Sergio Tzotzes: Expropriation/land grabbing and the role and function of finance: Insights from the Greek case

In classical Marxist terms the expropriation of economic and social activity by “dysfunctional forms of finance in which the appropriation of surplus takes undue, even some sort of systemic, precedence over its creation” (Fine 2010a) is key in understanding financialisation in its current manifestation. The implosion of the finance-ridden debt crisis in the Eurozone periphery has intensified a process of wholesale expropriation/grabbing of public assets, citizens’ income, pensions, social and environmental rights and standards. Starting from the ‘bailout” countries the expropriation/grabbing exercise spreads out to all member states under the auspices of the EU.  Insights from the Greek case are indispensable in rethinking the European project and advancing a progressive left outlook. The grabbing process examined here as regards Greece rests on three pillars: More

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