ABSTRACT
The current Greek crisis a long-run perspective should be adopted and Greek capitalism has to be situated within the international division of labour. The chapter presents the historical course and particularly the post-war evolution of Greek capitalism. It explores that Greek capitalism is a second-generation, middle-range capitalism with limited imperialist abilities. Then the roots of the current Greek crisis are traced back to the 1973 crisis and the limited success of the subsequent capitalist restructuring waves. The chapter examines the external dimension of the crisis. It is shown that Greece's accession to the European integration process led to a deteriorating competitiveness. The chapter also analyses the internal dimension of the Greek crisis. Then it explains how and under what concrete circumstances the Greek crisis erupted. The chapter argues that the 2007-8 crisis in the leading capitalist economies triggered Greek capitalism's own profitability and over accumulation problems. This ended the period of 'artificial growth' and ushered Greek capitalism into deep crisis.
