Macroeconomic Theory and Macroeconomic Logic: The Case of the Euro Crisis

Flassbeck, Heiner

doi:10.1007/978-3-319-40322-9_1

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The Social and Political Setting Of The Greek Crisis1

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2018

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“…There is no powerful domestic constituency in Germany pushing for a program to rebalance the entire Eurozone by shifting Germany away from its neomercantilism. The political message emanating from the country’s establishment was—and remains—that Germany is the model for the EMU, and therefore austerity is the appropriate policy for the periphery and elsewhere (see Flassbeck and Lapavitsas 2013 and 2014).…”

Section: The Social and Political Setting Of The Greek Crisismentioning

confidence: 99%

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Political Economy of the Greek Crisis

Lapavitsas

2018

Review of Radical Political Economics

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The Greek turmoil commenced as a balance of payments, or "sudden stop", crisis induced by large current account and primary government deficits. It became an economic and social disturbance of historic proportions. Its proximate cause was loss of competitiveness within the Eurozone due primarily to domestic German wage policies. The bail-out policies, imposed by the lenders primarily for reasons of Eurozone stability and adopted by Greece, have had disastrous effects on both economy and society. The "historical bloc" that dominates Greek society willingly submitted to this strategy, losing sovereignty, for reasons including fear and identity.

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Section: The Social and Political Setting Of The Greek Crisismentioning

confidence: 99%

“… 5 See Lapavitsas, Kaltenbrunner, Lindo et al (2010) and Flassbeck and Lapavitsas (2013, 2015); see also Bibow (2012). …”

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confidence: 99%