IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/60577.html
   My bibliography  Save this paper

The ‘new golden age of accumulation’, the new depression and the greek economy

Author

Listed:
  • Tsoulfidis, Lefteris

Abstract

The purpose of this paper is to delve into the deeper causes of the current crisis and its detailed manifestation in the case of the Greek economy. The major argument of the paper is that the root cause of the crisis is fundamentally identified in the declining profitability which past a point leads to a stagnant mass of real net profits thereby discouraging investment spending and leading to rising unemployment. In the case of the Greek economy, this crisis of profitability has been aggravated by the contraction of its major productive activities, that is, manufacturing and agriculture. The contraction of these activities not only worsened the crisis but furthermore paved the way for the development of different forms of its expression; that is, mounting debt and unprecedented high rates of unemployment bringing the whole society into a stalemate.

Suggested Citation

  • Tsoulfidis, Lefteris, 2013. "The ‘new golden age of accumulation’, the new depression and the greek economy," MPRA Paper 60577, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:60577
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/60577/1/MPRA_paper_60577.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Papageorgiou, Aris & Tsoulfidis, Lefteris, 2006. "Kondratiev, Marx and the long cycle," MPRA Paper 31355, University Library of Munich, Germany, revised 10 May 2012.
    2. Deepankar Basu & Ramaa Vasudevan, 2013. "Technology, distribution and the rate of profit in the US economy: understanding the current crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 37(1), pages 57-89.
    3. Lefteris TSOULFIDIS, 2017. "Economic theory in historical perspective," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(2), pages 102-124, May.
    4. Lefteris Tsoulfidis, 2013. "Public Debt and J.S. Mill?s Conjecture: A Note," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2013(2), pages 93-102.
    5. Dimitris Paitaridis & Lefteris Tsoulfidis, 2012. "The Growth of Unproductive Activities, the Rate of Profit, and the Phase-Change of the U.S. Economy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 44(2), pages 213-233, June.
    6. J. S. L. McCombie & A. P. Thirlwall, 1994. "Economic Growth and the Balance-of-Payments Constraint," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-23121-8.
    7. Tsoulfidis, Lefteris, 2001. "Rethinking long cycles: are the 1990s the onset of a new phase of capital accumulation?," MPRA Paper 39739, University Library of Munich, Germany, revised 2012.
    8. Constantinos Alexiou & Persefoni Tsaliki, 2009. "Unemployment Revisited: Empirical Evidence from 20 OECD Countries," Contributions to Political Economy, Cambridge Political Economy Society, vol. 28(1), pages 23-34.
    9. Konstantinos Katrakilidis & Persefoni V. Tsaliki & Theodosios Tsiakis, 2013. "The Greek economy in a Kaldorian developmental framework," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 63(1), pages 61-75, March.
    10. Lefteris Tsoulfidis, 2009. "Competing Schools of Economic Thought," Springer Books, Springer, number 978-3-540-92693-1, September.
    11. Olivier Blanchard, 2007. "Adjustment within the euro. The difficult case of Portugal," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 6(1), pages 1-21, April.
    12. Anwar Shaikh, 1992. "The Falling Rate of Profit as the Cause of Long Waves: Theory and Empirical Evidence," Palgrave Macmillan Books, in: Alfred Kleinknecht & Ernest Mandel & Immanuel Wallerstein (ed.), New Findings in Long-Wave Research, chapter 7, pages 174-202, Palgrave Macmillan.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    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. Mariolis, Theodore, 2014. "Η θεωρία οικονομικών κρίσεων του Karl Marx [Karl Marx’s theory of economic crises]," MPRA Paper 56831, University Library of Munich, Germany.
    3. Lefteris Tsoulfidis & Dimitris Paitaridis, 2019. "Capital intensity, unproductive activities and the Great Recession in the US economy," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(3), pages 623-647.
    4. Deepankar Basu, 2017. "Quantitative Empirical Research In Marxist Political Economy: A Selective Review," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1359-1386, December.
    5. Tsoulfidis, Lefteris, 2017. "Ricardo’s Theory of Value is Alive and Well in Contemporary Capitalism," MPRA Paper 96491, University Library of Munich, Germany, revised 11 Oct 2019.
    6. Tsoulfidis, Lefteris & Papageorgiou, Aris, 2017. "The Recurrence of Long Cycles: Theories, Stylized Facts and Figures," MPRA Paper 82853, University Library of Munich, Germany, revised 11 Nov 2017.
    7. Tsoulfidis, Lefteris, 2018. "Ricardo’s Theory of Value is Still Alive and Well in Contemporary Capitalism," MPRA Paper 85822, University Library of Munich, Germany, revised 10 Apr 2018.
    8. Lefteris Tsoulfidis, 2017. "Growth Accounting of the Value Composition of Capital and the Rate of Profit in the U.S. Economy: A Note Stimulated by Zarembka’s Findings," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(2), pages 303-312, June.
    9. Basu, Deepankar, 2015. "A Selective Review of Recent Quantitative Empirical Research in Marxist Political Economy," UMASS Amherst Economics Working Papers 2015-05, University of Massachusetts Amherst, Department of Economics.
    10. David M. Brennan, 2018. "Regimes of Realization: Using Marx and Kalecki to Understand the US Economy, including the Great Recession and the “Recoveryâ€," Review of Radical Political Economics, Union for Radical Political Economics, vol. 50(4), pages 757-772, December.
    11. Malikane, Christopher, 2017. "Profitability and Crisis in the South African Economy," MPRA Paper 76165, University Library of Munich, Germany.
    12. Jani Bekő, 2003. "Causality between exports and economic growth: empirical estimates for slovenia," Prague Economic Papers, Prague University of Economics and Business, vol. 2003(2), pages 169-186.
    13. António Afonso & Jorge Silva, 2017. "Current account balance cyclicality," Applied Economics Letters, Taylor & Francis Journals, vol. 24(13), pages 911-917, July.
    14. Peydró, José-Luis & Jasova, Martina & Mendicino, Caterina & Panetti, Ettore & Supera, Dominik, 2021. "Monetary Policy, Labor Income Redistribution and the Credit Channel: Evidence from Matched Employer-Employee and Credit Registe," CEPR Discussion Papers 16549, C.E.P.R. Discussion Papers.
    15. Karsten Staehr, 2008. "The Maastricht Inflation Criterion and the New EU Members from Central and Eastern Europe," Bank of Estonia Working Papers 2008-04, Bank of Estonia, revised 30 Oct 2008.
    16. Srdelić, Leonarda & Dávila-Fernández, Marwil J., 2024. "International trade and economic growth in Croatia," Structural Change and Economic Dynamics, Elsevier, vol. 68(C), pages 240-258.
    17. Mark Knell & Simone Vannuccini, 2022. "Tools and concepts for understanding disruptive technological change after Schumpeter," Jena Economics Research Papers 2022-005, Friedrich-Schiller-University Jena.
    18. Giovanni Dosi & Andrea Roventini & Emmanuele Russo, 2020. "Public Policies And The Art Of Catching Up," Working Papers hal-03242369, HAL.
    19. Mario Cimoli & Gabriel Porcile, 2014. "Technology, structural change and BOP-constrained growth: a structuralist toolbox," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(1), pages 215-237.
    20. Phillips, Daphne, 2009. "The political economy of HIV," Documentos de Proyectos 3703, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).

    More about this item

    Keywords

    falling rate of profit; unproductive activities; non-tradables; crisis; debt; Greek economy;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:60577. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.