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

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  • Thanasis Maniatis
  • Costas Passas

Abstract

This study examines the behavior of the main Marxian variables in the postwar Greek economy. The different phases of the capital accumulation process are distinguished and analyzed according to the movement of the rate of profit. The 'golden age' of the 1958--74 period of high profitability and strong growth was followed by the stagflation crisis of the 1970s and early 1980s. After 1985, and especially after 1991, the 'neoliberal solution' to the crisis resulted in a modest recovery of profitability, capital accumulation and output growth based exclusively on the huge increase in the rate of exploitation for labor. When the stimulus to aggregate demand provided from debt driven personal consumption and state deficit spending was removed, the underlying structural crisis in the real economy manifested itself fully in 2009 and after.

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  • Thanasis Maniatis & Costas Passas, 2013. "Profitability Capital Accumulation and Crisis in the Greek Economy 1958--2009: a Marxist Analysis," Review of Political Economy, Taylor & Francis Journals, vol. 25(4), pages 624-649, October.
    • Handle: RePEc:taf:revpoe:v:25:y:2013:i:4:p:624-649
    DOI: 10.1080/09538259.2013.837327
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    Cited by:

    1. Tsoulfidis, Lefter, 2014. "Κρίση, Σύγχρονος Καπιταλισμός Και Ταξικές Ανακατατάξεις [Economic Crisis, Modern Capitalism and Class Realliances]," MPRA Paper 62692, University Library of Munich, Germany, revised 2015.
    2. Fusheng Xie & Jiateng Wang & Zhi Li, 2023. "The Greek Crisis Under Structural Constraints," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(2), pages 309-332, June.
    3. Christos Pierros, 2021. "Assessing the internal devaluation policy implemented in Greece in an empirical stock‐flow consistent model," Metroeconomica, Wiley Blackwell, vol. 72(4), pages 905-943, November.
    4. Malikane, Christopher, 2017. "Profitability and Crisis in the South African Economy," MPRA Paper 76165, University Library of Munich, Germany.
    5. Mavroudeas, Stavros D., 2015. "The Greek saga: competing explanations of the Greek crisis," Economics Discussion Papers 2015-1, School of Economics, Kingston University London.
    6. Duque Garcia, Carlos Alberto, 2021. "Economic Growth and the Rate of Profit in Colombia 1967-2019: A VAR Time-Series Analysis," MPRA Paper 109890, University Library of Munich, Germany.
    7. Silvia Domeneghetti & Andrea Vaona, 2015. "Regional aspects of aggregate profitability dynamics in Italy," Working Papers 04/2015, University of Verona, Department of Economics.
    8. Giorgos Argitis & Stella Michopoulou, 2013. "Studies in Financial Systems No 4 Financialization and the Greek Financial System," FESSUD studies fstudy04, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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