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: 108
OrientationAttendance TypeSemesterYearECTS
CoreElective CoursesWinter-4

Class Information
Academic Year2017 – 2018
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
  • Book
Use of Information and Communication Technologies
Use of ICT
  • Use of ICT in Course Teaching
Course Organization
Reading Assigment692.5
Written assigments
Student Assessment
Examinations are taken in writing, in Greek or in English. They include three separate questions, which must all be answered. The first two ones, needing lengthier answers, require the use of historical judgment; the third one checks your knowledge of pragmatological matters, and must be answered in order to get the grade 'excellent' (9 or 10 out of 10). Answers must be given in a clear logical structure, with articulated argumentation. They must combine relevant elements from the materials of our Course and the lectures attended, as well as from your general knowledge and your interaction with current affairs. They must show that you studied in depth the issues that we examine in this Course, exercising your judgment and avoiding the use of cliches, stereotypical expressions, or generalities. Essays marked with the grade 'excellent' show a critical spirit and are characterised by clarity and concision. A passing grade requires proven knowledge of the basic pragmatological elements of our Course. Essays not showing a serious study of the required texts fail.
Student Assessment methods
  • Written Exam with Extended Answer Questions (Summative)
  • Debate
Additional bibliography for study
Βιβλιογραφία για μελέτη / Bibliography Giovanni Arrighi, The long twentieth century: money, power, and the origins of our times, Verso, London, New York 1994. George Caffentzis, In Letters of Blood and Fire. Work, Machines, and the Crisis of Capitalism, PM Press, Ώκλαντ, Μπρούκλυν 2013. Bernard Connolly, The Rotten Heart Of Europe. The Dirty War For Europe's Money, Faber and Faber, Λονδίνο, Βοστώνη 1995. Nigel Dodd, The social life of money, Princeton University Press, Princeton, Oxford, 2014. Silvia Federici, Caliban and the Witch. Women, Body, and Primitive Accumulation, Autonomedia, Νέα Υόρκη 2004. Heiner Flassbeck, Costas Lapavitsas, Against The Troika. Crisis And Austerity In The Eurozone, foreword Oskar Lafontaine, preface Paul Mason, afterword Alberto Garzón Espinosa, Verso, London, New York 2015. David Graeber, Debt. The First 5.000 Years, Mellville House, Νέα Υόρκη 2011. Sandy Brian Hager, Public Debt, Inequality, and Power. The Making of a Modern Debt State, University of California Press, Oakland 2016. David Harvey, The New Imperialism, Oxford University Press, Οξφόρδη 2003. David Harvey, A Brief History of Neoliberalism, Oxford University Press, Οξφόρδη 2005. David Harvey, Seventeen Contradictions and the End of Capitalism, Oxford University Press, Oxford, New York 2014. Michael Hudson, The Bubble and Beyond. Fictitious Capital, Debt Deflation and Global Crisis, ISLET-Verlag, Dresden 2012. Greta R. Krippner, Capitalizing on Crisis, The Political Origins of the Rise of Finance, Harvard University Press, Cambridge Massachusetts, London, 2011. Costas Lapavitsas, A. Kaltenbrunner, G. Lambrinidis, D. Lindo, J. Meadway, J. Michell, J.P. Painceira, E. Pires, J. Powell, A. Stenfors, N. Teles, The Eurozone Between Austerity And Default, RMF Occasional Report September 2010, London 2010. Costas Lapavitsas, Profiting Without Producing. How Finance Exploits Us All, Verso, Λονδινο, Νεα Υόρκη 2013. Christina Laskaridis (ed.), False Dilemmas. An Introductory Guide to the Eurozone Debt Crisis, Corporate Watch, Λονδίνο 2014. Thomas Piketty, Capital in the Twenty-First Century, μετάφραση Arthur Goldhammer, The Belknap Press of Harvard University Press, Καίμπριτζ Μασαχουσέτης, Λονδίνο 2014 [2013]. Wolfgang Streeck, Kathleen Thelen, Beyond continuity: institutional change in advanced political economies, Oxford University Press, Νέα Υόρκη 2005. Wolfgang Streeck, Buying Time: The Delayed Crisis of Democratic Capitalism, μετάφραση Patrick Camiller, Verso, Λονδίνο, Νέα Υόρκη 2014. Jan Toporowski, Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics, Anthem Press 2010. Eric Toussaint, Your Money or Your Life! The Tyranny of Global Finance, translation Raghu Krishnan, Vicki Briault Manus, Pluto Press, London 1999. Truth Committee on Public Debt, Preliminary Report. June 2015, Hellenic Parliament, Athens 2015. Truth Committee on Public Debt, Illegitimacy, Illegality, Odiousness and Unsustainability of the August 2015 MoU and Loan Agreement, Hellenic Parliament, Athens 2015. Immanuel Wallerstein, The Modern World-System, vol. I: Capitalist Agriculture and the Origins of the European World-Economy in the Sixteenth Century, Academic Press, Nέα Υόρκη 1974. Immanuel Wallerstein, The Capitalist World-Economy, Cambridge University Press, Cambridge 1979. Immanuel Wallerstein, The Modern World-System, vol. II: Mercantilism and the Consolidation of the European World-Economy, 1600-1750, Academic Press, Nέα Υόρκη 1980. Immanuel Wallerstein, The Modern World-System, vol. III: The Second Great Expansion of the Capitalist World-Economy, 1730-1840's, Academic Press, Nέα Υόρκη 1989. Immanuel Wallerstein, The Modern World-System, vol. IV: Centrist Liberalism Triumphant, 1789-1914, University of California Press, Μπερκλεϋ 2011. Βιβλιογραφία υποβαθρου / Further Reading Perry Anderson, The New Old World, Verso, Λονδίνο, Νέα Υόρκη 2009. Alexander Anievas, Kerem Nişancıoğlu, How the West Came to Rule: The Geopolitical Origins of Capitalism, Pluto Press, London 2015. Bastiaan van Apeldoorn, "Saving Europe for Whom? The Crisis of Neoliberal European Socio-Economic Governance", EUI Alumni Conference, Firenze 2011. Α. Βλάχου, Ν. Θεοχαράκης, Δ. Μυλωνάκης (επιμ.), Οικονομική κρίση και Ελλάδα, Επιστημονική Εταιρεία Πολιτικής Οικονομίας, Gutenberg, Αθήνα 2011. Norberto Bobbio, Left and Right. The Significance of a Political Distinction, Translated and Introduced by Allan Cameron, The University of Chicago Press, Chicago 1996 [1994]. Fernand Braudel, Η δυναμική του καπιταλισμού, μετάφραση Ρίκα Μπενβενίστε, Αλεξάνδρεια, Αθήνα 1992. Geoff Eley, Forging Democracy: The History of the Left in Europe, 1850-2000, Oxford University Press, New York 2002. G. Epstein (ed.), Financialization and the World Economy, Edward Elgar, Northampton 2005. J.-B. Foster, "The Financialization of Capitalism", Monthly Review April 2007. J.-B. Foster, "The Financialization of Capital and the Crisis", Monthly Review April 2008. J.-B. Foster, F. Magdoff, The Great Financial Crisis: Causes and Consequences, Monthly Review Press, New York 2009. Robert Heilbroner, William Mildberg, Η γένεση της οικονομικής κοινωνίας, Κριτική, Αθήνα 2010. Tassos Giannitsis, Stavros Zografakis, Greece: Solidarity and Adjustment in Times of Crisis, Institut für Makroökonomie und Konjunkturforschung/ Macroeconomic Policy Institute, March 2015, at https://goo.gl/YgDtV8 . Judith L. Herman, Trauma and Recovery. The Aftermath of Violence from Domestic Abuse to Political Terror, Basic Books, New York 2015 [1992]. Eric Hobsbawm, Η Εποχή των επαναστάσεων, 1789-1848, Μορφωτικό Ίδρυμα Εθνικής Τραπέζης, Αθήνα 1997. Eric Hobsbawm, Η Εποχή του κεφαλαίου, 1848-1875, Μορφωτικό Ίδρυμα Εθνικής Τραπέζης, Αθήνα 1994. Eric Hobsbawm, Η Εποχή των άκρων: Ο σύντομος εικοστός αιώνας 1914-1991, Μορφωτικό Ίδρυμα Εθνικής Τραπέζης, Αθήνα 1994. Eric Hobsbawm, Η Εποχή των Αυτοκρατοριών, 1875-1914, Μορφωτικό Ίδρυμα Εθνικής Τραπέζης, Αθήνα 2000. Eric Hobsbawm, Στους oρίζοντες του 21ου αιώνα: Μετά την eποχή των άκρων, Μορφωτικό Ίδρυμα Εθνικής Τραπέζης, Αθήνα 2000. Rudolf Hilferding, Finance Capital: A Study in the Latest Phase of Capitalist Development, Routledge & Kegan Paul, London 1985 [1910]. Michael Hudson, Killing the Host. How Financial Parasites and Debt Bondage Destroy the Global Economy, CounterPunch Books, Petrolia 2015. International Monetary Fund, IMF Country Report No.16/130, Greece. Preliminary Debt Sustainability Analysis. Updated Estimates And Further Considerations, International Monetary Fund Publication Services, Washington, September 2016. International Monetary Fund, Debt: Use it Wisely. Fiscal monitor, Ουάσιγκτον, Οκτώβριος 2016. Charles Kindleberger, Manias, Panics, and Crashes: A History of Financial Crises, Basic Books, New York 1978. Charles Kindleberger, The World in Depression, 1929-1939, University of California Press, Berkeley 1986. Κώστας Λαπαβίτσας (επιμ.), 2010 Κρίση της Ευρωζώνης: Φτώχεια του δυνατού, πτώχευση του αδύνατου, Νόβολι Αθήνα 2010. Κώστας Λαπαβίτσας, κ.ά., Η Ευρωζώνη ανάμεσα στη λιτότητα και την αθέτηση πληρωμών, Λιβάνης, Αθήνα 2010. Costas Lapavitsas, Theodore Mariolis, Constantinos Gavrielides, Eurozone Failure, German Policies, and a New Path For Greece. Policy Analysis And Proposals, Rosa Luxemburg Stiftung, Berlin 2017. Rosa Luxemburg, The Accumulation of Capital, μετάφραση Agnes Schwarzschild, εισαγωγή Tadeusz Kowalik, Routledge, Λονδίνο, Νέα Υόρκη 2003 [1913]. Harry Magdoff, Paul Sweezy, Stagnation and Financial Explosion, Monthly Review Press, Νέα Υόρκη 1987. Karl Marx, Capital. A Critique of Political Economy, τ. Α΄, εισαγωγή Ernest Mandel, μετάφραση Ben Fowkes, Penguin Books, Χάρμοντζουερθ 1976. Paul Mattick, Marx and Keynes: The Limits of the Mixed Economy, Extending Horizons Books/Porter Sargent, Βοστώνη 1969. Και στα ελληνικά, Μαρξ και Κέυνς: Τα όρια της μικτής οικονομίας, Οδυσσέας, Αθήνα 1978. Arno J. Mayer, Dynamics of Counterrevolution in Europe, 1870 - 1956: An Analytic Framework, Harper Torchbooks, Νέα Υόρκη 1971. Alan S. Milward, George Brennan, Federico Romero, The European Rescue of the Nation-State, Routledge 2 London New York 2000. Alan S. Milward, Politics and Economics in the History of the European Union, Routledge, Abingdon, New York 2005. Hyman Minsky, John Maynard Keynes, Columbia University Press, 1975. Hyman Minsky, Can "It" Happen Again? Essays on Instability and Finance, Sharpe, Νέα Υόρκη 1982. Hyman Minsky, Stabilizing an Unstable Economy, Yale University Press, New Haven 1986. L. Mitchell, The Speculation Economy: How Finance Triumphed Over Industry, Berrett-Koehler, Άγιος Φραγκίσκος 2008. Μαρία Νεγρεπόντη-Δελιβάνη, Μεταρρυθμίσεις: Το ολοκαύτωμα των εργαζομένων στην Ευρώπη, Λιβάνης, Αθήνα 2007. Μαρία Νεγρεπόντη-Δελιβάνη, Η Φονική Κρίση και η Ελληνική Τραγωδία, Λιβάνης, Αθήνα 2010. James O'Connor, Η δημοσιονομική κρίση του κράτους, Παπαζήσης, Αθήνα 2003 [1973]. OECD, Growing Unequal? Income Distribution and Poverty in OECD Countries, OECD Publications 2008. Διαθέσιμο στο http://www.oecd.org/dataoecd/46/12/41528393.pdf Τ. Palley, "Financialization: What It Is and Why It Matters", The Levy Economics Institute, WP No 525 2007. Kees van der Pijl, Global Rivalries From The Cold War To Iraq, Pluto Press, London, Ann Arbor 2006. R. Posner, A Failure of Capitalism: The Crisis of 2008 and the Descent into Depression, Harvard University Press, Cambridge MA 2009. R. Rajan, Fault Lines: How Hidden Fractures Still Threaten the World Economy, Princeton University Press, Princeton 2010. Robert Skidelsky, John Maynard Keynes: The Economist as Saviour, Macmillan, London 1992. Robert Skidelsky, Keynes: The Return of the Master, Public Affairs, New York 2009. Paul Sweezy, A Theory of Capitalist Development, Oxford University Press, Oxford 1942. Γιάννης Τόλιος, Κρίση, "Απεχθές" Χρέος και Αθέτηση Πληρωμών, Τόπος, Αθήνα 2011. UNCTAD, Trade and Development Report, 2011: Post-crisis Policy Challenges in the World Economy, United Nations, Geneva 2011. http://www.unctad.org/en/docs/tdr2011_en.pdf Άρθρα / Articles Μ. Auerback, R. Parenteau, "The Myth of the Greek Profligacy and the Faith Based Economics of the 'Troika'", Ecomonitor October 27, 2011. David Harvey, "Is This Really the End of Neoliberalism?", Counterpunch 13-15 Μάρτη 2009, στο http://www.counterpunch.org/2009/03/13/is-this-really-the-end-of-neoliberalism/21 . Greta Krippner, "The Financialization of the American Economy", Socio-economic Review 3.2 [2005], σ. 173-208. David Malone, "Twilight of Justice", Golem XIV 26 Μαρτίου 2013. Ellen Meiksins Wood, "Modernity, postmodernity or capitalism?", Review of International Political Economy 4:3 [1997], pp. 539-560. Christian Morrisson, The Political Feasibility of Adjustment, Policy Brief No. 13, OECD 1996. Christian Morrisson, Adjustment And Equity, Policy Brief No. 1, OECD Development Centre 1992. Paul Romer, "The Trouble With Macroeconomics", Address Delivered January 5, 2016 as the Commons Memorial Lecture of the Omicron Delta Epsilon Society. Forthcoming in The American Economist. Jeffrey Sachs, "The Global Economy's Corporate Crime Wave". Project Syndicate April 30, 2011. http://www.project-syndicate.org/commentary/the-global-economy-s-corpora... Wolfgang Streeck, "Markets and Peoples. Democratic Capitalism and European Integration", New Left Review 73 [January-February 2012]. Wolfgang Streeck, "Why Europe Can't Function as it Stands", translated by Flossie Draper, November 7th, 2016, available at http://www.versobooks.com/blogs/2926-wolfgang-streeck-why-europe-can-t-function-as-it-stands Paul Sweezy, "The Triumph of Financial Capital", Monthly Review 46.2 [1994], σ. 1-11. Olivier Berruyer, "La servitude volontaire de la France. Interview of Emmanuel Todd for the French website les crises.fr", μετάφραση Anne-Marie de Grazia Olivier, διαθέσιμη στο http://www.les-crises.fr/todd-1-la-servitude-volontaire-de-la-france/ Benjamin Lemoine, "Interview with Eric Toussaint. History of the CADTM's Anti-debt Policies. Greece: Leaders' Ambivalence regarding debt and the financial system, even though resistance started on a promising note", . Τ. Van Treeck, "The Political Economy Debate on 'Financialization': A Macroeconomic Perspective", Review of International Political Economy 16.5 [2009], σ. 907-944. Immanuel Wallerstein, "The Collapse Of Liberalism", The Socialist Register [1992], pp. 96-110. Justin Wellby, Αrchbishop of Canterbury, "You turned Greece into the "biggest debtor's prison in European history", 23/11/2016 Ιστοσελίδες Wall Street Journal: http://graphics.wsj.com/greece-debt-timeline/
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