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.
Author(s): Panagiotis E. Petrakis
Series: The Political Economy of Greek Growth up to 2030
Publisher: Palgrave Macmillan
Year: 2020
Language: English
Pages: 340
City: Cham
Preface
Introduction
Contents
Abbreviations
List of Figures
List of Tables
Part I The Theoretical Principles of Integrated Growth and Development of the Greek Economy
1 Introductory Chapter
1.1 Introduction
1.2 The Methodological Principles
1.3 Basic Assumptions
1.4 Fundamental Analysis Principles
1.5 Ideology, Bias, and Growth
1.6 Forecasts and Future Scenarios
References
2 Theory and Policy
2.1 Introduction
2.2 Economic Theory and Policy
2.3 The Specific Framework Versus Generality in the Theory of Welfare Economics
2.4 Political Systems and Shaping Economic Policy
2.4.1 Pressure Groups, Elite, and Multi-Level Governance
2.4.2 Democracy and Growth
2.4.3 Populism and Growth
2.5 Reforms and Growth
References
3 The Greek Economy as a Eurozone Member
3.1 Introduction
3.2 A Common Currency Union
3.3 Mechanisms Forming Economic Policy in Eurozone
3.4 The Existing Economic Policy Framework of Countries Not Committed to an Adjustment Program
3.5 The Predetermined Economic Policy Framework of Countries Committed to an EU Adjustment Program
3.6 EU Adjustment to the Facts After the 2008 Crisis
3.7 The European Union and Covid-19 Crisis
3.7.1 Fiscal Measures
3.7.2 Currency and Macro-Financial Measures
References
4 Political Economy of Integrated Growth and Development for the Greek Economy
4.1 Introduction
4.2 Revising What Is Relevant for Development and Growth
4.3 Sustainable Development
4.4 Sustainable Governance
4.5 Inclusive Growth
4.6 Social Behavior Friendly Toward Development
4.7 Dynamic Growth and Convergence
4.8 The Importance of Integrated Perception of Development and Growth for the Greek Economy
References
Part II The Inevitable Future Trends in the World Economy and the Position of the Greek Economy
5 The Greek Economy in the World
5.1 Introduction
5.2 The World Depression of Covid-19
5.3 Global and European Economic Developments: 2018–2030
5.4 The Greek Economy in the International Environment
References
6 The Major Macrosocial Trends
6.1 Introduction
6.2 How the Covid-19 Will Change the World
6.3 Trends Shaping the Future and Capitalism
6.4 Urbanization
6.5 Demographic Changes and Population Movements
6.6 Disruptive Technologies and the 4th Industrial Revolution
6.7 Climate Change
6.8 Multipolar World and Globalization
References
7 The Major Macroeconomic Trends
7.1 Introduction
7.2 The Optimistic and Pessimistic Views on Growth Sources
7.3 Debt’s Evolution
7.4 The Inherent Financial Instability
7.5 Growth in Productivity
7.6 Convergences and Divergences in Economic Growth Rates
7.7 Uncertainty
7.8 Structural Changes in Production
7.9 Macroeconomic Consequences of Covid-19
References
8 Political Megatrends
8.1 Introduction
8.2 Inequality and Social Mobility
8.3 The Strengthening of Privacy, the Role of Individual Skills, and the Development of the Middle-Class
8.4 The Cultural Evolution: The Search for Post-materialistic Society
8.5 The Evolution of Political Behavior
8.6 Political and Cultural Effects of Covid-19
References
Part III Sources of Growth and Development Policy in the Age of Global Low Growth and Low Inflation
9 Sources of Growth and Development Policy in the Greek Economy
9.1 Introduction
9.2 The Sources of Growth and Development Policy
9.3 Solowian Growth
9.4 Balanced and Unbalanced Growth in the Greek Economy
9.5 The Paradox of Lucas and the Convergence of Prosperity in the Case of the Greek Economy
References
10 The Endogenous Logic of Growth in the Greek Economy
10.1 Introduction
10.2 Endogeneity and the Greek Economy
10.3 Endogeneity and Productivity in the Greek Economy
10.4 The Complexity of the Economy
References
11 Monetary, Fiscal, and Structural Policy in the European and Greek Economy
11.1 Introduction
11.2 Monetary Policy
11.3 Fiscal Policy
11.4 Structural Policy
11.5 Economic Policy in the Eurozone Until Covid-19
11.6 The Reflection of Covid-19 on Economic Theory and Policy
References
12 Economic and Development Policy in the Age of Low Growth Rates, Low Inflation, and Low Employment in the Greek Economy Until 2019
12.1 Introduction
12.2 Economic Policy with Low Growth, Low Inflation, and Low Employment
12.3 The Case of the Secular Stagnation and Investment-Less Recovery
12.4 The Debt Super-Cycle and Balance Sheet Recession
12.5 Hysteresis and Structural Unemployment in the Greek Economy
12.6 Economic Growth Under Conditions of Low Development, Low Investments, and Low Inflation in the Greek Economy
References
13 The Vulnerability of the Greek Economy and the Recovery Requirements After Covid-19
13.1 Introduction
13.2 The Diffusion Channels of the Economic Impact
13.3 Developments in the World Economy (May 2020)
13.4 The Greek Economy’s Epidemiological and Economic Policy in Covid-19 Crisis
13.5 The Vulnerability of the Economy
13.6 The Epidemiological and Economic Curve in Greece
13.7 Predictions for the Eurozone and Greek Economy
13.8 The Recovery Requirements up to 2030
13.9 The Political Economy in Greece After Covid-19
References
Index
