The International Economic Crisis

  • Spyros Sakellaropoulos


The 2008 global crisis was a result of the fact that since the previous crisis of 1973 and its aftermath it has not been possible to return to the previous levels of profitability; however, many different methods have been tried (salary reduction, adoption of new norms in labour relations, utilization of new technologies and financialization of economies). The bubble that was generated by financialization has had very great consequences, which indeed started with the United States but quickly spread to the EU and the European Monetary Union, imposing oppressive limits on the functioning of the European economy and exerting even greater pressure on less developed capitalist countries such as Greece.


  1. Brenner R., 2009, “What is good for Goldman Sachs is good for America. The origins of the current crisis”, pp. 1–76, file:///C:/Users/user/Desktop/spiros%20back-up/Spiros/epistimi/arthra/BrennerCrisisTodayOctober2009.pdf, accessed on 19/1/2018.Google Scholar
  2. Chesnais F., 2016, Finance capital today. Corporations and banks in the lasting global slump, Leiden-Boston: Brill.Google Scholar
  3. Dumenil G. and D. Levy, 2011, The crisis of neoliberalism, Cambridge Massachusetts: Harvard University Press.Google Scholar
  4. Felkerson J., 2011, $29,000,000,000,000: a detailed look at the Fed’s bailout by funding facility and recipient, Levy Economics Institute, Working Paper no 698, pp. 1–36.Google Scholar
  5. Fine B., 2011, “Beyond financialization”, in Vlahou A., N. Theoharakis and D. Mylonakis (eds.) Economic crisis and Greece, Athens: Gutenberg, pp. 19–36 (in Greek).Google Scholar
  6. Garganas P., 2010, “Crisis: from the banks to the whole economy, ideology and politics”, in M. Stylou et al. The Greek Capitalism, the Global Economy and the Crisis, Athens: Marxistiko Bibliopoleio, pp. 38–50 (in Greek).Google Scholar
  7. Gogas P. and E. Takli, 2014, “The framework of the World Economic Crisis”, in S. Roukounas and P. Sklias (eds.) The Greek Economy from the EMU to the Bailout, Athens: Livanis, pp. 321–338 (in Greek).Google Scholar
  8. Harvey D., 2010, The enigma of capital and the crisis of capitalism, New York: Oxford University press.Google Scholar
  9. INE-GSEE (Ιnstitute of Labour—Greek General Confederation of Labour), 2009, The Greek Economy and Employment. Annual Report 2009, Athens: Institute of Labour—Greek General Confederation of Labour (in Greek).Google Scholar
  10. Lapatsioras S. and G. Milios, 2008, “Financial Crisis and ‘economic regulation’”, Second Part, Theseis no 104,, accessed on 23/1/2018.
  11. Lapavitsas C. et al., 2010, Eurozone Crisis: Beggar thyself and beggar neighbor, Research on Money and Finance,, accessed on 7/5/2018 and not Lapavitsas 2010.
  12. Lapavitsas C. et al., 2012, Crisis in the Eurozone, London: Verso.Google Scholar
  13. Lapavitsas C., 2013, Profiting without producing, how finance exploits us all, London and New York: Verso.Google Scholar
  14. Laskos C. and T. Tsakalotos, 2012, Without Return, Athens: Kapsimi (in Greek).Google Scholar
  15. Lenin V.I., 1916, Imperialism, the highest stage of capitalism. A popular outline,, accessed on 23/12/18.
  16. Maniatis T., 2013, “Accumulation of Capital and Crisis in Global and Greek Economy: a Marxist approach”, in Group of Marxist Researches, Marxism and the Greek economic crisis, Athens: Gutenberg, pp. 42–87 (in Greek).Google Scholar
  17. Melas K., 2010, “A first evaluation of the Eurozone and the common currency”, Monthly Review no 64, pp. 22–39 (in Greek).Google Scholar
  18. Melas K., 2011, Contemporary crises of the global financial system (1974–2008), Athens: Livanis (in Greek).Google Scholar
  19. Metaxas G., 2016, Crisis?, Athens: Ekdoseis ton synadelfon (in Greek).Google Scholar
  20. Milios G., 2006, “A Marxist Analysis of Finance and the Question of Commodity Money”, Theseis no 97,, accessed on 23/1/2019.
  21. Norfield T., 2012, “Imperialism by numbers”, accessed on 26/1/2013.
  22. Papadimitriou, Dimitri and Anwar Shaikh, Claudio Dos Santos and Gennaro Zezza, 2005, How Fragile is the US Economy?, Strategic Analysis, February 2005, The Levy Economics Institute of Bard College as cited by Chris Harman, 2008, “From the Credit crunch to the spectre fo the global crisis” International Socialism no 118,, accessed on 10/3/2019.
  23. Roberts M., 2016, The long depression: Marxism and the global crisis of capitalism, Chicago: Haymarket Books.Google Scholar
  24. Selcuk B. and N. Yilmaz, 2011, “The effects of global crisis into Euro region: a case study of Greek crisis”, European Journal of Economic and Political Studies vol. 4 no 2, pp. 49–72.Google Scholar
  25. Soros G., 2008, The new paradigm for financial markets, the credit crisis of 2008 and what it means, New York: Public Affairs.Google Scholar
  26. Tompazos S., 2010, Centrifugal times. The global economic crisis 2007, 2008, 2009, Αthens: Papazisis (in Greek).Google Scholar
  27. Tompazos S., 2018, Global crisis 2007–2017 and patterns of capital reproduction, Αthens: Topos (in Greek).Google Scholar
  28. Tompazos S., 2019, Global crisis and reproduction of capital, London: Palgrave.Google Scholar
  29. Toussaint E., 2017, Τhe public debt. Its history and importance in today’s crisis, Αthens: Red Marks (in Greek).Google Scholar
  30. Varoufakis Y. and V. Missos, 2012, Global Economic Crisis, Athens: INE-GSEE (in Greek).Google Scholar
  31. Varoufakis Y., T. Patokos, L. Tserkezis and C. Koutsopetros, 2011, The economic crisis in Greece and Europe in 2011, Athens: Institute of Labour—Greek General Confederation of Labour (in Greek).Google Scholar
  32. Vlahou A. and G. Lambrinidis, 2011, “Crisis and uneven development in the context of the EMU: The External Trade Balance and the international competitiveness of the Greek Economy”, in Vlahou A., N. Theocharakis and D. Mylonakis (eds.) Economic crisis and Greece, Athens: Gutenberg, pp. 229–255 (in Greek).Google Scholar
  33. Wolff R., 2011, “A Marxist analysis of the crisis”, in Vlahou A., N. Theocharakis and D. Mylonakis (eds.) Economic crisis and Greece, Athens: Gutenberg, pp. 52–72 (in Greek).Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Spyros Sakellaropoulos
    • 1
  1. 1.Department of Social PolicyPanteion UniversityAthensGreece

Personalised recommendations