{"title":"Economic crisis, COVID-19 pandemic, and the Greek model of capitalism","authors":"Maris, Georgios, Flouros, Floros","doi":"10.1007/s40844-021-00228-y","DOIUrl":null,"url":null,"abstract":"<p>In this paper, we use varieties of capitalism as an analytical tool to understand the main characteristics of the Greek model of capitalism. The main purpose of this paper is twofold: first, to study the evolution of the country's economic performance through the theoretical approach of varieties of capitalism; second, highlighting the performance of institutions to understand how the main characteristics of the Greek model of capitalism have been changed during last years. The main questions of the article are: How the Greek model of capitalism affected not only the institutional but also the economic performance in Greece? Does the COVID-19 pandemic influence the model of capitalism in Greece? By applying the principles of the comparative political economy, we will be able to draw conclusions regarding the institutional performance in Greece and the characteristics of the Greek model of capitalism. As we will argue, the Greek model of capitalism was shaped by the power of ideas of country's political leaders since 1980s. These ideas influenced the characteristics of the Greek model of capitalism creating a rather exceptional institutional framework unable to support long- run economic growth in the country. This exceptionalism is associated with an institutional asymmetry in relation with other member states and characterizes the Greek model of capitalism not only as the main cause for the economic crisis, but also as a significant obstacle to any recovery efforts, especially during COVID-19 pandemic.</p>","PeriodicalId":44114,"journal":{"name":"Evolutionary and Institutional Economics Review","volume":null,"pages":null},"PeriodicalIF":0.6000,"publicationDate":"2021-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"7","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Evolutionary and Institutional Economics Review","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1007/s40844-021-00228-y","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 7
Abstract
In this paper, we use varieties of capitalism as an analytical tool to understand the main characteristics of the Greek model of capitalism. The main purpose of this paper is twofold: first, to study the evolution of the country's economic performance through the theoretical approach of varieties of capitalism; second, highlighting the performance of institutions to understand how the main characteristics of the Greek model of capitalism have been changed during last years. The main questions of the article are: How the Greek model of capitalism affected not only the institutional but also the economic performance in Greece? Does the COVID-19 pandemic influence the model of capitalism in Greece? By applying the principles of the comparative political economy, we will be able to draw conclusions regarding the institutional performance in Greece and the characteristics of the Greek model of capitalism. As we will argue, the Greek model of capitalism was shaped by the power of ideas of country's political leaders since 1980s. These ideas influenced the characteristics of the Greek model of capitalism creating a rather exceptional institutional framework unable to support long- run economic growth in the country. This exceptionalism is associated with an institutional asymmetry in relation with other member states and characterizes the Greek model of capitalism not only as the main cause for the economic crisis, but also as a significant obstacle to any recovery efforts, especially during COVID-19 pandemic.
期刊介绍：
The Evolutionary and Institutional Economics Review (EIER) is issued by the Japan Association for Evolutionary Economics to provide an international forum for new theoretical and empirical approaches to evolutionary and institutional economics. EIER, free from the view of equilibrium economics and methodological individualism, should face the diversity of human behavior and dynamic transformation of institutions. In EIER, “economics” is used in its broadest sense. It covers areas from the classic research in economic history, economic thought, economic theory, and management science to emerging research fields such as economic sociology, bio-economics, evolutionary game theory, agent-based modeling, complex systems study, econo-physics, experimental economics, and so on. EIER follows the belief that a truly interdisciplinary discussion is needed to propel the investigation in the dynamic process of socio-economic change where institutions as emergent outcomes of human actions do matter. Although EIER is an official journal of the Japan Association for Evolutionary Economics, it welcomes non-members'' contributions from all parts of the world. All the contributions are refereed under strict scientific criteria, although EIER does not apply monolithic formalistic measure to them. Evolution goes hand in hand with diversities; this is also the spirit of EIER. Focus areas of the Review (not exhaustive): - Foundations of institutional and evolutionary economics - Criticism of mainstream views in the social sciences - Knowledge and learning in socio-economic life - Development and innovation of technologies - Transformation of industrial organizations and economic systems - Experimental studies in economics - Agent-based modeling of socio-economic systems - Evolution of the governance structure of firms and other organizations - Comparison of dynamically changing institutions of the world - Policy proposals in the transformational process of economic life
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