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The political economy of the Eurozone crisis: competitiveness and financialization in PIIGS

Duman, Özgün Sarımehmet (2017) The political economy of the Eurozone crisis: competitiveness and financialization in PIIGS. Journal of Balkan and Near Eastern Studies. ISSN 1944-8953

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Identification Number: 10.1080/19448953.2018.1379752

Abstract

This paper analyses the fundamental reasons for the current global economic crisis in the Eurozone and PIIGS—Portugal, Italy, Ireland, Greece and Spain. It evaluates the tight economic integration within the Eurozone, and scrutinizes the reasons that PIIGS were more intensely exposed to the economic crisis. It focuses on the structure of the real economy and the financial market, and outlines the levels of competitiveness and financialization across the Eurozone and PIIGS. The paper states that the reason for the economic crisis in PIIGS was not only (i) unregulated financialization or over-financialization, but also (ii) the economic and trade imbalance among the Eurozone members, (iii) the falling rates of profit in the real economy, and (iv) the failure of real profits to compensate financial profits.

Item Type: Article
Official URL: http://www.tandfonline.com/toc/cjsb20/current
Additional Information: © 2017 Informa UK Limited, trading as Taylor & Francis Group
Divisions: European Institute
Hellenic Observatory
Subjects: H Social Sciences > HG Finance
J Political Science > JN Political institutions (Europe)
Sets: Departments > European Institute
Research centres and groups > Hellenic Observatory
Date Deposited: 05 Jan 2018 15:01
Last Modified: 20 Jun 2020 02:38
URI: http://eprints.lse.ac.uk/id/eprint/86386

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