The Internal Impact and External Influence of the Greek Financial Crisis
This contributed volume explores the political economy and socioeconomic aspects of the Greek Financial Crisis both within the country's borders and as part of the global economy. With chapters authored by international experts, this book examines and exp
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EDITED BY JOHN MARANGOS
The Internal Impact and External Influence of the Greek Financial Crisis
John Marangos Editor
The Internal Impact and External Influence of the Greek Financial Crisis
Editor John Marangos University of Macedonia Thessaloniki, Greece
ISBN 978-3-319-60200-4 ISBN 978-3-319-60201-1 (eBook) DOI 10.1007/978-3-319-60201-1 Library of Congress Control Number: 2017948396 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover image © PeskyMonkey / Getty Images Cover design by Ran Shauli Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Prologue
“If we restrict ourselves to the rationality postulate, if we make that assumption and that assumption alone, the results in terms of operational meaningful theorems will be very puny indeed.” (Papandreou 1950)
The words of Andreas Papandreou are echoed throughout the world suffering the Global Financial Crisis (GFC), constantly reminding us of the inadequacy of orthodox theory. The orthodox theorems are “very puny indeed”, as Andreas, the economist, told us some 70 years ago. The economist Andreas, a stern critic of the orthodox postulates, would not have had been surprised of the GFC and the consequences of the crisis, especially for Greece. The assumption of the rationality postulate of the orthodox economics requires revision or even better abandonment to develop theorems that are realistic and practical. The book by John Marangos as an editor, providing us with a collection of chapters by international, well-respected authors, actually attempts implicitly in the spirit of Andreas Papandreou to achieve this goal set forth. The chapters
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