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An Economic Crisis “State of Shock”: An Empirical Analysis of the Greek Economy

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  • ATHANASENAS Athanasios
  • POLYCHRONIDOU Persefoni
  • CHAPSA Xanthippi

Abstract

The International Financial Crisis of 2008 (IFC), and the austerity programs imposed in Greece, hit particularly the already weak Greek economy; despite the crucial fact that the latter suffered severe structural, deficit and, debt problems over the relevant past decades, even before the IFC explosion. Through a structured questionnaire, distributed to 348 students at the International Hellenic University (IHU) and their parents, we investigate how the crisis affected their salary and their working conditions, as well as how respondents evaluate the measures imposed by the “Troika”. Our research findings are of particular interest. More than three out of four respondents, support the view of Naomi Klein that a society in deep crisis is in a “State of Shock”, unable to react, and Greece is such a case. Respondents tend to believe that the pursued policies are forms of psychological violence-pressure, aimed at the disorientation of people, who are willing to work under worse working conditions.

Suggested Citation

  • ATHANASENAS Athanasios & POLYCHRONIDOU Persefoni & CHAPSA Xanthippi, 2021. "An Economic Crisis “State of Shock”: An Empirical Analysis of the Greek Economy," European Journal of Interdisciplinary Studies, Bucharest Economic Academy, issue 02, June.
    • Handle: RePEc:jis:ejistu:y:2021:i:02:id:473
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    More about this item

    Keywords

    International Financial crisis; Greece; Shock Therapy; statistical analysis;
    All these keywords.

    JEL classification:

    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • G01 - Financial Economics - - General - - - Financial Crises
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General

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