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2020 | Book

Introductory Chapter Read chapter Read first chapter

The New Political Economy of Greece up to 2030

Author: Prof. Panagiotis E. Petrakis

Publisher: Springer International Publishing

Book Series : The Political Economy of Greek Growth up to 2030

Part of: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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About this book

This book not only analyzes and evaluates the current state of economic growth and development in Greece, but also investigates the potential for growth and development in the mid- to long-term horizon. This book presents a unique theoretical framework drawing on structural elements of political economy such as institutions, cultural background, and the complex nature of politics and political power, as well as neoclassical economics and behavioral economics. The first part of the book introduces readers to some key concepts of normative analysis from a theoretical and methodological perspective, presents the relation between theory and policy, placing the Greek economy within the framework of the Eurozone, and provides the political economy of integrated growth and development in Greek economy. The second part of the book describes the current condition of Greece in the global economy and attempts to detect the major social, economic and political trends that will prevail in the Greek society, while pointing the challenges that the Greek economy will face across the coming decade by taking into account the Covid-19 crisis. The third part of the book provides an overview of growth and development theory as specifically applied to Greece, focusing on the endogenous forces driving the economy, and portrays how the 2008 financial crisis and the crisis of Covid-19 transformed the framework of Greek growth and development policy, to the ground of a new consolidated situation of low growth, low inflation and low employment in the case of Greek economy.

Table of Contents

Frontmatter

The Theoretical Principles of Integrated Growth and Development of the Greek Economy

Frontmatter
Chapter 1. Introductory Chapter
Abstract
This chapter has an introductory character, giving the reader useful conceptual and methodological tools for understanding the author’s point of view in terms of the analysis of subject matter with which the political economy of Greek development and growth is approached. More particularly, the basic assumptions and fundamental principles on which this book is based on are presented, while, at the same time, emphasizing the role of the ideological and theoretical background, and also the importance of the cultural dimension of expectations and predictions in economic theory and politics. Therefore, the ultimate goal of this chapter is to facilitate the reader into developing his own perspective and critical ability to evaluate the subject matter of the book.
Panagiotis E. Petrakis
Chapter 2. Theory and Policy
Abstract
One of the main concerns surrounding the functioning of the political system is its responsibility to select and implement an appropriate economic model. However, the relationship between economic theory and the formation of economic policy is characterized by complexity and interactions, as the specific conditions prevailing in an economy also determine the context in which an economic policy is designed and implemented. This chapter analyzes concerns surrounding the relationship between theory and politics, the impact of the political and economic context on social well-being, and the role of institutions and culture in the development process. In particular, emphasis is placed on the interconnection of governance systems, democracy, populism, and reform processes with the formation of economic policy and growth.
Panagiotis E. Petrakis
Chapter 3. The Greek Economy as a Eurozone Member
Abstract
This chapter analyzes the context within which European economies operate as members of the economic and monetary union of the eurozone, with an emphasis on the Greek economy, highlighting the limitations placed on the formation and exercise of economic policy and its degree of interdependence between European economies. In particular, the effects of monetary integration in Europe and the mechanism for drafting economic policy in the eurozone are analyzed, as opposed to the current economic policy framework of EU countries which do not follow an adjustment program compared to countries committed to fiscal adjustment schemes. Finally, the EU’s adjustment to conditions after the 2008 crisis and the Covid-19 crisis is emphasized, analyzing their impact on the European economy.
Panagiotis E. Petrakis
Chapter 4. Political Economy of Integrated Growth and Development for the Greek Economy
Abstract
This chapter introduces the reader to the concept of the political economy of development and growth used in this book, as well as the following books, with regard to the analysis of the Greek economy, presenting the fundamental axes on which the author’s approach is based: sustainable development, sustainable governance, inclusive growth, social behaviors that are friendly to development and, finally, dynamic growth. The analysis extends to basic conceptual categories of Greek development and growth, while at the same time it analyzes the importance of a comprehensive understanding of development and growth for the Greek economy.
Panagiotis E. Petrakis

The Inevitable Future Trends in the World Economy and the Position of the Greek Economy

Frontmatter
Chapter 5. The Greek Economy in the World
Abstract
In this chapter, an attempt is made to determine the Greek economy’s initial position in the global economic structure, capturing the key features of the Greek economy in relation to the international environment and referring to Greek and global developments after the great recession caused by Covid-19. This is considered appropriate in order to identify the prospects of the Greek economy in light of the study of alternative scenarios regarding its future course. Also, in order to give a more complete picture, the analysis is extended to the point where socioeconomic conditions affect the relative level of happiness of Greek citizens, which is the final target in terms of the efficiency of the economic system.
Panagiotis E. Petrakis
Chapter 6. The Major Macrosocial Trends
Abstract
The trends that will shape the future are related to wider social, economic, and political changes. This chapter presents the major macroeconomic trends expected to change the social structure, and at the same time change economic conditions, and therefore the level of human prosperity. Firstly, it looks at how Covid-19 can affect global developments, accelerate pre-existing trends, or even radically altering terms of change, while then analyzing general macroeconomic trends: urbanization, demographic, and migration changes, the 4th industrial revolution, climate change, developing globalization, and global structural changes. This chapter is the first part of an analysis on broader megatrends, with the next two focusing on the economic and political field.
Panagiotis E. Petrakis
Chapter 7. The Major Macroeconomic Trends
Abstract
This chapter presents the major macroeconomic trends that are expected to have a decisive impact on the future world, shaping conditions for change in the Greek economy and, therefore, conditions for its development and growth. Initially, it is considered appropriate to analyze pessimistic and optimistic views of the sources of growth, taking into account the effect of Covid-19. Then, the main economic megatrends related to debt development are looked at, as well as financial instability, low productivity, developments on economic convergence, high levels of uncertainty, and productive structural change. Finally, the macroeconomic effects of Covid-19 are analyzed, emphasizing its role as an accelerator and amplifier of every observed trend in the economy.
Panagiotis E. Petrakis
Chapter 8. Political Megatrends
Abstract
Politics precedes the economy as critical decisions are made at a political level. This assumption requires determining the most important political changes and trends being observed as they directly affect decisions on economic development. Initially, this chapter presents the major political trends, which relate to the redistribution of income and wealth, the role of privacy and the middle-class and changes in social behavior, which are associated with complex and changing social and economic trends. Then, we analyze the way in which political behavior evolves in modern changing societies, but also the mixed-effects Covid-19 had on it, differentiating all the observed trends above. Thus, the chapter also focuses on the effects that Covid-19 has both on a political and cultural level.
Panagiotis E. Petrakis

Sources of Growth and Development Policy in the Age of Global Low Growth and Low Inflation

Frontmatter
Chapter 9. Sources of Growth and Development Policy in the Greek Economy
Abstract
This chapter identifies sources that affect the process of economic growth, separating them into those where economic development policies cannot directly and efficiently intervene, fundamental or deep sources, with those that can intervene, i.e., in suitable/direct or “underlying” sources of development policy, proximate sources. Furthermore, the issue of applying development theory and growth in the Greek economy is raised, examining the Solowian concept of growth, thanks to its catalytic effect on macroeconomic thinking, while at the same time presenting the concept of balanced and unbalanced development. Finally, Lucas’s paradox is examined in the process of economies converging and the international movement of capital, in reference to the Greek economy.
Panagiotis E. Petrakis
Chapter 10. The Endogenous Logic of Growth in the Greek Economy
Abstract
Technological change and especially the need for interpreting and rationalizing it is the starting point for the further development of the growth theory. The prevailing view in the economics of growth until the 1980s concerning exogenous technology was a structural weakness of growth model, as in fact this hypothesis does not seem to reflect the process of technological change. Thus, the notion of growth was founded that is based on the endogenousization of the factor of technology. The purpose of the chapter is to explore the conditions for the application of endogenous thinking in the Greek economy through the citation of the theoretical background of endogenous models, the analysis of the concept, the evolution of productivity, and the examination of the complexity of economies.
Panagiotis E. Petrakis
Chapter 11. Monetary, Fiscal, and Structural Policy in the European and Greek Economy
Abstract
The chapter deals with the potentiality of economic policy in the era of low growth and low inflation through its three channels, monetary, fiscal, and structural policy. Of course, the Greek economy, as a member of the Eurozone, does not have the ability to pursue an independent monetary policy, but an examination of this area helps to draw necessary conclusions. The exit from the fiscal adjustment programs and the long-term supervision of the Greek economy provide larger potential, but at the same time major restrictions on fiscal policy continue to exist. Adversely, the structural policy has a greater capability for implementation. Furthermore, the chapter examines economic policy in the Eurozone until the emergence of Covid-19, while for the post-Covid-19 era, the impact of the pandemic crisis on economic theory and politics is assessed.
Panagiotis E. Petrakis
Chapter 12. Economic and Development Policy in the Age of Low Growth Rates, Low Inflation, and Low Employment in the Greek Economy Until 2019
Abstract
The chapter deals with the potentiality of economic policy in the era of low growth and low inflation through its three channels, monetary, fiscal, and structural policy. Of course, the Greek economy, as a member of the Eurozone, does not have the ability to pursue an independent monetary policy, but an examination of this area helps to draw necessary conclusions. The exit from the fiscal adjustment programs and the long-term supervision of the Greek economy provide larger potential, but at the same time major restrictions on fiscal policy continue to exist. Adversely, the structural policy has a greater capability for implementation. Furthermore, the chapter examines economic policy in the Eurozone until the emergence of Covid-19, while for the post-Covid-19 era, the impact of the pandemic crisis on economic theory and politics is assessed.
Panagiotis E. Petrakis
Chapter 13. The Vulnerability of the Greek Economy and the Recovery Requirements After Covid-19
Abstract
This chapter concludes the first of a series of books, The Political Economy of Greek Growth up to 2030, focusing on the appearance and effects of Covid-19, with the aim of identifying key forecasts for the Greek economy. In order to achieve this, developments brought about by the pandemic crisis in the world economy are examined, based on the nature of its deep and rapid impact and its accelerating and strengthening properties, the channels via which the consequences reach the Greek economy are described, the policies to handle the crisis as well as the evolution of the epidemiological and economic curve in Greece. The vulnerability of the Greek economy regarding coronavirus is pointed out, as well as the recovery requirements until 2030. Finally, the main points of Covid-19’s political economy in the Greek economy are analyzed.
Panagiotis E. Petrakis
Backmatter
Metadata
Title
The New Political Economy of Greece up to 2030
Author
Prof. Panagiotis E. Petrakis
Copyright Year
2020
Electronic ISBN
978-3-030-47075-3
Print ISBN
978-3-030-47074-6
DOI
https://doi.org/10.1007/978-3-030-47075-3