Xenophon Paper No. 9

  • CategoryXenophon Paper
  • YearMay 2010
  • AuthorVladimer Papava
  • CountryGreece
  • LanguageEnglish
A “necroeconomy,” which is created by uncompetitive industries (the “necrocompanies”) that are remnants of the command economy, differentiates the economy of post-Communist capitalism from all other models of capitalism. In times of economic crisis, though, “necrocompanies” can also appear in developed economies, as “zombie-firms,” creating a “zombie-economy.” Following his theory, the author divides the countries of the Black Sea region in two groups: transition states (the “leaders,” to the extent they overcame their Communist past and the “outsiders,” for those that are enslaved by their Communist heritage) and non-transition states (Turkey and Greece). Thus, the key objectives and the means to achieve them differ for each country according to the category they belong. Based on the abovementioned categorisation, Papava’s analysis suggests that while most of the “outsider” countries are more vulnerable to the consequences of the crisis, non-transition states and the “leader” countries are likely to face better economic conditions in the post-crisis period.

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