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The Political Economy of Social Democratic Economic Policies: The Pasok Experiment in Greece

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  • Tsakalotos, Euclid

Abstract

This article looks at the political economy of social democratic economic policies. It focuses on those policies that seek to extend democracy to the social and economic spheres and examines why such experiments have met with limited success in the past. It compares external constraints on the viability of such policies, such as the freedom of capital movements and globalization, with internal constraints. Since social democratic policies rely on promoting coordination and cooperation between economic agents and groups, it is argued that an important, but often neglected, internal constraint is the extent to which social democracy can draw upon, or, if they are lacking, foster those institutions within society which promote coordination and cooperation. The paper examines in detail the social democratic experience of PASOK in Greece and draws some conclusions for the wider relevance of the future viability of social democratic economic policies. Copyright 1998 by Oxford University Press.

Suggested Citation

  • Tsakalotos, Euclid, 1998. "The Political Economy of Social Democratic Economic Policies: The Pasok Experiment in Greece," Oxford Review of Economic Policy, Oxford University Press, vol. 14(1), pages 114-138, Spring.
  • Handle: RePEc:oup:oxford:v:14:y:1998:i:1:p:114-38
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    Cited by:

    1. Michaelides, Panayotis G. & Papageorgiou, Theofanis & Vouldis, Angelos T., 2013. "Business cycles and economic crisis in Greece (1960–2011): A long run equilibrium analysis in the Eurozone," Economic Modelling, Elsevier, vol. 31(C), pages 804-816.
    2. Bosworth, Barry & Kollintzas, Tryphon, 2001. "Economic Growth in Greece: Past Performance and Future Prospects," CEPR Discussion Papers 2852, C.E.P.R. Discussion Papers.
    3. Angelos VOULDIS & Panayotis MICHAELIDES & John MILIOS, "undated". "Do Technology Shocks affect Output and Profitability over the Business Cycle in Greece (1960-2008)?," EcoMod2008 23800152, EcoMod.
    4. Konstantakis, Konstantinos N. & Michaelides, Panayotis G. & Vouldis, Angelos T., 2016. "Non performing loans (NPLs) in a crisis economy: Long-run equilibrium analysis with a real time VEC model for Greece (2001–2015)," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 451(C), pages 149-161.
    5. Asimina Christoforou, 2005. "On the Determinants of Social Capital in Greece Compared to Countries of the European Union," Working Papers 2005.68, Fondazione Eni Enrico Mattei.
    6. Katsimi, Margarita & Moutos, Thomas, 2010. "EMU and the Greek crisis: The political-economy perspective," European Journal of Political Economy, Elsevier, vol. 26(4), pages 568-576, December.
    7. 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.
    8. Michaelides, Panayotis G. & Papageorgiou, Theofanis, 2012. "On the transmission of economic fluctuations from the USA to EU-15 (1960–2011)," Journal of Economics and Business, Elsevier, vol. 64(6), pages 427-438.
    9. Thomas Moutos & Lambros Pechlivanos, 2013. "The Democratization of Rent Seeking in Greece," CESifo Working Paper Series 4331, CESifo Group Munich.
    10. Zacharias Maniadis, 2009. "Campaign contributions as a commitment device," Public Choice, Springer, vol. 139(3), pages 301-315, June.
    11. repec:elg:eechap:15325_24 is not listed on IDEAS

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