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

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.

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