By Vassilis K. Fouskas, Constantine Dimoulas
While the worldwide monetary quandary unfold to Europe and its vulnerable outer edge during the banking region, few meditated that the genuine reasons of the predicament didn't dwell purely within the defective architectures of globalisation and eu integration but additionally in a said power-shift to the 'global East'. The authors attach the 'local' with the 'global', and the 'local' with the 'European'. during this context, Fouskas and Dimoulas scrutinize the monetary, geopolitical and historic underpinnings of the present Greek debt hindrance that threatens not only the team spirit of the eu Union, however the whole safeguard structure of the Euro-Atlantic global. by means of deciding on the 'debt problem' as being one of many 'birthmarks' of Greece glided by the country's one hegemonic grasp onto one other, they problem the present half-truths concerning the modern debt situation in Greece and the Euro-zone.
'The authors have performed a good task when it comes to the focal point of the ebook. yet extra importantly their emphasis at the Political economic system measurement of the 'Great Recession' because it has affected Greece specifically provides a good worth to the booklet no longer continually liked through the profession.' - Philip Arestis, college of Cambridge, UK
'The publication, written from the viewpoint of lengthy strains via background, opens a brand new perspective at the international and the ecu hindrance. Intimate wisdom of Greece and its heritage is mixed with a globalist view of the financialized international. it's the pressure among the 2, which permits many fascinating and new insights. even supposing i'm much less pessimistic approximately Greece or even extra pessimistic in regards to the way forward for the Euro-zone than the authors, the booklet is thought-provoking and unique and merits a large readership.' - Heiner Flassbeck, United countries convention on exchange and improvement (UNCTAD), Switzerland
'This is a lucid, artistic and insightful exposition of the Greek/Euro-zone quandary. obvious from the cutting edge theoretical viewpoint of 'global fault-lines' and the power-shift to Asia, the authors have produced a impressive and thought-provoking theoretical and ancient narrative, that's either a punchy polemic and a magnificent amassing of empirical proof. it's endorsed studying for everyone wishing to come back to phrases with the worldwide power-shift that's unfolding sooner than our eyes.' - Bülent Gökay, Keele college, UK
'This is a primary e-book. It narrates the reality and the drama of the Greek humans as a result of unparalleled neo-liberal guidelines of austerity - the true social danger.' - Giulio Sapelli, collage of Milan, Italy
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Additional resources for Greece, Financialization and the EU: The Political Economy of Debt and Destruction
It becomes evident that Greece was born as a dependent and subaltern social formation, with a very limited industrial base but with a very valuable geo-political position in the mouth of the Dardanelles and, later, the Suez Canal connecting Britain’s Indian possessions with the Mediterranean and Middle Eastern oil. 4 In this context, this chapter also captures the evolution of the Greek debt problem from one historical period to another, a problem that never goes away and is directly related to two endemic issues: a permanent balance of payments problem and a domestic fiscal malaise, both of which are the result of a weak industrial base, unable to produce capital goods and thus compete internationally, generating a pattern of sustainable economic development and inter-dependence.
Marxisant and heterodox discourses are in broad accord with the narrative discussed above and the imbalances that can be caused in the (national and global) cycles and flows of capital accumulation if the monies and pieces of paper in circulation do not correspond to the real values produced. Claims on future revenues are not real forms of capital and the M-M’ relation (‘money begetting money’), taken in its extremes as speculative arbitrage, shadow banking and other forms of Ponzi finance, generates more problems for capitalism than it solves.
This is a structural-historical process that the USA cannot arrest. It can only 11 12 Financialization and European ‘Integration’ be delayed. 1 Germany’s endaim in Europe is not far off the mark. It is fruitless and dangerous. It is fruitless because, as we show below, regional and global fault-lines, working in tandem with asymmetries generated by the ‘law of value’, prevent Germany from accomplishing her objective of outright monetary and even political domination of the EU. The metrics of violence in Europe, at least for the time being, are not a European cum global war as in 1914 or 1940.