Economic Transformation, Democratization and Integration into the European Union: Southern Europe in Comparative Perspective PDF
Preview Economic Transformation, Democratization and Integration into the European Union: Southern Europe in Comparative Perspective
Economic Transformation, Democratization and Integration into the European Union Also byHeatherD. Gibson THE EUROCURRENCY MARKETS, DOMESTIC FINANCIAL POLICY AND INTERNATIONALINSTABILITY ECONOMIC INTEGRATION AND FINANCIAL LIBERALIZATION: Prospects for SouthernEurope(co-editor) INTERNATIONAL FINANCE: Exchange Rates and Financial Flows in the InternationalSystem Sponsored by the Subcommittee of the Nature and Consequences of Democracy in the New Southern Europe of the Joint Committee on Western Europe (1975-96) of the American Council of Learned Societies and the Social Science Research Council. Economic Transformation, Democratization and Integration into the European Union Southern Europe in Comparative Perspective Editedby Heather D. Gibson AssistantEconomicAdvisor ResearchDepartment BankofGreece Athens * Selection, editorial matter, Chapters 1 and 10 © Heather D. Gibson 2001 Chapter 8 © Heather D. Gibson with Yiannis Stournaras and Euclid Tsakalotos 2001 Other chapters © Palgrave Publishers Ltd 2001 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London wn 4LP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. Published by PALGRAVE MACMILLAN Houndmills, Basingstoke, Hampshire RG21 6XS and 175 Fifth Avenue, New York, N.Y. 10010 Companies and representatives throughout the world PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St. Martin's Press, LLC and of Palgrave Macmillan Ltd. Macmillan® is a registered trademark in the United States, United Kingdom and other countries. Palgrave is a registered trademark in the European Union and other countries. ISBN 978-1-349-42104-6 ISBN 978-0-333-97761-3 (eBook) DOI 10.1057/9780333977613 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. A catalogue record for this book is available from the British Library. Library of Congress Catalog Card Number: 00-055687 In memory ofVincent Wright Scholar, mentor and Mensch This page intentionally left blank Contents ListofTables x ListofFigures xiii Preface xiv Acknowledgements xix ListofContributors xx 1 Economic Change in Southern Europe: Prospects for Convergence 1 HeatherD. Gibson SEEs and theworld economy 3 Catch-up and convergence: a framework for understandingthe evolution of economies 8 Notes 25 Bibliography 27 2 Economic Change and the Process of Democratization in Southern Europe 30 MassimoRoccas andTommasoPadoa-Schioppa Comparing Italywith Spain, Portugal and Greece 30 Differencesbetween Spain, Portugal and Greece 34 Economic change in Italy, 1951 to 1979 36 Economic change in Spain, Portugal and Greece, 1960to 1992 45 Conclusions 62 Notes 69 Bibliography 71 3 The Internationalization of Southern European Economies 75 LoukaT.Katseli Introduction: The Southern European model in perspective 75 The internationalization of Southern European economies: globalization, regionalization and European integration 79 Trade and financial market liberalization 86 vii viii Contents The importance of Communityfunds and foreign investment in structural adjustment and the role of macroeconomic policy 98 The role of foreign direct investment in the integration process 104 Convergence and divergence in the internationalization process of SEEs: a challenge for social cohesion and democratic consolidation 113 Notes 116 Bibliography 117 4 Tourism as an Agent ofEconomic Transformation in Southern Europe 119 AllanM. Williams Introduction: a neglected economic sector 119 International tourism demand and potential income 122 Tourism and income flows 128 External income leakages and dependency 133 Employment and labour markets 135 Conclusion: tourism development, policies and politics 140 Bibliography 145 5 Labour Market Segmentation and Informal Work 149 Enzo Mingione Structuration of the social division of labourwithin the Southern European variants of industrial development 149 Origins and causes of the Southern European social division of labour model 154 Features of segmentation and the social division of labour 170 Conclusion 183 Notes 184 Bibliography 187 6 Industrial Policy for Southern Europe 193 AntigoneLyberaki New trends in the economies, the societies and the conception of industrial policy 197 Industrial policyin the European Union 205 European policies in favour of small and medium enterprises 210 Assessment and conclusions 215 Notes 221 Bibliography 226 Contents ix 7 The Comparative Politics ofIndustrial Privatization: Spain, Portugal and Greece in a European Perspective 231 VincentWrightandGeorgePagoulatos Convergent pressures 232 The public sector 237 The privatization environment: the determiningfactors 242 Ambitions, programmes and outcomes 255 Concludingremarks 262 Appendix: Major privatizations 266 Notes 270 Bibliography 270 8 The Changing Role ofFinance in Southern European Economies: Will There be an Improvement in Economic Performance? 274 HeatherD. Gibson, Yiannis Stournaras andEuclid Tsakalotos The financial sectors in Southern European economies 275 The rationale for domestic and external liberalization 283 Prospects for the future 286 Conclusions 299 Appendix 300 Notes 301 Bibliography 303 9 The Community's Redistributive and Development Role and the Southern European Countries 306 AchilleasMitsos Theoretical foundations for strengtheningeconomic and social cohesion 308 TheSingle Act and the reform of the Community's structural policy 311 Assessment of the first period 316 TheMaastricht era 321 The cohesion dimension of overall Communitypolicy 324 Concludingremarks 330 Appendix: statistical tables 331 Notes 333 Bibliography 336 10 Concluding Remarks 343 HeatherD. Gibson Notes 354 Bibliography 354 Index 355
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