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Κρίση, Σύγχρονος Καπιταλισμός Και Ταξικές Ανακατατάξεις
[Economic Crisis, Modern Capitalism and Class Realliances]

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  • Tsoulfidis, Lefter

Abstract

The economic crisis that inflicted Greece is international in character and its cause is in the decreasing profitability of capital which from a certain point onwards leads to the stagnation of profits, discourages new investment, reduces production and increases unemployment. If these are combined with the large public debt and the austerity economic policies that were pursued before and after the advent of the Troika, we may explain the vehemence with which the crisis affected the Greek economy. The crisis may also lead to new class realliances and furthermore show the direction and the requirements for the contemplation of an alternative economic policy.

Suggested Citation

  • 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.
    • Handle: RePEc:pra:mprapa:62692
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    References listed on IDEAS

    as
    1. Lefteris Tsoulfidis & Persefoni Tsaliki, 2014. "Unproductive labour, capital accumulation and profitability crisis in the Greek economy," International Review of Applied Economics, Taylor & Francis Journals, vol. 28(5), pages 562-585, September.
    2. Papageorgiou, Aris & Tsoulfidis, Lefteris, 2006. "Kondratiev, Marx and the long cycle," MPRA Paper 31355, University Library of Munich, Germany, revised 10 May 2012.
    3. 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.
    4. 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.
    5. 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.
    6. Lefteris Tsoulfidis, 2009. "Competing Schools of Economic Thought," Springer Books, Springer, number 978-3-540-92693-1, November.
    7. Tsoulfidis, Lefteris, 2013. "The ‘new golden age of accumulation’, the new depression and the greek economy," MPRA Paper 60577, University Library of Munich, Germany.
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    More about this item

    Keywords

    falling rate of profit; investment function; unemployment rate; crisis; debt; Greek economy;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General

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