Article

 

IS THE CURRENT CRISIS OF GREEK CAPITALISM A CRISIS OF A FINANCIALIZED ECONOMY? (p.21-42)

by

Demophanes PAPADATOS, NATIONAL AND KAPODISTRIAN UNIVERSITY OF ATHENS

Keywords : Bill of exchange, Shadow-banking, Repurchase agreement, Securitization, Fictitious capital, Marxism

JEL classification : B14, B24, B51, G21, G24, P16

Abstract

The article proposes an explanation of the current crisis of Greek capitalism from the point of view of Marx’s theory of Money and Finance. In this context, the concept of fictitious capital plays a prominent role, in defining and explaining the process of proliferation of finance in contemporary capitalism also known as financialisation. From this perspective the evolution of the Greek financial system relative to the evolution of capitalist accumulation in Greece, is examined from 1973 till the EU-ECB-IMF economic adjustment program of 2010. The theoretical analysis and the empirical examination of this paper rejects the argument that the current Greek crisis is a financialisation crisis.