History of Economic Crises
| Title | Ιστορία των Οικονομικών Κρίσεων / History of Economic Crises |
| Code | ΚΕ0Ε17 |
| Faculty | Social and Economic Sciences |
| School | Political Sciences |
| Cycle / Level | 1st / Undergraduate, 2nd / Postgraduate |
| Teaching Period | Winter |
| Coordinator | Spyros Marchetos |
| Common | Yes |
| Status | Active |
| Course ID | 100001328 |
| Academic Year | 2018 – 2019 |
| Class Period | Winter |
| Faculty Instructors |
|
| Weekly Hours | 3 |
| Class ID | 600122614
|
Class Schedule
| Building | Δημοσιογραφίας (Εγνατίας 46) |
| Floor | Όροφος 3 |
| Hall | ΑΙΘΟΥΣΑ 3Δ (328) |
| Calendar | Τρίτη 15:00 έως 18:00 |
Course Type 2016-2020
- Scientific Area
Course Type 2011-2015
Specific Foundation / Core
Mode of Delivery
- Face to face
Digital Course Content
- e-Study Guide https://qa.auth.gr/en/class/1/600122614
- At the Website of the School: http://www.polsci.auth.gr/index.php?lang=el&rm=2&mn=15&csid=ΚΕ0Ε17
Erasmus
The course is also offered to exchange programme students.
Language of Instruction
- Greek (Instruction, Examination)
- English (Examination)
- French (Examination)
- Italian (Examination)
Learning Outcomes
Upon systematic attendance and successful completion of the course, students will be able to recognize, describe, define, discern, reflect upon, explain, interpret, and assess the basic elements of:
Τhe analytical concept ‘economic crisis’.
Τhe theories of economic crises from their Marxian origins till today, and also to recognise which of these theories are being used in proposed explanations of particular crises.
Τhe major economic crises in the history of the capitalist world system.
Τhe modern critical theories of economic crises, and particularly of Marxism, Modern Monetary Theory, and post-Keynesianism.
Τhe geopolitical context and the conjuncture in which the current economic crisis hit Greece.
Τhe repercussions of the current crisis on peoples’ lives, on the relationships among social groups, the self-image and the psychology of workers, capitalists, and the power nexus, and also on culture, politics, and institutions.
Τhe policies implemented with declared objective the exit from the crisis, as well as to connect them with their historical precedents.
The economists’ proposals for exit from the crisis, as well as the political ideologies to which these proposals are connected.
Based on critical reflection on the above matters, students will also be able to study primary historical and economic sources, and also to produce historically informed arguments able to explain the causes of the current crisis, and to assess its possible results and long-term consequences.
To discern and explain historic continuity and change
To discern human agency and the role of individual and collective actors in the creation and the management of the current crisis.
To analyse social valuations and hierarchies.
To connect the results of the crisis with the consolidation or challenging of patriarchy, racism, and nationalism.
To understand the importance of collective memory and of the individual and collective techniques for its management.
General Competences
- Apply knowledge in practice
- Retrieve, analyse and synthesise data and information, with the use of necessary technologies
- Adapt to new situations
- Make decisions
- Work autonomously
- Work in teams
- Work in an international context
- Work in an interdisciplinary team
- Generate new research ideas
- Respect natural environment
- Demonstrate social, professional and ethical commitment and sensitivity to gender issues
- Be critical and self-critical
- Advance free, creative and causative thinking
Course Content (Syllabus)
In times of serious economic crises policy makers de facto turn 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.
The global economy has not yet truly exited its biggest crisis of the last eighty years. The crisis started in late 2007 as a financial crisis of Wall Street and then turned into a Great Recession of the global real economy, with negative GDP growth and high levels of unemployment.
The Greek economy, like other peripheral economies in the eurozone, was hit hard by political choices at G-20 level in 2008-2009, and not by the moral or intellectual defects that racialist narratives ascribed to the Greek people. These choices inflated the non viable and odious public debt, in fact a kind of tribute imposed on the people, who saw both its incomes and public investment shrink after 2010. This debt enslaves the country to an oligarchy, undermines democratic institutions and precludes the revitalisation of the economy.
Course Contents:
1. Ιntroduction and framework: Fernand Braudel and Immanuel Wallerstein discuss capitalism.
2. Basic concepts and ideas Ι: David Harvey, The Enigma of Capital
commons, expropriatory accumulation, state-finance nexus, state-finance monopoly capitalism, natural limits of capitalism, state-business nexus
3. Basic concepts and ideas ΙI: David Harvey, The Enigma of Capital
crises, crises of disproportionality, crises of underconsumption, switching crises, innovation waves, radical egalitarianism, class, self management, workers’ self control
4. How capital works Ι. David Harvey, The Madness of Economic Reason
Capital as value in motion
5. How capital works ΙI. David Harvey, The Madness of Economic Reason
Debt as anti-value
6. The historical approach to debt: Michael Hudson
The concept of debt from Antiquity to our times. The development of the fiscal state
7. Eighteenth and Nineteenth century financial crisis: Bartolomé Yun-Casalilla, Patrick K. O’Brien (eds.), The Rise of Fiscal States: A Global History 1500–1914; Michael Hudson, Trade, Development, and Foreign Debt. A History of Theories of Polarization and Convergence in the International Economy.
From the Tulip Crisis to the Ottoman Debt and the International Fincncial Control
8. War and economic crisis, 1914-1945: Giovanni Arrighi, The Long Twentieth Century. Money, Power, and the Origins of our Times.
Imperialism, destruction of surplus capital, fascism, and world war
9. Capitalism’s Les Trente glorieuses, 1945-1975: Alan S. Milward, George Brennan, Federico Romero, The European Rescue of the Nation-State.
Keynesian world institutions, dirigisme, and Cold War
10. European Union and the eurozone: Bernard Connolly, The Rotten Heart of Europe. The Dirty War for Europe's Money.
The failure of ‘European integration’
11. Debt in financialised capitalism: Costas Lapavitsas, Profiting Without Producing. How Finance Exploits Us All; Costas Lapavitsas, Marxist Monetary Theory. Collected Papers, Brill, Leiden, Boston 2017.
Theories, data, and prospects. Debt and crisis today.
12. The Greek Crisis: the Greek Debt Truth Committee
Expropriatory accumulation and the new oligarchy
13. Recapitulation
Keywords
Capitalist World-System, Capitalist Mode of Production, Capitalism, Financial Crisis, Economic Crisis, Eurozone, Modern Monetary Theory, Marxism, Debt, Banks Bailout
Educational Material Types
- Book
Use of Information and Communication Technologies
Use of ICT
- Use of ICT in Course Teaching
Course Organization
| Activities | Workload | ECTS | Individual | Teamwork | Erasmus |
|---|---|---|---|---|---|
| Lectures | 6 | 0.2 | ✓ | ✓ | ✓ |
| Seminars | 33 | 1.2 | ✓ | ✓ | ✓ |
| Reading Assigment | 69 | 2.5 | ✓ | ✓ | ✓ |
| Written assigments | |||||
| Exams | 2 | 0.1 | ✓ | ||
| Total | 110 | 4 |
Student Assessment
Description
Examinations are taken in writing, in Greek or in English. They include two separate questions, which must all be answered in lengthy answers, requiring the use of historical judgment. 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 examined 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
Bibliography
Course Bibliography (Eudoxus)
ΠΡΟΤΑΣΗ 1 22768561 ΠΟΛΙΤΙΚΗ ΟΙΚΟΝΟΜΙΑ ΤΟΥ ΧΡΗΜΑΤΟΣ ΜΑΚΟΤΟ ΊΤΟ - ΚΩΣΤΑΣ ΛΑΠΑΒΙΤΣΑΣ ΠΟΛΥΤΡΟΠΟΝ 2004 ΑΘΉΝΑ
ΠΡΟΤΑΣΗ 2 41959425 ΚΕΡΔΟΣ ΧΩΡΙΣ ΠΑΡΑΓΩΓΗ. Η ΕΚΜΕΤΑΛΛΕΥΣΗ ΟΛΩΝ ΑΠΟ ΤΟ ΧΡΗΜΑΤΟΠΙΣΤΩΤΙΚΟ ΣΥΣΤΗΜΑ ΚΩΣΤΑΣ ΛΑΠΑΒΙΤΣΑΣ ΜΟΤΙΒΟ ΕΚΔΟΤΙΚΗ ΑΕ - ΕΚΔΟΣΕΙΣ ΤΟΠΟΣ 2014 ΑΘΉΝΑ
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.
David Harvey, The Enigma of Capital and the Crises of Capitalism, Oxford University Press, Oxford 2010.
David Harvey, Marx, Capital and the Madness of Economic Reason, Profile Books, London 2017.
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.
Federico Sturzenegger, Jeromin Zettelmeyer, Debt defaults and lessons from a decade of crises, The MIT Press, Cambridge MA, London 2006
Emmanuel Todd, After the Empire. The Breakdown of the American Order, foreword Michael Lind, translation C. Jon Delogu, Columbia University Press, New York 2003 [2002]
Jan Toporowski, Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics, Anthem Press 2010.
Jan Toporowski, Theories of Financial Disturbance. An Examination of Critical Theories of Finance from Adam Smith to the Present Day, Edward Elgar, Cheltenham, Northampton, MA 2005
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, 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.
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.
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.
Michalis Nikiforos, Dimitri B. Papadimitriou, Gennaro Zezza, The Greek Public Debt Problem, Levy Economics Institute Working Paper No. 867, Levy Economics Institute of Bard College, Annandale-on-Hudson May 2016.
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.
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/
Last Update
30-09-2018
