Economy – To Archeio

The temporal modality of financialization and the indebted subjectivity. Searching for ruptures

apostolos — Mon, 04 May 2020 23:24:51 +0000

The Folding of the Indebted Subjectivity. Outline of a Derivative Govermentality of Debt. In the present paper we attempt to map some lines of the individual relation of the debtor with the creditor in contemporary capitalism, the impotent presence of guilt and the possibilities of empowerment that the appropriation of financial type tactics brings to individuals and households. Beyond the influential and important work of M. Lazzarato, that which has to be investigated is the adventures of the subjects, the differential lines of subjectivity, in its meeting with the recodified logic of debt politics in the era of financialization.

Χρέος, χρόνος της χρηματιστικοποίησης και διαδικασίες υποκειμενοποίησης. Κριτική του homo debitor

apostolos — Mon, 04 May 2020 23:24:51 +0000

Η χρονικότητα της χρηματιστικοποίησης και η επανακωδίκωση της λογικής του χρέους. Κριτική της ηθικής του χρέους και της παραγωγής της χρεωμένης υποκειμενικοτητας, (Μ. Lazzarato, D. Graeber). /Στοιχεία του «καθεστώτος ιστορικότητας» μετά τον παροντισμό. /Οι αντιδιαγωγές/αντιπειθαρχίες των ‘χρεωμένων’ υποκειμένων.

Anger management and the politics of crime in the Greek crisis

apostolos — Mon, 04 May 2020 23:24:23 +0000

In 2008, Greece was plunged into recession. A full-blown financial crisis developed in 2009, from which point onwards the Greek economy shrank with persistence unmatched by current comparisons. The onset of financial crisis triggered a major realignment in the configuration of political power in the country, with a collapse in support for the left pillar of a centrist two-party system that had been in place for over 30 years, and the entry to Parliament of an extreme far-right group with a reputation for engaging in physical violence. The political ramifications of the crisis have continued to evolve under the socio-economic pressures of the ongoing recession, the austerity measures adopted to meet the conditions of successive bailouts, and the asymmetrical impact of both upon the country’s citizenry.

The Impact of Economic Crises on NGOs: The Case of Greece

apostolos — Tue, 16 Apr 2019 22:25:53 +0000

The paper analyzes the impact of economic crises on organized civil society. A number of empirical studies have shown that a financial crisis can inflict a serious damage on the nonprofit sector—mainly through a sharp decline in revenues. However, the Greek case shows that a crisis can also have some positive effects on NGOs: many nonprofits introduced reforms that increased efficiency, the number of volunteers reached record levels, and there was a spectacular rise in funding by private philanthropic foundations. However, Greek NGOs continue to be dependent on external funding, unable to raise large sums from their members and the wider public. Organized Greek civil society continues to be turned upside down: dependency on EU and state funds is being replaced by dependency on private foundations.

Legitimation Crisis and the Greek Explosion

apostolos — Tue, 16 Apr 2019 22:25:53 +0000

The political ‘explosion’ that took place in Greece was a symptom of a systemic and deep‐rooted legitimation crisis of the Greek state. This essay examines some of the causes of this crisis, how the political space in which this explosion occurred was produced, and possibilities for continued political antagonisms and struggles.

Employees’ perspectives on strategic human resource development before and after the global financial crisis: evidence from the Greek banking sector

apostolos — Tue, 16 Apr 2019 22:25:51 +0000

Constantly changing business and economic environments have challenged organizations to re‐think the crucial role of their human resource development (HRD) policies and practices in relation to individual and organizational competitiveness, change and growth. Being proactive/strategic, in HRD terms, corresponds to the concept of strategic HRD maturity, a state evidenced by a specific set of strategic characteristics, but research into this concept within the challenging context of the economic crisis is limited, as is research into employees’ perceptions of it. Previous research has been applied mostly within ‘static’ business and economic environments, with much of the existing strategic HRD models neglecting employees’ perspectives. Semi‐structured interviews were conducted with 42 bank employees in Greece, with the aim of examining their perceptions of strategic HRD before and after the global financial crisis. The study raises important questions for both HRD academics and practitioners because its findings indicate a setback in the development of HRD. Whilst there were a few contradicting perceptions, the dominant employee view was that strategic HRD was a theoretical notion rather than an organizational reality.

Economic nationalism and the cultural politics of consumption under austerity: The rise of ethnocentric consumption in Greece

apostolos — Tue, 16 Apr 2019 22:25:50 +0000

By nuancing the politics of consumption in the context of austerity, this article highlights the rise of economic nationalism and the reconfiguration of consumer cultures at the aftermath of the global financial crisis. As it argues, in the context of Greece, three types of consumer culture have manifested; these are evoking consumption as resilience, resistance or reinforcement. This work focuses on the latter through the phenomenon of ethnocentric consumption, which is part and parcel of economic nationalism. Economic nationalism can be explored through promotion of ethnocentric consumption and is demonstrable both in the inception and constitution of nation states, but also in times of crisis. This article critically appraises ethnocentric consumption as consumption based on ethnocentric criteria (natural resources, ownership, production, manufacturing, distribution and labour force). In the context of the crisis in Greece, economic nationalism has become manifest as a solution to the national economy. The specific case chosen is a citizens’ movement and its campaign for the promotion of ethnocentric consumption. A close examination of the campaign (We Consume What We Produce) reveals the historical alignment of the state’s and citizens’ economic interests, the reverberation of state narrative from the 1980s and exclusionary nationalism which is also used by fascists. Campaigns for ethnocentric consumption limit the creativity of consumer politics. First, this phenomena appears to be an alternative vehicle for political parties. Second, it is tied around a normative narrative of economic recovery, which is particularly mythological. Third, its overall target is to maximise competitiveness on a global scale, and finally, it demonstrates a densely dangerous relationship with economic nationalism. Yet, it is important to situate this phenomenon within the context of consumer cultures under austerity, especially as more creative modalities of social economy initiatives by grassroots groups have been re-socialising the market.

Greek debt relief

apostolos — Tue, 16 Apr 2019 22:25:49 +0000

Politicians, journalists and economists from around the world are calling for a debt restructuring or even large-scale debt relief to resolve the Greek sovereign debt crisis. These voices are thus treating the issue as a matter of political will. This article argues that it is not. Greek debt is predominantly owned by other eurozone member states and Eurosystem central banks. As such, these creditors are not free to decide as they or their voters wish. EU rules set strict limits on political and economic discretion with regard to financial assistance among EU Member States and vis-à-vis EU institutions. This article argues that these restrictive rules delineate clear boundaries for restructuring Greece’s debt, whether this debt is held by EU Member States, eurozone financial facilities or the Eurosystem. These rules even affect restructuring that is supported by a majority vote of creditors under collective action clauses in contracts associated with sovereign bond issuances. These conclusions are based on the recent ruling of the Court of Justice of the European Union in Gauweiler. Although the court has clarified that the Eurosystem is empowered to use a wide range of monetary policy tools in pursuit of the objectives in which it is mandated to engage, this article argues that the ruling also indicates that haircuts cannot be applied to debt instruments issued by EU Member States by the same logic that prohibits monetary state financing.

The green economy as a sustainable alternative?

apostolos — Tue, 16 Apr 2019 22:25:49 +0000

This article explores the green economy as a sustainable alternative to austerity in Greece. The author argues that the movement towards the green economy has been hijacked by multinational corporations taking advantage of an austerity‐era policy that encourages a repetition of the neoliberal model of privatization, short‐term accumulation, rentier agreements and resource extraction. This is contrary to views that cast ‘crisis’ as an incubator of economic strategies that may feed green ecological transformations of the economy leading, ultimately, to sustainable growth. Current configurations of advanced capitalist power enable and promote injurious ‘green grabbing’, in part by leveraging the fantasy of a green economy as a solution to the fiscal crisis. As an alternative to austerity, the green economy requires further uncoupling from neoliberal business opportunism to allow natural capital to be harnessed as an economic asset for a sustainable long‐term public good.

The economic impact of mining activity on the Greek island of Milos: An unusual neighbor

apostolos — Tue, 16 Apr 2019 22:25:45 +0000

This paper examines the economic structure of Milos, which, when compared to most other Greek islands, is unique, due to the presence of significant mining activity. We analyze the dynamics of the island’s economy, with special emphasis on gross value added and contribution to employment. In an attempt to capture the effect of the country’s current economic crisis, the analysis covers both Greece as a whole and Milos, specifically for the period 2005-2011. The results show that the island is over-dependent economically on mining, thus underscoring the importance of nurturing an appropriate mix of industrial activities and tertiary services in this particular setting.