History of Economic Crises

Course Information
TitleΙστορία των Οικονομικών Κρίσεων / History of Economic Crises
FacultyEconomic and Political Sciences
SchoolPolitical Sciences
Cycle / Level1st / Undergraduate, 2nd / Postgraduate
Teaching PeriodWinter
CoordinatorSpyros Marchetos
Course ID100001328

Programme of Study: UPS School of Political Sciences (2014-today)

Registered students: 79
OrientationAttendance TypeSemesterYearECTS
CoreElective CoursesWinter-4

Class Information
Academic Year2016 – 2017
Class PeriodWinter
Faculty Instructors
Weekly Hours3
Total Hours39
Class ID
Type of the Course
  • Scientific Area
Course Category
Specific Foundation / Core
Mode of Delivery
  • Face to face
The course is also offered to exchange programme students.
Language of Instruction
  • Greek (Instruction, Examination)
  • English (Examination)
  • French (Examination)
General Prerequisites
Introduction to Political Economy
Learning Outcomes
Upon the systematic attendance and completion of the course, students will be able to understand, analyze, interpret and assess: 1) The major economic crises in the history of the last four centuries. 2) The economic crisis theories of Marx, Schumpeter, Hayek, Keynes, Polanyi, Friedman and Minsky. 3) The nature and causes of the current global economic crisis. 4) The economic policies used globally to address this crisis, along with the effects of these policies.
General Competences
  • Apply knowledge in practice
  • Retrieve, analyse and synthesise data and information, with the use of necessary technologies
  • Work autonomously
  • Work in teams
  • Be critical and self-critical
  • Advance free, creative and causative thinking
Course Content (Syllabus)
The global economy is experiencing the biggest crisis of the last eighty years. The crisis started in late 2007 as a financial crisis of Wall Street and then turned to a Great Recession of the global real economy with negative GDP growth and high levels of unemployment. In times of serious economic crises policy makers are de facto turning to the domains of Theory and History to derive useful lessons on how to deal with the crisis. This composite course seeks to draw such lessons from the fields of history and theory of financial crises.
Educational Material Types
  • Notes
  • Slide presentations
  • Video lectures
  • Book
Use of Information and Communication Technologies
Use of ICT
  • Use of ICT in Course Teaching
  • Use of ICT in Communication with Students
Additional electronic material on the Internet.
Course Organization
Reading Assigment
Written assigments
Student Assessment
Students' assessment is the outcome of the final exam (50% of the total mark) and the essay project or participation to the debate (50% of the total mark).
Student Assessment methods
  • Written Exam with Extended Answer Questions (Formative)
  • Written Assignment (Formative)
  • Performance / Staging (Formative)
  • Debate (Formative)
Course Bibliography (Eudoxus)
1) Επιστημονική Εταιρεία Πολιτικής Οικονομίας (2011). Οικονομική Κρίση και Ελλάδα. Αθήνα: Εκδόσεις Gutenberg. 2) Robert Heilbroner & William Mildberg (2010). Η Γένεση της Οικονομικής Κοινωνίας. Αθήνα: Εκδόσεις Κριτική.
Additional bibliography for study
Allen, F., Carletti, E. & Corsetti, G. (eds.) (2011). Life in the Eurozone with or without Sovereign Default? Philadelphia: FIC Press. http://www.coll.mpg.de/sites/www.coll.mpg.de/files/biblio/eurozone.pdf Askenazy, P. & Cohen, D. (2010). Οικονομική Κρίση: Αίτια και Προοπτικές. Αθήνα: Εκδόσεις Πόλις. Askenazy, P. et al. (2011). Μανιφέστο των Ανήσυχων Οικονομολόγων - Κρίση και χρέη στην Ευρώπη: 10 Μύθοι και 22 Μέτρα που Προτείνουμε για να Βγούμε από το Αδιέξοδο. Αθήνα: Εκδόσεις Πόλις. Auerback, M, and R. Parenteau (2011). “The Myth of the Greek Profligacy and the Faith Based Economics of the ‘Troika’”, Ecomonitor, October 27. Baker, D. (2006). The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer. Washington: Center for Economic and Policy Research. http://www.conservativenannystate.org/cnswebbook.pdf Βαρουφάκης, Γ. (2012). Παγκόσμιος Μινώταυρος: Οι Πραγματικές Αιτίες της Κρίσης. Αθήνα: Εκδόσεις Λιβάνη. Βατικιώτης, Λ. et al. (2010). Ο Χάρτης της Κρίσης – Το Τέλος της Αυταπάτης. Αθήνα: Εκδόσεις Τόπος. Βεργόπουλος, Κ. (2011). Μετά το Τέλος: Η Οικονομία της Καταστροφής και η Επόμενη Μέρα. Αθήνα: Εκδόσεις Λιβάνη. Bernanke, B. (2000). Essays on the Great Depression. Princeton University Press. Βλάχου, Α., Ν. Θεοχαράκης και Δ. Μυλωνάκης (επιμ.) (2011). Οικονομική Κρίση και Ελλάδα. Αθήνα: Εκδόσεις Gutenberg – Επιστημονική Εταιρεία Πολιτικής Οικονομίας. Blyth, M. (2013). «Η αυταπάτη της λιτότητας: γιατί μια κακή ιδέα επικράτησε στη Δύση». Foreign Affairs, 2 Αυγούστου. http://www.foreignaffairs.gr/articles/69420/mark-blyth/i-aytapati-tis-litotitas Brandeis, L. (1914). Other People’s Money - and How the Bankers Use It. http://www.law.louisville.edu/library/collections/brandeis/node/191 Braudel, F. (1992). Η Δυναμική του Καπιταλισμού. Αθήνα: Εκδόσεις Αλεξάνδρεια. Brender, A. & Pisani, F. (2009). Globalized Finance and Its Collapse. Brussels: Dexia. http://www.iepecdg.com.br/uploads/livros/Brender_PisaniGlobalised_finance.pdf Chancellor, E. (1999). Devil Take the Hindmost: A History of Financial Speculation. London: Macmillan. ——— (2000). Η Άνοδος και η Πτώση των Χρηματιστηρίων: Μια Συνοπτική Ιστορία της Κερδοσκοπίας. Αθήνα: Εκδοτικός Οργανισμός Λιβάνη. De Grauwe, P. (2011). “The Governance of a Fragile Eurozone”. University of Leuven and CEPS, Working Paper, April. Den Haan, W. (2011). “Why do we need a financial sector?” VoxEU.org, October 24. http://www.voxeu.org/index.php?q=node/7149 Δουράκης, Γ. (2004). «Τέλος Εποχής…». Πρόλογος στο: Γ. Δουράκης (2004). Ψηφιακή Τεχνολογία και Οικονομική Δυναμική. Αθήνα: Εκδόσεις Παπαζήση. ——— (2010). «Παγκόσμια Οικονομική Κρίση και Οικονομικές Πολιτικές: Επιστροφή του John Maynard Keynes;». Στο Global Crisis and Economic Policy, Proceedings of the 11th International Conference of the Economic Society of Thessaloniki. Θεσσαλονίκη: Εκδόσεις ΑΤΕΙ, 2011. ——— (2011). «Από την Πιστωτική Κρίση των Τραπεζών στη Δημοσιονομική Κρίση των Κρατών», στο: Bitzenis, A. et al. (eds.) (2012). Proceedings of the International Conference on International Business (ICIB), Thessaloniki, 19-21 May 2011. Εκδόσεις Παρατηρητής της Θράκης, σσ. 164-178. http://www.icib.eu/files/Download/icib2011pdf.pdf ——— (2012). Διανομή του Εισοδήματος και Παραγωγικότητα ως Κοινωνικός Συσχετισμός Δύναμης: Κριτική Ανασύνθεση της Θεωρίας «Σύνθλιψης των Κερδών». Θεσσαλονίκη: Θύραθεν. Dourakis, G. (2014). “Doomed to Failure: The EU’s Role in the Greek Debt Crisis”. In The Great Catalyst: European Union Project and Lessons from Greece and Turkey, edited by B. Temel. Lanham, MD: Lexington Books. Δουράκης, Γ. & Γ. Χατζηκωνσταντίνου (2008). «Ο Αντιφιλελεύθερος και Αναχρονιστικός Χαρακτήρας του Νεοφιλελεύθερου Εκσυγχρονισμού: Μια Πολανιοκεϊνσιανή Ανάλυση». Στο Γ. Δουράκης et al. (2008). Εναλλακτικές Προσεγγίσεις της Ανάπτυξης. Αθήνα: Εκδόσεις Πατάκης. Dunaway, S. (2009). Global Imbalances and the Financial Crisis. Council on Foreign Relations, Center for Geoeconomic Studies, Special Report No 44, March. http://Global_Imbalances_CSR44.pdf Eichengreen, B. (2010). “Macroeconomic and Financial Policies Before and After the Crisis”. EWC/KDI Conference on Global Economic Crisis, Paper No 7. Honolulu, Hawaii, 19–20 August. Epstein, G. (ed.) (2005). Financialization and the World Economy. Northampton: Edward Elgar. Ferguson, N. (2009). The Ascent of Money: A Financial History of the World. New York: Penguin Books. Financial Crisis Inquiry Commission (2011). The Financial Crisis Inquiry Report on the Causes of the Financial and Economic Crisis in USA. New York: PublicAffairs. Fisher, I. (1933). “Debt Deflation Theory of Economic Depressions”. Econometrica, 1 (4): 337- 57. Foster, J.-B. (2007). “The Financialization of Capitalism”. Monthly Review, April Issue. ——— (2008). “The Financialization of Capital and the Crisis”. Monthly Review, April Issue. Foster, J.-B. and Magdoff, F. (2009). The Great Financial Crisis: Causes and Consequences. New York: Monthly Review Press. Freedman, M. & A. Schwartz (1971). A Monetary History of the United States, 1867-1960. Princeton: Princeton University Press, 1971. Furceri, D. & Zdzienicka. A. (2010). “The Consequences of Banking Crises for Public Debt”. OECD Economics Department Working Papers, No. 801. OECD Publications. Galbraith, J. K. (1954). The Great Crash of 1929. New York: Houghton Mifflin. ——— (1993). A Short History of Financial Euphoria. London: Penguin Books. Gallagher, K. et al. (2012). Regulating Global Capital Flows for Long-Run Development. Pardee Center Task Force Report. Boston University, March. http://www.bu.edu/pardee/files/2012/03/RegulatingCapitalTF-March2012.pdf Garber, P. (2001). Famous First Bubbles: The Fundamentals of Early Manias. Cambridge: MIT Press. Greenspan, A. (2013). «Ποτέ δεν το είδα να έρχεται: γιατί η οικονομική κρίση κατέλαβε τους οικονομολόγους εξαπίνης». Foreign Affairs, 23 Δεκεμβρίου. http://www.foreignaffairs.gr/articles/69628/alan-greenspan/pote-den-to-eida-na-erxetai%E2%80%A6 Guttmann, R. (2007). “The Collapse of Securitization: From Subprimes to Global Credit Crunch”. Lettre du CEPN, No 2. Handler, H., B. Koebel, P. Reiss, and M. Schratzenstaller (2004). “The Size and Performance of Public Sector Activities in Europe”. European Commission’s Competitiveness Report, 2004. Hayes, C. (2009). “Are Depressions Necessary?”. The American Prospect, July 10. Henwood, D. (1998). Wall Street: How It Works and for Whom. London: Verso. http://www.wallstreetthebook.com/WallStreet.pdf Hobsbawm, E. (1997). Η Εποχή των Επαναστάσεων, 1789-1848. Αθήνα: Μορφωτικό Ίδρυμα Εθνικής Τραπέζης. ——— (1994). Η Εποχή του Κεφαλαίου, 1848-1875. Αθήνα: Μορφωτικό Ίδρυμα Εθνικής Τραπέζης. ——— (1994). Η Εποχή των Άκρων: Ο Σύντομος Εικοστός Αιώνας 1914-1991. Αθήνα: Εκδόσεις Θεμέλιο. ——— (2000). Η Εποχή των Αυτοκρατοριών, 1875-1914. Αθήνα: Μορφωτικό Ίδρυμα Εθνικής Τραπέζης. ——— (2000). Στους Ορίζοντες του 21ου Αιώνα: Μετά την Εποχή των Άκρων. Αθήνα: Εκδόσεις Θεμέλιο. Hilferding, R. (1910). Finance Capital: A Study in the Latest Phase of Capitalist Development. London: Routledge & Kegan Paul [1985]. IMF (2008). Global Financial Stability Reportt: Containing Systemic Risks and Restoring Financial Soundness. Washington DC, April. ——— (2009). “Fiscal Implications of the Global Economic and Financial Crisis”. IMF Staff Position Note, SPN/09/13, June 9. ——— (2009). “The State of Public Finances Cross-Country Fiscal Monitor: November 2009”. IMF Staff Position Note, SPN/09/25, November 3. ——— (2010). World Economic Outlook: Recovery, Risk and Rebalancing. Washington, D.C.: IMF Publications, October 2010. ——— (2011). “Global Recovery Advances but Remains Uneven”. World Economic Outlook Update, January 25. Janeway, W. (2013). Η επόμενη οικονομική φούσκα. Foreign Affairs, 30 Αυγούστου. http://www.foreignaffairs.gr/articles/69452/william-h-janeway/i-epomeni-oikonomiki-foyska Καρακατσάνης, Γ. (2012). «Η Κρίση της Τουλίπας του 1637». Oikonomica, 14 Ιανουαρίου. http://oikonomica.wordpress.com/2012/01/14/tulip_mania/ ——— (2012). «Η Φούσκα των Νοτίων Θαλασσών του 1720». Oikonomica, 22 Ιανουαρίου. http://oikonomica.wordpress.com/2012/01/22/the_south_sea_bubble/ Keynes, J. M. (1919). The Economic Consequences of the Peace. http://socserv2.mcmaster.ca/econ/ugcm/3ll3/keynes/pdf%26filename%3Dpeace3.pdf ——— (1936). The General Theory of Employment, Interest and Money. http://innovbfa.viabloga.com/files/JM_Keynes___Livre___The_general_theory_of_employment_interest_and_money___1936.pdf Kindleberger, C. (1978). Manias, Panics, and Crashes: A History of Financial Crises. New York: Basic Books. ——— (1986). The World in Depression, 1929–1939. Berkeley: University of California Press. Kinsella, S. (2011). “What the EU Should Learn From Ireland's Austerity Fiasco”. Foreign Affairs, December 13. http://www.foreignaffairs.com/features/letters-from/what-the-eu-should-learn-from-irelands-austerity-fiasco?page=show Kinsella, S. (2011). «Το μάθημα για την ΕΕ από το φιάσκο της Ιρλανδικής λιτότητας». Foreign Affairs – The Hellenic Edition, 13 Δεκεμβρίου. http://foreignaffairs.gr/articles/68582/stephen-kinsella/to-mathima-gia-tin-ee-apo-to-fiasko-tis-irlandikis-litotitas Krippner, G. (2005). “The Financialization of the American Economy”. Socio-economic Review, 3(2): 173-208. Krugman, P. (2009). Η Κρίση του 2008 και η Επιστροφή των Οικονομικών της Ύφεσης. Αθήνα: Εκδόσεις Καστανιώτη. ——— (2011). “Can Europe Be Saved?”. New York Times Magazine, January 12. Kubsch, S. (2009). “Shadow Economy Defies Crisis: Year-end Note with a Wry Pitch”. Think Tank of Deutsche Bank Group – Deutsche Bank Research, December 21. Λαπαβίτσας, Κ. (επιμ.) (2010). 2010 Κρίση της Ευρωζώνης: Φτώχεια του Δυνατού, Πτώχευση του Αδύνατου. Αθήνα: Εκδόσεις Νόβολι. Λαπαβίτσας, Κ. et al. (2010). Η Ευρωζώνη ανάμεσα στη Λιτότητα και την Αθέτηση Πληρωμών. Αθήνα: Εκδόσεις Λιβάνη. Lapavitsas, C. et al. (2010). The Eurozone between Austerity and Default. Research on Money and Finance, Occasional Report, September. http://www.researchonmoneyandfinance.org/media/reports/RMF-Eurozone-Austerity-and-Default.pdf Lehndorff, S. (ed.) (2012). A Triumph of Failed Ideas: European Models of Capitalism in the Crisis. Brussels: European Trade Union Institute. http://A_triumph_of_failed_ideas_WEB.pdf Lewis, M. (2010). Το Μεγάλο Σορτάρισμα: Ποντάροντας στην Οικονομική Καταστροφή. Αθήνα: Εκδόσεις Παπαδόπουλος. Magdoff, H. & Sweezy, P. (1987). Stagnation and Financial Explosion. New York: Monthly Review Press. Μαρκεζίνης, Β. (2011). Η Ελλάδα των Κρίσεων. Αθήνα: Εκδόσεις Λιβάνη. Matthijs, M. & M. Blyth (2011). “Why Only Germany Can Fix the Euro: Reading Kindleberger in Berlin”. Foreign Affairs, November 17. http://www.foreignaffairs.com/articles/136685/matthias-matthijs-and-mark-blyth/why-only-germany-can-fix-the-euro ——— (2011). «Οι Ευθύνες της Γερμανίας για την Κρίση του Ευρώ». Foreign Affairs – The Hellenic Edition, 22 Νοεμβρίου. http://foreignaffairs.gr/articles/68549/matthias-matthijs-kai-mark-blyth/oi-eythynes-tis-germanias-gia-tin-krisi-toy-eyro?page=show Mattick, P. (1969). Marx and Keynes: The Limits of the Mixed Economy. Boston: Extending Horizons Books/Porter Sargent Publisher. http://www.marxists.org/archive/mattick-paul/1969/marx-keynes/index.htm ——— (1978). Μαρξ και Κέυνς: Τα Όρια της Μικτής Οικονομίας. Αθήνα: Εκδόσεις Οδυσσέας. McKinsey Global Institute (2010). “Debt and Deleveraging: The Global Credit Bubble and its Economic Consequences”. Milios, J. & D. Sotiropoulos (2010) “Crisis of Greece or crisis of the euro? A view from the European «periphery»”, Journal of Balkan and Near Eastern Studies, 12 (3): 275–92. Minsky, H. (1975). John Maynard Keynes. Columbia University Press. ——— (1982). Can "It" Happen Again? Essays on Instability and Finance. New York: Sharpe. ——— (1986). Stabilizing an Unstable Economy. New Haven: Yale University Press. ——— (1987). “Securitization”. The Levy Economics Institute, Policy Note, 2008/2. Mitchell, L. (2008). The Speculation Economy: How Finance Triumphed Over Industry. San Francisco: Berrett-Koehler Publishers. Νεγρεπόντη-Δελιβάνη, Μ. (2007). Μεταρρυθμίσεις: Το Ολοκαύτωμα των Εργαζομένων στην Ευρώπη. Αθήνα: Εκδόσεις Λιβάνη. ——— (2010). Η Φονική Κρίση και η Ελληνική Τραγωδία. Αθήνα: Εκδόσεις Λιβάνη. Newman, A. (2011). “The Greek Haircut and Europe’s Shared Responsibility”. Foreign Affairs, November 15. http://www.foreignaffairs.com/articles/136672/abraham-newman/the-greek-haircut-and-europes-shared-responsibility?page=show ——— (2011). «Το Ελληνικό Κούρεμα και η Συνυπευθυνότητα της Ευρώπης». http://www.foreignaffairs.gr/articles/68538/abraham-newman/to-elliniko-%C2%ABkoyrema%C2%BB-kai-i-synypeythynotita-tis-eyropis O’Connor, J. (1973). Η Οικονομική Κρίση του Κράτους. Αθήνα: Εκδόσεις Παπαζήση [2003]. OECD (2008). Growing Unequal? Income Distribution and Poverty in OECD Countries. OECD Publications. http://www.oecd.org/dataoecd/46/12/41528393.pdf Palley, T. (2007). “Financialization: What It Is and Why It Matters”. The Levy Economics Institute, WP No 525. ——— Palley, T. (2011). “The Contradictions of Export-led Growth”. Levy Economics Institute of Bard College, Public Policy Briet, No 119. http://www.levyinstitute.org/pubs/ppb_119.pdf Papadimitriou, D., L.R. Wray, and Y. Nersisyan (2010). “Endgame for the Euro? Without Major Restructuring the Eurozone is Doomed”. Levy Economics Institute of Bard College, Public Policy Brief, No 113A. https://www.econstor.eu/dspace/bitstream/10419/54274/1/651685397.pdf Philippon, T. (2011). “Has the finance industry become less efficient? Or Where is Wal-Mart when we need it?”. VoxEU.org, December 2. http://www.voxeu.org/index.php?q=node/7376# Pisani-Ferry, J. (2011). “The euro crisis and the new impossible trinity”. AEEF Conference “Impact of Eurozone Debt Crisis on East Asian Countries”, Seoul, December 8-9. http://www.bruegel.org/fileadmin/bruegel_files/Events/Event_materials/AEEF_Dec_2011/Jean_Pisani-Ferry_PAPER.pdf Posner, R. (2009). A Failure of Capitalism: The Crisis of 2008 and the Descent into Depression. Cambridge: Harvard University Press. ——— (2009). “How I Became a Keynesian: Second Thoughts in the Middle of a Crisis”. The New Republic, September 23. Rajan, R. (2010). Fault Lines: How Hidden Fractures Still Threaten the World Economy. Princeton: Princeton University Press. Reinhart, C. & V. Reinhart (2008). “From Capital Flow Bonanza to Financial Crash”. Vox, October 23. http://www.voxeu.org/index.php?q=node/2478 Roche, M. (2011). Η Τράπεζα: Πώς η Goldman Sachs Κυβερνά τον Κόσμο. Αθήνα: Εκδόσεις Μεταίχμιο. Roubini, N. & Mihm, S. (2010). Η Οικονομία της Κρίσης: Μάθημα Εκτάκτου Ανάγκης για το Μέλλον του Χρήματος. Αθήνα: Εκδόσεις Πατάκη. Sachs, J. (2011). “The Global Economy’s Corporate Crime Wave”. Project Syndicate, April 30. http://www.project-syndicate.org/commentary/the-global-economy-s-corporate-crime-wave Shiller, R. (2000). Irrational Exuberance. Princeton, NJ: Princeton University Press. ——— (2002). Χρηματιστηριακή Χίμαιρα: Παράλογη Ευφορία. Αθήνα: Εκδόσεις Λιβάνη. ——— (2008). The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It. Princeton: Princeton University Press. ——— (2010). “What Would Roosevelt Do”. 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