We describe the political-economic environment that precipitated the Greek crisis. Involved were nocuous collaborations between private interests and the formally appointed custodians of the public interest, and a captured politicized bureaucracy. The confluence of these forces aided in the...

Received wisdom suggests that �excessive� wages, defined as the part of real wages that do not follow labour productivity developments, are adversely associated with the return on capital. This paper argues that excessive wages and profits...