Article

 

THE MARXIAN “LAW” AND THE CURRENT GREEK ECONOMIC CRISIS (p.91-117)

by

George ECONOMAKIS, UNIVERSITY OF PATRAS

George ANDROULAKIS , UNIVERSITY OF PATRAS

Maria MARKAKI , TECHNOLOGICAL EDUCATIONAL INSTITUTE OF CRETE

Keywords : Greek economic crisis, Marxian theory of crisis, “Unevenness”, Underconsumption

JEL classification : B14, B51, E11

Abstract

From a “classical” Marxist perspective, the recent Greek economic crisis is understood as the direct effect of Marxian “law” of the tendency of the rate of profit to fall due to the rising organic composition of capital. The validity of this interpretation is challenged in the following analysis. The central thesis of this paper is that the Greek economic crisis is a crisis of “unevenness” and imperialist exploitation, within the the EU-EMU frame, which has appeared as an underconsumption crisis in the conjuncture of global economic crisis. However, such a kind of crisis implies an indirect manifestation of Marx’s “law”.