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9780333752777

Greece's New Political Economy : State, Finance and Growth from Postwar to EMU

by
  • ISBN13:

    9780333752777

  • ISBN10:

    0333752775

  • Format: Trade Book
  • Copyright: 2003-05-30
  • Publisher: Palgrave Macmillan
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Summary

Greece's New Political Economy traces the course of Greece from a postwar developmental state to its current participation in the Euro-zone. Taking an innovative comparative approach, George Pagoulatos examines the political economy of financial interventionism and liberalization, banking politics, relations between the government and central bank, the winners and losers of financial reform, the effects of globalization and EMU, and the implications of the new economic role of the state.

Author Biography

George Pagoulatos is Assistant Professor of Politics, Athens University of Economics and Business.

Table of Contents

List of Figures and Tablesp. xi
List of Abbreviationsp. xiii
Acknowledgementsp. xv
Introduction: the Importance of Finance and the Origins of Developmentalismp. 1
The case of Greecep. 4
Banks and the political economy of financep. 6
Economic development and the importance of financep. 10
Origins of postwar developmentalism and the 'developmental state'p. 13
An overview of the book chaptersp. 18
Regime Dependencies and the Political Economy of Postwar Economic Policiesp. 20
Postwar growth and the cold war regime: external sources of domestic policy choicesp. 20
The interwar legacy and the antecedent circumstances of postwar growthp. 22
Devaluation, restoration of monetary stability, and the outward-looking developmental strategyp. 25
The 'Greek economic model': ideology, strategy, and practicep. 29
The political economy of developmental policies: a state-driven patternp. 38
Winners and losers of the post-1953 political economyp. 42
The political uses of administered creditp. 44
Administered credit as substitute for redistributionp. 45
In conclusionp. 47
Policy Paradigms, Financial Intervention, and the Limits of Developmentalismp. 48
Developmental finance and the Currency Committeep. 48
Industrial banking, policy paradigms, and lesson-drawingp. 51
Credit interventionism and the planning model: developmental policies without a developmental statep. 56
Plenty of savings, not enough investment: the perverse effects of developmental financep. 62
Large-size 'infant industries' cohabiting with the small enterprise sectorp. 67
Overleveraged: the capital structure of industryp. 69
Oligopoly structures and selective state protectionismp. 70
Banking power: high spreads and oligopoly profitsp. 74
In conclusionp. 77
Crisis and Transition: Regime Change, Democratization, and the Decline of Developmentalismp. 80
Regime change: the 1970s crisis, end of stability, and the era of financial internationalizationp. 80
The domestic response: monetary expansion, stop-go, and the inflationary spiralp. 85
The political economy of democratization and its impact on developmentalismp. 87
The stagflationary 1980sp. 95
The distortion of credit interventionismp. 100
The shift to economic stabilization and disinflationp. 103
In conclusionp. 110
Central Bank, Government, and the Politics of Financial Liberalizationp. 112
Institutional independence: a framework of analysisp. 114
Exploiting windows of opportunity: policy strength beyond institutional independencep. 119
Internal central bank resources and organizationp. 120
Agenda identification, policy determination, and exclusiveness: policymaking under government constraintp. 122
The decade of adjustment (1990-2000) and the national consensus over EMUp. 127
The momentous monetary policy shift and the role of financial liberalizationp. 130
Central bank and government: the stakes of liberalizationp. 133
Banks and Socioeconomic Interests: Winners and Losers of Financial Reformp. 138
Exhibiting policy strength: central bank and the banking sectorp. 138
Financial and banking sector gains and losses from liberalizationp. 142
High spreads: the politics of banking oligopolyp. 148
Facing the arena of socioeconomic interestsp. 150
Central bank strength and the bankers' risep. 159
A comment on interest organization: from state corporatism to parentela to concertation?p. 160
The New Political Economy of Financial Integration, Globalization, and the EMUp. 168
A new framework: the mixed effects of financial liberalization and the EMUp. 168
Implications for banking: bank-based systems persisting despite growing disintermediationp. 176
Redistributive and political implications of globalization, and the business-labor balancep. 178
The results of capital mobility on labor restraint: shift to neocorporatism?p. 184
Left and right under a disinflationary regimep. 192
Summarizing the argumentp. 197
State, Finance, and Growth: Beyond the New Political Economyp. 199
The manifold importance of the state-finance connectionp. 199
From developmental to stabilization statep. 201
State, power, and financep. 210
The politics of economic reformp. 213
Development, equity, redistributionp. 214
Ideas, institutions, and interests in economic policyp. 216
On a final note: some comparative and normative considerationsp. 220
Governments and Prime Ministers in Greece, 1950-2000p. 224
Clientelistic Policies of the Currency Committeep. 226
Financial Liberalization in Greece: Selected Measuresp. 227
Notesp. 229
Referencesp. 241
Indexp. 261
Table of Contents provided by Ingram. All Rights Reserved.

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