"Bureaucratic Caesarism: A Gramscian Outlook on the Crisis of Europe", Historical Materialism, Vol. 23, Iss. 2, 2015

In 2010, the Eurozone became the epicentre of the world crisis. The vulnerability of Europe appears to be linked to the specific institutional arrangement which organises
monetary, financial and budgetary policies within the Eurozone. This article tries to understand the evolution of the EU during a short but decisive historical sequence (2007–12) in a theoretical framework that puts elements of Gramsci’s reflections on the theme of crisis, and especially his notion of ‘Caesarism’, at its centre. It addresses the current debate concerning the relationships between democratic politics and neoliberalism, while focusing on how the radicalisation of the crisis put at stake the coconstruction of capitalism and representative democracy in the Western world since WWII.

"Relieving inflation or palliative self-destruction?", Journal of Stock & Forex Trading, Vol. 3, Iss. 4

If someone represents her/himself as a “Greek economist”, she/ he risks to receive the sarcasm of the credulous reproducers of international stereotypes. Yet, instead of being “stigmatized”, I rather feel “blessed”.

In a way, the coincidence – incidental or not – of the outbreak of international systemic crisis with the concentration of domestic inefficiencies in the Greek society and economy, assisted by the profound structural weaknesses of the €-zone, highlighted Greece as a critical case-study with respect to the effectiveness of the neoliberal prescription. In that sense, Greek social scientists and activists receive an attention that is disproportionately big, compared to the importance of the Greek economy for the international market.

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"Greece needs a deep debt write off", Economonitor

It is generally agreed that public debt continues to pose a major problem for Greece. The IMF expects debt to decline to 124% of GDP by 2020, while annual rates of growth are projected at a little less than 3%. To achieve this target Greece has been forced to adopt highly restrictive fiscal policies, including the requirement of achieving a primary surplus of 4.5% by 2016. It is remarkable that policies of such severe austerity have been applied to a country that has suffered an economic depression since 2010. The resulting fall in GDP brought the ratio of debt to GDP to 174% in 2014, much higher than 130% in 2009, when the crisis started.

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"State and finance in financialised capitalism", Centre for Labour and Social Studies, Think Piece in Policy Series 'In the public interest: The role of the modern state"

The structural problems within the UK and other mature economies were brought to the surface during and after the crisis of 2007-9. This paper argues that these problems are inherent to contemporary mature capitalism and have to do, primarily, with financialisation. The exceptional rise of finance in terms of size and penetration across society, the economy and the policy process, is apparent to all. The rise of finance is a sign of a fundamental transformation of mature capitalism within commercial and industrial enterprises, but also banks and perhaps most strikingly, within households.

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"The crisis of the euro and its future", EuroMemo Conference 2013

Politically, the existence of the euro, its structure and its features are based on a pragmatic “realpolitik” and somewhat cynical, accepted by all those who want to occupy the political centrality. For the vast majority of actors in the political spectrum, the euro has become a dogma of faith and it is very unlikely to reach into question, rather the opposite. However, from an economic point of view, it seemed clear from the outset that its benefits were limited compared to the costs that could be huge.

"It is all about setting the right question", Journal of Stock & Forex Trading, Vol. 2, Iss. 2

Setting the appropriate question is a major prerequisite for giving the right answer. In the website of the Science Forum there is a poll on the so called Keynes vs Friedman debate. Responders have to choose among two simplified alternatives: Keynes - a regulated market economy and Friedman - a completely free market economy. Yet, sometimes simplifications make things complicated.

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"The systemic crisis of the euro – true causes and effective therapies", STUDIEN, May 2013

The European Economic and Monetary Union (EMU) is in deep crisis, and an increasing number of observers question the ability of EMU to survive this crisis. What
has gone wrong? Are the diagnoses commonly offered valid? Why do the medicines that have been prescribed not work? Could it really be possible that European politics at the highest level fails to understand the cause of the crisis and to address it with a consistent plan?

In order to find persuasive answers to these questions it is necessary to go back to the origins of monetary union and to identify the constructional defects that have burdened its existence from the very beginning up to the point of make or break that it reached after the big financial crisis and the great recession of 2008 and 2009.

"Currency devaluation, external finance and economic growth: A note on the Greek case", Social Cohesion and Development, Biannual Scientific Review, Spring 2013, Vol. 8, Iss. 1

This paper combines dynamic input-output price models with Thirlwall’s extended model of balance of payments constrained growth to estimate the effect of a switch to drachma on domestic income. The findings suggest that a return to national currency would not necessarily deepen the recession, although a rather large nominal devaluation, i.e. in excess of 57%-60%, is necessary for the recovery.

"What lies behind “inflation-phobia” and European “corset policy”?", Journal of Stock & Forex Trading, Vol. 1, Iss. 2

The present situation in the European Union (EU) provides an advantageous field for cutting edge research, basically due to the following reasons: first, given the systemic global crisis and the appearing structural weaknesses of European integration, policy meets (again) economics, in terms of the problematic that dominates the public debate, but also of the recognized necessity for going into the essential “second step” of political integration, next to the creation of €-zone. Second, the European area offers a historical experiment for the prospects and the wider effects of regional trade agreements and custom unions, as well as the expectations with respect to the process of economic internationalization. Hence, I strongly believe that scholars should invest effort and time in a thorough analysis of the recent developments in the EU, which, by the way, relates strongly to the very purpose of the Journal of Stock & Forex Trading. This leads to the main aspiration of the present editorial: to summarize personal views that may provide motivation for relevant contributions.

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"Switch to devalued drachma and cost-push inflation: a simple input-output approach to the Greek case", Modern Economy, 2012, 3

This paper uses simple dynamic input-output price models to estimate the effects of a switch to devalued drachma on the cost-inflation rate in the Greek economy. The findings suggest that the inflationary “pressures” are not too high and, therefore, there is room for trade-balance improvement.

"Estimation of the maximum attainable ecenomic dependency ratio: evidence from the symmetric input-output tables of four European economies", The Journal of Economic Analysis, 2012, Vol. III, Iss. I

The purpose of this paper is to explore, in terms of input-output models, the proximate determinants of the maximum attainable Economic Dependency Ratio and to provide
estimates of this ratio in four European economies (Finnish, German, Greek and Spanish). The evaluation of the results reveals certain central socio-technical features of the actual economies under consideration.

"A neo-Ricardian critique of the traditional static theory of trade, customs unions and common markets", MPRA Paper, No. 23088, 2010

The vast majority of meaningful discussions about the processes of economic integration and liberalization of trade have so far revolved around the neoclassical theory. This paper is based on the neo-Ricardian theory, briefly investigates the issues of free trade, customs unions and common markets, and shows that the relevant neoclassical propositions do not hold and/or make no sense in a world ‘of production of commodities by means of commodities’. Thus, the fundamental theoretical presuppositions of the aforesaid debate are called in question.

"The division of labour in European Monetary Union: Absolute versus comparative advantage", European Research Studies, Vol. 3, Iss. 1-2, 2000

It is accepted that the stability and effectiveness of European Monetary Union (EMU) is now decisively dependent on the introduction of the greatest possible flexibility into the labour market. This, of course, entails in the long-term a fundamental change in the European division of labour: Namely, it will no longer be governed by the law of comparative advantage, but rather by the law of absolute advantage. If the real economic world was adequately described by the usual Ricardian model of international trade, then the aforesaid change would set in motion strong processes of unequal development between countries and regions. In this paper we investigate whether the conclusions that emerge from the usual Ricardian model retain their validity within the context of more realistic models (i.e. existence of reproduced means of production and joint production). The general conclusion to be drawn from this investigation is the following: The existence of processes of unequal development cannot be excluded. However, the concepts and propositions of traditional theory do not help to identify those evolutions which take place in economic reality. Consequently, any further discussion, at both a theoretical and empirical level, should begin with this given.