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Papers by Giorgos Meramveliotakis

Research paper thumbnail of History in Reverse Order

This article challenges some fundamental propositions of property rights theory by revealing the ... more This article challenges some fundamental propositions of property rights theory by revealing the inability of new institutional economics to fully grasp the notion of property, as reflected in its narrow and problematic definition of property rights. The concept of property relations is proposed as better suited to capture the social and institutional aspects of property. By reconsidering the case of the Montagnais, originally used by Alchian and Demsetz for illustra-tive purposes, and drawing on the works of Polanyi and McManus, we show that the historical explanation of the emergence of (private) property rights provided by Alchian and Demsetz is flawed.

Research paper thumbnail of Sustainable Development, COVID-19 and Small Business in Greece: Small Is Not Beautiful

Administrative Sciences, 2021

The aim of this article is s to show that contrary to the common parlance and to the widespread b... more The aim of this article is s to show that contrary to the common parlance and to the widespread belief that treats small business as “the backbone of the economy”, in the sense of being the prime motor of wealth and prosperity, therefore the underlying logic is what is good for small business will also help government achieves overall economic policy goals, the prevailing dominant idea that formulates and drives the Greek economic policy is quite the opposite. Based on textual analysis, from Greece’s Structural Adjustment Programs, to the various assessment reports, till the latest “Development Plan for the Greek Economy”, we attempt to reveal that the prevailing idea that penetrates the abovementioned texts is that “small is not beautiful”. Specifically, after indicating a policy paradox regarding the limited financial support that Greek small businesses received or expected to receive despite their vital importance to the Greek economy, we expose the “structural impediment” idea. ...

Research paper thumbnail of History, Knowledge, and Sustainable Economic Development: The Contribution of John Stuart Mill’s Grand Stage Theory

Sustainability, 2021

The aim of this paper is to sketch out the idea for a grand theory in development studies as the ... more The aim of this paper is to sketch out the idea for a grand theory in development studies as the necessary research field for fruitful historical interdisciplinary, arguing that Mill’s stage theory provides such a powerful theoretical framework able to contextualize, develop, and integrate the multiple, diverse, and middle-range contemporary strands in development studies. Second, an attempt is made to reconstitute Mill’s stages theory of economic development placing it at the center of his political economy. We claim that Mill’s theory of economic development implies that the dialectical relation between knowledge/innovation (human capital) and nature (natural capital) accelerates the course of economic change. In Mill’s analysis, the dialectical relation between knowledge and nature penetrates through culture, which is regarded by Mill as a structural element of each stage of economic development. By highlighting the importance of knowledge in the transition between different stag...

Research paper thumbnail of New Institutional Economics: A Critique of Fundamentals & Broad Strokes Towards an Alternative Theoretical Framework for the Analysis of Institutions

This article explicitly deals with and scrutinises what can be perceived to be the core analytica... more This article explicitly deals with and scrutinises what can be perceived to be the core analytical issues and methodological concepts of new institutional economics. New institutionalism seeks to explain not just the origins and evolution of institutions of capitalism, but more generally the scope of the theory is supposed to be universally applicable. Granted this, new institutionalists often interpret the historical emergence and evolution of institutions in abstract logical terms. This is because of the static, timeless, ahistorical and asocial nature of marginalism and neoclassical equilibrium analysis used by new institutionalists. Hence, an attempt is made to propose certain methodological and theoretical premises that can pave the way for the construction of an alternative, qualified theory of institutional arrangements. In this vein, the issues of social structure, social relations, power and conflict come to central stage.

Research paper thumbnail of Surveying the Transaction Cost Foundations of New Institutional Economics: A Critical Inquiry

Journal of Economic Issues, 2010

Research paper thumbnail of Competitiveness, Entrepreneurship, and the Business Environment in Greece: Aspects from the EU South

The purpose of this chapter is to determine the competitiveness, exercise of entrepreneurship and... more The purpose of this chapter is to determine the competitiveness, exercise of entrepreneurship and quality of the business environment in Greece, based on the analysis of the motives and barriers of inward foreign direct investment (FDI) for the period 1995-2003. The analysis was based on research that was carried out using a questionnaire, which was sent to 150 multinational enterprises (MNEs) that had invested in Greece in the aforementioned period. The sample size consisted of fifty-two MNEs and the response ...

Research paper thumbnail of Broad strokes towards a grand theory in the analysis of sustainable development: a return to the classical political economy

New Political Economy, 2022

Research paper thumbnail of Surveying the Methodological and Analytical Foundations of the New Institutional Economics: A Critical Comparison with Neoclassical and (Old) Institutional Economics

Economic and Business Review

Research paper thumbnail of Coasean Theory of Property Rights and Law Revisited: A Critical Inquiry

Science & Society

Ronald Coase's famous Theorem states that externalities-third-party effects of transactions that ... more Ronald Coase's famous Theorem states that externalities-third-party effects of transactions that undermine the supposed optimality of competitive equilibrium-do not need to be corrected by active government policy, as in the classical presentation by A. C. Pigou, if there are complete markets in property rights. This Theorem, however, is inherently flawed, as revealed by "internal" or "immanent" critique of its assumptions. It thus fails, even on its own terms. Beyond this, however, a more radical critique, which foregrounds issues of social structure, social relations, power and conflict, forms the basis for a comprehensive analysis of (capitalist) property rights. This radical analysis of the Coase Theorem and the debate spawned by it has implications for the entire field of "law and economics" studies, and for its central notion that legal doctrine can be based on any set of pure efficiency criteria.

Research paper thumbnail of The Issue of Efficiency and the Role of State in New Institutional Economics: A Critical Perspective

Research paper thumbnail of Williamson's Theory of the Firm: Efficiency vs. Power

International Journal of Business and Social Science

The purpose of this paper is to appraise the analytical usefulness of Williamson's theory of the ... more The purpose of this paper is to appraise the analytical usefulness of Williamson's theory of the firm by investigating the explanatory capacity of transaction cost concept. Particularly, the aim is to criticize Williamson's main tenet that the emergence of the hierarchical form of capitalist production system can be analysed in terms of efficiency considerations. Contrary to Williamson's rationale, I conclude that the concept of power seems, in contrast to Williamson's adherence to the efficiency principle, to be a more effective analytical tool in explaining the establishment of the factory system.

Research paper thumbnail of Homo Economicus and the Economics of Property Rights: History in Reverse Order

Review of Radical Political Economics, 2013

This article challenges some fundamental propositions of property rights theory by revealing the ... more This article challenges some fundamental propositions of property rights theory by revealing the inability of new institutional economics to fully grasp the notion of property, as reflected in its narrow and problematic definition of property rights. The concept of property relations is proposed as better suited to capture the social and institutional aspects of property. By reconsidering the case of the Montagnais, originally used by Alchian and Demsetz for illustrative purposes, and drawing on the works of Polanyi and McManus, we show that the historical explanation of the emergence of (private) property rights provided by Alchian and Demsetz is flawed.

Research paper thumbnail of History in Reverse Order

This article challenges some fundamental propositions of property rights theory by revealing the ... more This article challenges some fundamental propositions of property rights theory by revealing the inability of new institutional economics to fully grasp the notion of property, as reflected in its narrow and problematic definition of property rights. The concept of property relations is proposed as better suited to capture the social and institutional aspects of property. By reconsidering the case of the Montagnais, originally used by Alchian and Demsetz for illustra-tive purposes, and drawing on the works of Polanyi and McManus, we show that the historical explanation of the emergence of (private) property rights provided by Alchian and Demsetz is flawed.

Research paper thumbnail of Sustainable Development, COVID-19 and Small Business in Greece: Small Is Not Beautiful

Administrative Sciences, 2021

The aim of this article is s to show that contrary to the common parlance and to the widespread b... more The aim of this article is s to show that contrary to the common parlance and to the widespread belief that treats small business as “the backbone of the economy”, in the sense of being the prime motor of wealth and prosperity, therefore the underlying logic is what is good for small business will also help government achieves overall economic policy goals, the prevailing dominant idea that formulates and drives the Greek economic policy is quite the opposite. Based on textual analysis, from Greece’s Structural Adjustment Programs, to the various assessment reports, till the latest “Development Plan for the Greek Economy”, we attempt to reveal that the prevailing idea that penetrates the abovementioned texts is that “small is not beautiful”. Specifically, after indicating a policy paradox regarding the limited financial support that Greek small businesses received or expected to receive despite their vital importance to the Greek economy, we expose the “structural impediment” idea. ...

Research paper thumbnail of History, Knowledge, and Sustainable Economic Development: The Contribution of John Stuart Mill’s Grand Stage Theory

Sustainability, 2021

The aim of this paper is to sketch out the idea for a grand theory in development studies as the ... more The aim of this paper is to sketch out the idea for a grand theory in development studies as the necessary research field for fruitful historical interdisciplinary, arguing that Mill’s stage theory provides such a powerful theoretical framework able to contextualize, develop, and integrate the multiple, diverse, and middle-range contemporary strands in development studies. Second, an attempt is made to reconstitute Mill’s stages theory of economic development placing it at the center of his political economy. We claim that Mill’s theory of economic development implies that the dialectical relation between knowledge/innovation (human capital) and nature (natural capital) accelerates the course of economic change. In Mill’s analysis, the dialectical relation between knowledge and nature penetrates through culture, which is regarded by Mill as a structural element of each stage of economic development. By highlighting the importance of knowledge in the transition between different stag...

Research paper thumbnail of New Institutional Economics: A Critique of Fundamentals & Broad Strokes Towards an Alternative Theoretical Framework for the Analysis of Institutions

This article explicitly deals with and scrutinises what can be perceived to be the core analytica... more This article explicitly deals with and scrutinises what can be perceived to be the core analytical issues and methodological concepts of new institutional economics. New institutionalism seeks to explain not just the origins and evolution of institutions of capitalism, but more generally the scope of the theory is supposed to be universally applicable. Granted this, new institutionalists often interpret the historical emergence and evolution of institutions in abstract logical terms. This is because of the static, timeless, ahistorical and asocial nature of marginalism and neoclassical equilibrium analysis used by new institutionalists. Hence, an attempt is made to propose certain methodological and theoretical premises that can pave the way for the construction of an alternative, qualified theory of institutional arrangements. In this vein, the issues of social structure, social relations, power and conflict come to central stage.

Research paper thumbnail of Surveying the Transaction Cost Foundations of New Institutional Economics: A Critical Inquiry

Journal of Economic Issues, 2010

Research paper thumbnail of Competitiveness, Entrepreneurship, and the Business Environment in Greece: Aspects from the EU South

The purpose of this chapter is to determine the competitiveness, exercise of entrepreneurship and... more The purpose of this chapter is to determine the competitiveness, exercise of entrepreneurship and quality of the business environment in Greece, based on the analysis of the motives and barriers of inward foreign direct investment (FDI) for the period 1995-2003. The analysis was based on research that was carried out using a questionnaire, which was sent to 150 multinational enterprises (MNEs) that had invested in Greece in the aforementioned period. The sample size consisted of fifty-two MNEs and the response ...

Research paper thumbnail of Broad strokes towards a grand theory in the analysis of sustainable development: a return to the classical political economy

New Political Economy, 2022

Research paper thumbnail of Surveying the Methodological and Analytical Foundations of the New Institutional Economics: A Critical Comparison with Neoclassical and (Old) Institutional Economics

Economic and Business Review

Research paper thumbnail of Coasean Theory of Property Rights and Law Revisited: A Critical Inquiry

Science & Society

Ronald Coase's famous Theorem states that externalities-third-party effects of transactions that ... more Ronald Coase's famous Theorem states that externalities-third-party effects of transactions that undermine the supposed optimality of competitive equilibrium-do not need to be corrected by active government policy, as in the classical presentation by A. C. Pigou, if there are complete markets in property rights. This Theorem, however, is inherently flawed, as revealed by "internal" or "immanent" critique of its assumptions. It thus fails, even on its own terms. Beyond this, however, a more radical critique, which foregrounds issues of social structure, social relations, power and conflict, forms the basis for a comprehensive analysis of (capitalist) property rights. This radical analysis of the Coase Theorem and the debate spawned by it has implications for the entire field of "law and economics" studies, and for its central notion that legal doctrine can be based on any set of pure efficiency criteria.

Research paper thumbnail of The Issue of Efficiency and the Role of State in New Institutional Economics: A Critical Perspective

Research paper thumbnail of Williamson's Theory of the Firm: Efficiency vs. Power

International Journal of Business and Social Science

The purpose of this paper is to appraise the analytical usefulness of Williamson's theory of the ... more The purpose of this paper is to appraise the analytical usefulness of Williamson's theory of the firm by investigating the explanatory capacity of transaction cost concept. Particularly, the aim is to criticize Williamson's main tenet that the emergence of the hierarchical form of capitalist production system can be analysed in terms of efficiency considerations. Contrary to Williamson's rationale, I conclude that the concept of power seems, in contrast to Williamson's adherence to the efficiency principle, to be a more effective analytical tool in explaining the establishment of the factory system.

Research paper thumbnail of Homo Economicus and the Economics of Property Rights: History in Reverse Order

Review of Radical Political Economics, 2013

This article challenges some fundamental propositions of property rights theory by revealing the ... more This article challenges some fundamental propositions of property rights theory by revealing the inability of new institutional economics to fully grasp the notion of property, as reflected in its narrow and problematic definition of property rights. The concept of property relations is proposed as better suited to capture the social and institutional aspects of property. By reconsidering the case of the Montagnais, originally used by Alchian and Demsetz for illustrative purposes, and drawing on the works of Polanyi and McManus, we show that the historical explanation of the emergence of (private) property rights provided by Alchian and Demsetz is flawed.