Wednesday, January 19, 2011

Pelagidis & Mitsopoulos, "Understanding the Crisis in Greece"

In recent years the Greek economy has been rigorously debated in the international financial arena. This book engages with the current economic challenges facing Greece, examining how and why a previously strong economy can tether with complete collapse.

The Greek economy of the 90's posed a unique international paradox. It combined strong economic performance that is rapid GDP growth and strong productivity growth, with a weak performance on many other fronts that range from poor labour market institutions and low competitiveness, to poor environmental protection and high levels of corruption.

This volume examines the working of the Greek political system and the way it relates with the Greek society, the salient aspects of the Greek Constitution and the design of the political system and, ultimately, the failing of the rule of law. It presents the facts that undermine the long term prospects of the economy and reveals the nature of the powerful redistributive rent-seeking groups that keep markets closed and distorted, vehemently resisting reforms in Greece today.

This book is essential reading for all interested in Greece's economy, political economy and European economics.

A wide-ranging, thorough and fascinating account of the economic challenges facing Greece.
James K. Galbraith, University of Texas, USA

This book is the first focused attempt to bring the whole story of Greece's economy in the public domain. It provides a comprehensive analysis of the last 15 years and a first-class and very timely analysis for those wishing to know the economic and institutional pathologies that led the Greek economy to the tragic free fall. It is actually a required reading for all those wishing to know what has actually gone wrong in the Greek Economy.
Philip Arestis, University of Cambridge, UK

An extremely timely book as it demonstrates convincingly that the pathologies of the Greek economy have broader political implications.
Christos P. Ioannides, Queens College, USA

This is Freakonomics meets the Greek crisis. It is an original, penetrating and broad analysis of the problems of the Greek system. The diagnosis is compelling. The solutions are provocative. It is a timely leap forward in the debate on the future.
Kevin Featherstone, London School of Economics and Political Science, UK

A scathing account of Greece's economic implosion.
New York Times

Michael Mitsopoulos is Co-ordinator of Research and Analysis at the Hellenic Federation of Enterprises, Greece. He has previously worked in the Greek financial sector and has held governmental positions. He has taught as an appointed lecturer at the Economic University of Athens and the University of Piraeus.

Theodore Pelagidis is Professor of Economic Analysis at Piraeus University, Greece. He is also a senior professorial fellow at the Hellenic Observatory, London School of Economics and Political Science, UK.

See the Table of Contents and the Index and Read the Introduction

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