Profitability Capital Accumulation and Crisis in the Greek Economy 1958–2009: a Marxist Analysis

Maniatis, Thanasis; Passas, Costas

doi:10.1080/09538259.2013.837327

Cited by 14 publications

(35 citation statements)

References 19 publications

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“…Considering the weak growth of RoP and investment in the 1980s, the financial liberalization and the privatization of public banks were significant developments that could boost economic growth (Maniatis and Passas, 2018). The accession to the Eurozone in 2001 resulted in a significant fall in bond yields, from 8.5% in March 1998 to 3% in June 2005, and implied an important decline in rentier income.…”

Section: A Weak Productive Structurementioning

confidence: 99%

The 2007/08 capitalist crisis evolution in Greece: A geographical political economy perspective

Kapitsinis

2022

Human Geography

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The 2007/08 capitalist crisis severely affected the socio-economic conditions in the majority of the developed economies. In the spatially uneven mosaic of the crisis’ effects, the European Union peripheral economies recorded a deep recession. This paper explains why Greece is the European Union country that was most acutely affected, seeking to theorize the political economy of crisis evolution. It does so, by adopting a Marxist perspective on the crisis in Greece to examine the interplay of base (structures) with superstructure (institutions), linking production with society, culture, regulation and politics. It highlights the specificities of the Greek political economy and the particularities of the application of the neoliberal project in Greece.

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Section: A Weak Productive Structurementioning

confidence: 99%

The 2007/08 capitalist crisis evolution in Greece: A geographical political economy perspective

Kapitsinis

2022

Human Geography

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“…On the contrary, the financial balance of the non‐financial corporations is positive, implying that firms are reluctant to invest, for various reasons. Hyppolite (2017) notes that the share of large corporations which could take up a considerable amount of investment in physical capital is exceptionally low, Argitis (2012) attributes this lack of investment to the behavior of the short‐sighted Greek entrepreneurs, while for Maniatis and Passas (2013) and Tsoulfidis and Tsaliki (2014) the main factor behind this condition is the falling profit rate. These explanations do not necessarily exclude each other.…”

Section: Policy Scenariosmentioning

confidence: 99%

Assessing the internal devaluation policy implemented in Greece in an empirical stock‐flow consistent model

Pierros

2021

Metroeconomica

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The policy of internal devaluation has been at the epicenter of the economic adjustment programs (EAPs) implemented in the Euro Area (EA) and specifically in member countries such as Greece and Portugal. Aiming to foster export-led growth, the labor market was deregulated (e.g., the minimum wage was reduced, and firm-level bargaining agreements have been prioritized), so as to drive down domestic prices and enhance cost competitiveness. This policy implies

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“…Within the most influential Marxian empirical literature about the rate of profit we find the works of Wolff (1979), Weisskopf (1979), Moseley (1991), and Shaikh (1992) for the US economy; the contribution of Cockshott, Cottrell, and Michaelson (1995) for the UK economy; and the analysis of Mariña and Moseley (2000) for the Mexican economy. This literature has been expanded with estimations and analysis of the rate of profit in Spain (Cámara 2007), France (Clévenot, Guy, and Mazier 2010), Greece (Maniatis and Passas 2013), China (Gaulard 2018), South Korea (Jeong and Jeong 2020), Brazil (Marquetti, Maldonado Filho, and Lautert 2010), Argentina (Maito 2012), and Chile (Maito 2012), among other contributions and countries. The majority of these works have covered the postwar period and have been focused on the debate around the falling rate of profit.…”

Section: Introductionmentioning

confidence: 99%

Economic Growth and the Rate of Profit in Colombia 1967–2019: A VAR Time-Series Analysis

Garcia

2022

Review of Radical Political Economics

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In recent decades, there has been a growing literature dealing with the empirical estimation of the rate of profit and other Marxian variables in several countries. Nonetheless, there has been a paucity of econometric research about the impact of those Marxian variables on the growth rate in developing countries. This article seeks to evaluate the rate of profit and the rate of accumulation as determinants of the growth rate in Colombia during 1967–2019, using a generalized vector autoregressive model. We find that both variables are statistically significant and, in concordance with Marxian theory predictions, affect positively the growth rate. We also identify direct impacts of the growth rate over the profit rate and the accumulation rate as well as an economic relevant relationship between these latter variables. JEL Classification: B51, C22, O54

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Profitability Capital Accumulation and Crisis in the Greek Economy 1958–2009: a Marxist Analysis

Cited by 14 publications

References 19 publications

The 2007/08 capitalist crisis evolution in Greece: A geographical political economy perspective

The 2007/08 capitalist crisis evolution in Greece: A geographical political economy perspective

Assessing the internal devaluation policy implemented in Greece in an empirical stock‐flow consistent model

Economic Growth and the Rate of Profit in Colombia 1967–2019: A VAR Time-Series Analysis

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