Profitability Capital Accumulation and Crisis in the Greek Economy 1958--2009: a Marxist Analysis

Thanasis Maniatis and Costas Passas

Review of Political Economy, 2013, vol. 25, issue 4, 624-649

Abstract: This study examines the behavior of the main Marxian variables in the postwar Greek economy. The different phases of the capital accumulation process are distinguished and analyzed according to the movement of the rate of profit. The 'golden age' of the 1958--74 period of high profitability and strong growth was followed by the stagflation crisis of the 1970s and early 1980s. After 1985, and especially after 1991, the 'neoliberal solution' to the crisis resulted in a modest recovery of profitability, capital accumulation and output growth based exclusively on the huge increase in the rate of exploitation for labor. When the stimulus to aggregate demand provided from debt driven personal consumption and state deficit spending was removed, the underlying structural crisis in the real economy manifested itself fully in 2009 and after.

Date: 2013
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Citations: View citations in EconPapers (8)

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DOI: 10.1080/09538259.2013.837327

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