This paper analyzes the contradictions in the process of accumula tion in the context of backwardness, looking in detail at the Peruvian economy over an eight year period. A general theoretical framework is developed in which the barrier to accumulation is derived from the sphere of production,...

<italic>The euro crisis has been typically presented as excessive fiscal deficits leading to the accumulation of unsustainable public debts. This debt and deficit diagnosis applied most notably in Greece and Italy, but also in Portugal and Spain (the 'PIGS'). Implicit in much of the analysis, and...</italic>

The euro crisis was typically presented as excessive fiscal deficits leading to the accumulation of unsustainable public debts. This diagnosis applied most notably in Greece and Italy, but also Portugal and Spain. Implicit in much of the analysis, and occasionally explicit, was the suggestion...