Political Economy of the Greek Crisis

Lapavitsas, Costas

Abstract

The Greek turmoil commenced as a balance of payments, or “sudden stop”, crisis induced by large current account and primary government deficits. It became an economic and social disturbance of historic proportions. Its proximate cause was loss of competitiveness within the Eurozone due primarily to domestic German wage policies. The bail-out policies, imposed by the lenders primarily for reasons of Eurozone stability and adopted by Greece, have had disastrous effects on both economy and society. The “historical bloc” that dominates Greek society willingly submitted to this strategy, losing sovereignty, for reasons including fear and identity.

Citation

Lapavitsas, C. (2018). Political Economy of the Greek Crisis. Review of Radical Political Economics, 51(1), 31-51. https://doi.org/10.1177/0486613417730363

• Journal Article Type: Article
• Acceptance Date: Jun 20, 2017
• Online Publication Date: Sep 18, 2018
• Publication Date: Sep 18, 2018
• Deposit Date: Feb 20, 2018
• Publicly Available Date: Feb 20, 2018
• Journal: Review of Radical Political Economics
• Print ISSN: 0486-6134
• Electronic ISSN: 1552-8502
• Publisher: SAGE Publications
• Peer Reviewed: Peer Reviewed
• Volume: 51
• Issue: 1
• Pages: 31-51
• DOI: https://doi.org/10.1177/0486613417730363
• Related Public URLs: https://uk.sagepub.com/en-gb/eur/review-of-radical-political-economics/journal201656
• Additional Information: Additional Information : ESSN: 1552-8502