Catalogue


Understanding the crisis in Greece : from boom to bust /
Michael Mitsopoulos and Theodore Pelagidis.
imprint
Basingstoke, Hampshire ; New York : Palgrave Macmillan, 2011.
description
vii, 268 p.
ISBN
0230237770 (hbk), 9780230237773 (hbk)
format(s)
Book
Holdings
More Details
added author
imprint
Basingstoke, Hampshire ; New York : Palgrave Macmillan, 2011.
isbn
0230237770 (hbk)
9780230237773 (hbk)
catalogue key
7459536
A Look Inside
About the Author
Author Affiliation
Michael Mitsopoulos (PhD, Boston University) 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 worked as a ministerial advisor. 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 was also a senior professorial fellow at the Hellenic Observatory, London School of Economics and Political Science, UK, during the 2010 spring term.
Full Text Reviews
Appeared in Choice on 2011-09-01:
This concise book tackles one of the seminal events in the world of international finance and the EU. The approach is to view the collapse of Greek finance as the result of aggressive behavior on the part of individuals who sought personal fortune from the wealth of the state, abetted by the regulatory and administrative structures of successive governments. In spite of reforms that were consequent to membership in the European Monetary Union, fundamental flaws in the system slowly turned rapid economic growth into a hollowed economy that ultimately collapsed. Labor markets, pension funds, weak institutions and governance, an ineffective judiciary system, and the state system all had their part to play. They created an economy of inefficiency, weak competitiveness, and lack of opportunity that was dominated by self-serving rent seekers, with no one looking after the good of the nation. The measures suggested for revival of the Greek economy contain the long list of austerity measures that are the standard prescription. What is distinctive about this book is the consistency of its focus and the thoroughness of its analysis. Three appendixes complete the portrait of a country with an impossible business environment. Summing Up: Recommended. Upper-division undergraduates and above. P. K. Kresl emeritus, Bucknell University
Reviews
Review Quotes
'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 wide-ranging, thorough and fascinating account of the economic challenges facing Greece." -James K Galbraith, University of Texas "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
'A wide-ranging, thorough and fascinating account of the economic challenges facing Greece.' - James K Galbraith, University of Texas, USA
'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
This item was reviewed in:
Reference & Research Book News, April 2011
Choice, September 2011
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Summaries
Main Description
As the tensions in the Greek economy take centre stage in the international headlines, this book examines the working of the Greek political system and the way it relates with the Greek society. It investigates how and why Greece is just the first, prototype country of the fall of the western debt party.
Description for Bookstore
This book provides a comprehensive, in-depth and fascinating examination of the economic challenges and tensions facing the Greek Economy today
Long Description
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.
Bowker Data Service Summary
As the tensions in the Greek economy take centre stage in the international headlines, this book examines the working of the Greek political system and the way it relates with the Greek society.
Description for Bookstore
This book provides a comprehensive, in-depth and fascinating examination of the economic challenges and tensions facing the Greek Economy today
Table of Contents
List of Figuresp. xi
Introductionp. 3
Vikings in Greece: Rents, the Design of the Greek Political System and the Blockage of Reformsp. 6
Introductionp. 6
Description of the players of the gamep. 7
Powerful interest groups as rent-seeking ôVikingsö in Greecep. 8
Rationally ignorant and misinformed voters who are afraid of reformp. 10
The role of the media as an obstacle to reformp. 14
The administration as a prize for the interest groupsp. 15
The failure of the mandate holdersp. 16
Conclusionp. 20
Referencesp. 22
Corruption, Policy Inadequacy and the Greek Constitutionp. 24
Introductionp. 24
Literature surveyp. 26
Mandate holders and their motive to get corruptedp. 30
Democracy: The strength of the government, minorities and the separation of powersp. 32
Minorities: Potential corruptors and protectors of democracyp. 34
The practice of creating strong governments with sufficient separation of powersp. 37
Proposals for constitutional reform in Greecep. 48
Conclusionp. 51
Referencesp. 52
Efficiency and Quality of Justice in Greecep. 55
Introductionp. 55
Measures of the judiciary's efficiencyp. 57
Analysis of an indirect measure of the time required to dispose justice in Greecep. 59
Appeals court decisions - case facts as a direct proxy for the time needed to dispose justice in Greecep. 63
European Court of Human Rights decisions regarding delays in Greek courtsp. 68
Time needed to dispose cases and resourcesp. 71
The increase in the appellate ratep. 74
The cost of using official arbitrationp. 76
Rents and the judiciary: The Greek case of demand and supply for legal servicesp. 77
Simplifying procedures and strengthening accountabilityp. 84
Preserving the independence of the judiciary during reformp. 102
Conclusionsp. 103
Referencesp. 104
Strong Growth and Weak Institutions: The Greek Paradox Reconsideredp. 109
Introductionp. 109
Greece: Rapid growth over the past yearsp. 111
Low competitiveness combined with a weak labor marketp. 121
Low competitivenessp. 121
A weak labor marketp. 136
Taxation and labor market paradoxesp. 144
Facts on personal income taxationp. 144
A summary of the facts on personal income taxationp. 160
Paradoxes of the Greek labor market explainedp. 163
Private sector salaried employment attributes, corporate taxation and corporate profitabilityp. 165
Private sector salaried employment, employer size and the relative attractiveness of public sector employmentp. 165
Corporate income tax contribution in Greecep. 174
Profitability of Greek companiesp. 182
The current crisis and the Greek financial systemp. 187
Certain basic parameters of the Greek pension systemp. 198
Main parameters of the Greek public financesp. 206
The examples of Finland and Ireland and how they can be an example for Greecep. 214
Conclusionsp. 219
Road Transport in Greece and Government Interventionp. 227
An example of how the reform debate in Greece does not focus on issues that are crucially related to the low competitiveness of the countryp. 227
Shop Opening Hours in Greecep. 231
An example of how consumer interests are not a consideration in reform debates when one has to deregulate, rather than regulatep. 231
Basic Examples of Details that Degrade the Greek Business Environmentp. 236
Tax on raised capitalp. 236
The situation in Greecep. 236
European trendsp. 236
Publications in the Government Gazettep. 236
The situation in Greecep. 236
European trendsp. 237
Multiple notifications of a new hiringp. 237
The situation in Greecep. 237
European trendsp. 238
Taxing the transfer of private limited companiesp. 238
The situation in Greecep. 238
European trendsp. 238
Regulatory impact assessmentp. 238
The situation in Greecep. 238
European trendsp. 239
Certificate of origin for exportsp. 239
The situation in Greecep. 239
European trendsp. 240
References for Chapter 5 and Appendicesp. 241
Notesp. 246
Indexp. 249
Table of Contents provided by Ingram. All Rights Reserved.

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