitled

2020

EJBIR

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The concept of competitiveness and the practice of industrial policy seem to acquire a repositioned meaning and new interest today. We explore how the concept of competitiveness is changing shape and scope and what is the focus of industrial policy both historically and recently in the effort of finding their theoretical convergences and divergences. The findings suggest a move towards an industrial policy that is systemic and integrated since it focuses on enhancing the multilevel competitiveness of the socio-economic system in a unified micro-meso-macro approach. A counter-proposed analysis of the "competitiveness web," which perceives at the centre of the system the evolutionary micro-dynamics of the firm surrounded by co-evolving meso-dynamics and macro-economic and macro-social environments, enhances our understanding towards an "organic" industrial policy that focuses on strengthening the multi-level competitiveness.

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“… The overall socioeconomic system, which is a space that receives investment interest, accepts and gives feedback to global dynamics. In today's era of crisis and restructuring of globalization (Vlados, Deniozos, & Chatzinikolaou, 2019;Vlados, Deniozos, Chatzinikolaou, & Demertzis, 2018b), partial socioeconomic systems ("competitiveness webs") interact with dynamic processes of co-evolution and co-determination.…”

Section: Issues In Economics and Businessmentioning

confidence: 99%

Schumpeter, Neo-Schumpeterianism, and Stra.Tech.Man Evolution of the Firm

Chatzinikolaou¹,

Vlados²

2019

IEB

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The Schumpeterian way of thinking for the analysis of innovation, as an evolutionary socioeconomic phenomenon, seems to be still of particular usefulness while the fundamental contribution by Nelson and Winter with the "evolutionary theory of economic change" is nowadays one of the most widely cited references in the contexts of "neo-Schumpeterianism." In a similar evolutionary concern, Vlados (2004) also examines the "dynamics of the triangle of strategy, technology, and management" (Stra.Tech.Man synthesis). The aim of this article is, in particular, to find out to what extent the Stra.Tech.Man approach utilizes and enriches some of the fundamental neo-Schumpeterian contributions by focusing mostly on the evolutionary theory of the firm, the use of evolutionary biology on analyzing socioeconomic phenomena, and the interpretation of structural change into the context of global dynamics. To achieve this goal, we first distinguish some of the criteria/filters that allow for evaluating whether a research contribution can be of neo-Schumpeterian direction. These criteria also help to identify generic concepts of recent neo-Schumpeterian trends in order to formulate a new analytical background based on the Stra.Tech.Man approach.

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Global Crisis and Restructuring: Theory, Analysis, and the Case of Greece

Cited by 3 publications

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Institutional Dynamics and Economic Development in Greece: An Acemoglian Approach

Institutional Dynamics and Economic Development in Greece: An Acemoglian Approach

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Schumpeter, Neo-Schumpeterianism, and Stra.Tech.Man Evolution of the Firm

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