Review of ‘Greek Capitalism in Crisis: Marxist Analyses’ in International Critical Thought

Review of Greek Capitalism in Crisis: Marxist Analyses


Routledge is publishing ‘Greek Capitalism in Crisis: Marxist Analyses’ as a paperback also

Routledge is publishing ‘Greek Capitalism in Crisis: Marxist Analyses’ as a paperback also. Details about its price (a fraction of that of the hardback’s) and ordering can be found at the link below.


Greek Capitalism in Crisis: Marxist Analyses (Paperback) book cover

Greek Capitalism in Crisis

Marxist Analyses

Edited by Stavros Mavroudeas

© 2017 – Routledge

236 pages | 51 B/W Illus.

Purchasing Options:£ = GBP
Paperback: 9781138226852
pub: 2016-10-31
Available for pre-order
Hardback: 9780415744928
pub: 2014-07-08

 About the Book

Despite the depth of the Greek crisis, the exorbitant burdens placed upon the working people and the massive popular resistance movement to capitalist policies, there is a definite lack of consistently Marxist analyses of the Greek problem. International debates regarding the Greek crisis have been dominated by orthodox (Neoclassical and neo-Keynesian) approaches.

The heterodox side of these debates has been occupied by Radical Political Economy approaches (usually radical post-Keynesian or Marxo-Keynesian perspectives). Moreover, they are dominated by the ‘financialisation’ thesis which is quite alien to Marxism, neglects the sphere of production and professes that the global crisis is simply a financial crisis that has nothing to do with ‘real’ accumulation and the profit rate.

This book argues that by emphasising the sphere of production and profitability, classical Marxist analysis better explains the Greek crisis than its orthodox and heterodox competitors. The contributors present critiques of the prevalent approaches and offer studies of the Greek crisis that use the methodology and the analytical and empirical tools of classical Marxist Political Economy. In particular, it is shown that the Greek crisis was caused by falling profitability and the ensuing overaccumulation crisis. The ‘broad unequal exchange’ existing between the euro-center and the euro-periphery contributed to Greek capital’s falling profitability. This book enriches the debate about the Greek economic crisis by demonstrating the insights that can be drawn by considering the Marxist alternative to the dominant mainstream and heterodox approaches.

Παρέμβαση στην εκπομπή ΤΑ ΛΕΜΕ, στη ΒΕΡΓΙΝΑ TV, 20-10-2016

Παρέμβαση στην εκπομπή ΤΑ ΛΕΜΕ, στη ΒΕΡΓΙΝΑ TV, 20-10-2016 για την οικονομική και κοινωνική επικαιρότητα



Βιβλιοπαρουσίαση, Τετάρτη 19η Οκτωβρίου 2016, στις 19.00 μ.μ. στο Εργατικο Κέντρο Θεσσαλονίκης


Οι  εκδόσεις «Ταξιδευτής» και ο «ΜΑΧΩΜΕ» (Μαρξιστικός Χώρος Μελέτης και Έρευνας), σας προσκαλούν την Τετάρτη 19η Οκτώβρη ’16, στις 19.00’ μ.μ. στην αίθουσα του «Εργατικού Κέντρου Θεσσαλονίκης» (Ολύμπου 32, πρώτος όροφος), στην παρουσίαση του νέου βιβλίου του Γιάννη Τόλιου με θέμα:


 «Η Μετάβαση στο Εθνικό Νόμισμα, αφετηρία εξόδου από την κρίση» 


Για το βιβλίο θα μιλήσουν:

Μαρία ΝεγρεπόντηΔελιβάνη, πρ. Πρύτανης του Πανεπιστημίου Μακεδονίας

Σταύρος Μαυρουδέας, Kαθηγητής Πολιτικής Οικονομίας στο Πανεπιστήμιο Μακεδονίας

Γιάννης Τόλιος, διδάκτωρ οικονομικών, συγγραφέας του βιβλίου


Συντονίστρια της εκδήλωσης, Χριστίνα Σουλτανίδου, οικονομολόγος, μέλος του Π.Σ. της ΛΑΕ


Θα ακολουθήσει συζήτηση

Το φωνητικό αρχείο της παρέμβασης μου στην βιβλιοπαρουσίαση βρίσκεται στον παρακάτω σύνδεσμο:

My comment in Press TV’s News bulletin on the refugee crisis, 5-10-2016

My comment in Press TV’s News bulletin on the refugee crisis, 5-10-2016

The main points of my intervention are the following:


The refugee crisis is caused by the collapse of several states and economies in Asia and Africa. This collapses certainly have internal causes but the Western powers played also a crucial role through their interventions. Prominent among them are the ‘regime changing’ policies of the US.

Europe, as the nearest safe heaven that offers superior living standards, is the main recipient of the refugee influx from these areas. Greece is at its forefront as one of the main entry points in the EU.

EU’s elites and dominant powers play a double game regarding the refugee crisis. On the one hand this influx helps them downsize wages and fend the demographic crisis of many European economies. On the other hand, it cannot afford an uncontrollable influx as these strains the already curtailed and burdened welfare system. Also the abrupt downsizing of wages foments social tensions and popular hostility and anger against the EU.

So the EU tries to manage the problem. Part of it management is turning certain euro-peripheral countries into ‘refugee concentration camps’ before filtering who and how many refugees it will admit to euro-core countries.

This is disastrous for this euro-peripheral economies as they are already terribly strained by the economic crisis, high unemployment, dismal wages and shrinking economies.

So the euro-peripheral eonomies are called to pay the price for Western interventions in Asia and Africa.



SYRIZA’s fake tug-of-war with the IMF on labour reforms

Following is the transcript of my intervention in today’s News in Press TV (that was marred by connection problems):



Greece says it cannot comply with labor reforms demanded by the IMF as a condition for a third bailout.

Greek Labor Minister George Katrougalos said his government considers the IMF’s demand as a ban on the right of workers to negotiate wages and conditions on a collective basis. Katrougalos noted that a breakdown with the IMF on the issue could jeopardize its financing of the 96-billion dollar bailout and could undermine overall confidence in the deal. The labor Minister said however that Greece can no longer tolerate the deterioration of its workers’ state. Talks are set to be held on Wednesday between Greece and an EU-IMF mission over the country’s bailout future.









My comment:

This whole affair is a masquerade. It is a cheat game between IMF, EU and the SYRIZA government. The sad thing is that Greece and its people are paying the cost of this masquerade.

Let us decipher this cheat game.

The IMF, which primarily expresses the geopolitical and economic interests of the US, pressurizes

  • the EU for a new Greek debt haircut. This is vehemently rejected by the EU (and Germany in particular)
  • Greece for even more austerity and anti-popular reforms. Part of this new package is the more barbaric deregulation of labour relations (whose previous waves of deregulation have contributed to a dramatic increase in unemployment and an equally dramatic decrease in wages).

The IMF blackmails the other two that, unless its conditions are being met, it won’t participate in the third bailout and austerity programme for Greece that the SYRIZA government signed.

The EU wants a strict implementation of the austerity programme without a debt haircut. It considers only the case of an insubstantial debt reprofilling and that after the forthcoming German elections. It does not object in principle to more barbaric labour relations deregulation. But, on the other hand, it is more sensitive than the IMF to the possible disastrous political repercussions of such a move. Especially, it worries that such a bold move might rekindle social resistance – that is dormant after SYRIZA’s betrayal of the anti-austerity movement – and lead to uncontrolled political changes.

Finally, the terribly incompetent and untrustworthy SYRIZA government is the underdog in this cheat game. It simply tries to save its skin and cling as long as possible in power (given its already very low popularity). It might accept another wave of labour relations deregulation if it goes together with even an insubstantial debt reprofilling (that they think that they can ‘sell’ to the Greek public). Their problem is that they have no real power (either economic or in the form of popular support) to press their own objectives. So they are simply trying to find room to play between the positions of the two other big players. On top of that the SYRIZA government and particularly its Minister of Labour are habitual liars. A recent example of this is their public declarations that pensions will not be cut at the very same time that they literally ‘massacre’ them. So the minister’s supposedly intransigent declaration against the IMF’s demands does not hold much water.


Cheat Game: SYRIZA’s Fake Tug-of-War With the IMF on Labor Reforms


Cheat Game: SYRIZA’s Fake Tug-of-War With the IMF on Labor Reforms

The Political Economy of the EU: an imperialist project in crisis’, IIPPE 2016

This is the presentation of my paper in IIPPE‘s (International Initiative for Promoting Political Economy) 7th Annual Conference (ISEG, Lisbon) on the nature and the crisis of the European Union.