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Capital Accumulation and Over-Accumulation Crisis: The Case of Greece (1960-1989)

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  • Elias Ioakimoglou

    (Athens, Greece)

  • John Milios

    (Athens, Greece)

Abstract

In this paper, the concept of capital over-accumulation, formulated by Marx in Volume 3 of Capital , is discussed and adopted as the theoretical framework for the study of capital accumulation and economic crisis in Greece in the period 1960-89. The empirical part of the analysis is based on the investigation of a series of indices which reveal the historical trend of the social and economic relations determining capital accumulation. It is thus shown that the main factor determining the economic crisis of Greek capitalism since the late seventies is the decreasing ability of the capitalist class to economize on constant capital, which is the outcome of the social relation of forces established in the class-struggle.

Suggested Citation

  • Elias Ioakimoglou & John Milios, 1993. "Capital Accumulation and Over-Accumulation Crisis: The Case of Greece (1960-1989)," Review of Radical Political Economics, Union for Radical Political Economics, vol. 25(2), pages 81-107, June.
    • Handle: RePEc:sae:reorpe:v:25:y:1993:i:2:p:81-107
    DOI: 10.1177/048661349302500205
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    References listed on IDEAS

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    1. Bernard Loiseau & Jacques Mazier & Marie-Brigitte Winter, 1977. "Rentabilité du capital dans les économies dominantes : des tensions accrues," Économie et Statistique, Programme National Persée, vol. 86(1), pages 39-54.
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    Cited by:

    1. Angelos VOULDIS & Panayotis MICHAELIDES & John MILIOS, 2008. "Do Technology Shocks affect Output and Profitability over the Business Cycle in Greece (1960-2008)?," EcoMod2008 23800152, EcoMod.
    2. Ivan D. Trofimov, 2019. "Stability of Labour Shares: Evidence from OECD Economies," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 17(1), pages 57-89.
    3. Michaelides, Panayotis G. & Belegri-Roboli, Athena & Economakis, George & Milios, John G., 2005. "The Determinants of Investment Activity in Greece (1960-’99)," MPRA Paper 74548, University Library of Munich, Germany.
    4. Konstantakis, Konstantinos & Michaelides, Panayotis G., 2014. "The Political Economy of Car Sales in Athens, Greece," MPRA Paper 74489, University Library of Munich, Germany.
    5. Panayotis G. Michaelides & Konstantinos N. Konstantakis, 2015. "Business Cycles and Economic Crisis: The Case of Car Sales in Athens, Greece (2000-2012)," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 69-83, June.

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