39 research outputs found
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The Legacy of a Fractured Eurozone: The Greek Dra(ch)ma
This paper addresses neoliberal origins of the acute geoeconomic and social crisis that was inflicted on Greece since 2010 with the unleashing of the 3 consecutive bailout plans and the implementation of fierce austerity policies. We further scrutinize the composition of the soaring Greek debt and most importantly, the unsettling utilization of the troika loans for the 2010–15 period. For the first time in the literature, we provide evidence that the vast bulk of the loans went overwhelmingly not to benefiting a “profligate” Greek state but to avoiding the write-downs of bad loans made by reckless creditors (mainly, German and French banks) to the Greek government and private banks. We propose the temporary adoption of a parallel currency in the form of government IOUs, together with other drastic measures to reboot the ailing Greek economy inside the Eurozone
Unemployment dynamics The chain reaction theory
SIGLEAvailable from British Library Document Supply Centre-DSC:DXN029305 / BLDSC - British Library Document Supply CentreGBUnited Kingdo
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Warrant Economics, Call-Put Policy Options and the Great Recession
In this paper we aim to address the structural and systemic flaws of modern capitalism that paved the way to the Great Recession. We elaborate on the anatomy and the apparatuses of the neoliberal, highly globalised monopoly-finance mode of resource allocation and price utility. Our main thesis is that, despite the rhetoric praising the merits of unfettered competition, the global fields of a dysfunctional market system have mushroomed in what we term Warrant Economics for the FreeMarket Aristocracy, a power structure of insiders’ capitalism. Warrant Economics unfolds in two symbiotic tenets: (i) the systemic creation and preservation of inequality and business concentration via Call-Put policy options, and (ii) the systemic exploitation of inequality via novel and toxic forms of securitisation. We view the income distribution effect, which favours the top 1%, and the business concentration effect, which gravitates competition towards oligopolistic/monopolistic industries, as the two sides of the Warrant Economics coin. We perceive the Great Recession as the inevitable symptom of Warrant Economics, rather than as a low probability event advocated by the majority of orthodox economists
The macroeconomics of the labor market: three fundamental views
Unemployment, Interactive labor market dynamics, Interplay of lags and shocks, Frictional growth, Growth drivers, E22, E24, J21, J30,
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The Greek Dra(ch)ma:5 Years of Austerity. The Three Economists' View and a Comment
In this paper we summarize the opinion of three renowned economists, namely Paul De Grauwe, Paul Krugman and Joseph Stiglitz, on the eurozone crisis as well as the Greek case. In particular all three expressed in one way or another their reservations about the single currency. On one side De Grauwe and Stiglitz highlighted the design failures of the eurozone and on the other Krugman argued that the creation of the common currency was a terrible mistake. In support of their claims we provide evidence of the negative consequences of the austerity measures that were implemented by the troika on the Greek economy for a period covering 2010-2014. After five years of austerity, Greece among others experienced significant deflationary dynamics, deep recession as well as high unemployment rates