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1. European elections and Varoufakis’ book A central question that needs to be addressed to understand the Greek crisis is the process of political transformation in the country. One important indicator of the political consequences of the Euro crisis is the European elections. The results of the elections for the European Parliament were announced on May 26, 2019. Syriza, the ruling party in Greece, obtained less votes than the New Democracy led by Kyriakos Mitsotakis (the son of Konstantino...

We focus on some original approaches so as to find a solution to the “coordination problem” of the decentralised commodity economy in the different interpretations (and refutations) of Marx, stressing the central role of money. We reconstruct in a comparative perspective the approaches of two contemporary French scholars, Jean Cartelier and André Orléan and of two Russian economists, Isaak Rubin and Peter Struve who worked in the beginning of the last century. Our reconstruction starts with Marx although other approaches are also possible. Each of the four scholars under review offered his own methods of solving the issue of coordination. Although the ideas of the four authors intertwined, we can differentiate between two pairs namely Rubin/Orléan (part 1) and Struve/Cartelier (part 2). This corresponds to the radicality of their analytical solutions. While the former pair upheld the theory of value (each one in his own way), the latter actually eliminated it (again each one in his own way). Nous présentons des approches originales pour résoudre le « problème de la coordination » de l’économie marchande décentralisée, en soulignant le rôle central de la monnaie comme base de cette coordination. Nous reconstruisons dans une perspective comparative les approches de deux économistes français contemporains, Jean Cartelier et André Orléan (représentants du courant institutionnaliste monétaire français), en les confrontant avec les solutions des économistes russes Isaak Rubin et Peter Struve, qui écrivaient au début du siècle dernier. Chacun des quatre chercheurs a offert ses propres méthodes de résolution de la question de la coordination. Bien que les idées des quatre auteurs soient étroitement liées, nous pouvons distinguer deux couples, à savoir Rubin-Orléan (partie 1/Part 1) et Struve-Cartelier (partie 2/Part 2). Cela correspond à la radicalité de leurs solutions analytiques. Tandis que les premiers auteurs maintiennent la théorie de la valeur (chacun à sa manière), les deuxièmes l’éliminent et la pensent inutile et redondante (à nouveau chacun à sa manière). Presentamos los enfoques originales para resolver el « problema de la coordinación » de la economía mercantil descentralizada, al resaltar el rol central de la moneda como base de esta coordinación. Reconstruimos en una perspectiva comparativa los enfoques de dos economistas franceses contemporáneos, Jean Cartelier y André Orléan (representantes de la corriente institucionalista monetaria francesa), confrontándolos con las soluciones de los economistas rusos Isaak Rubin y Peter Struve, que escribían a comienzos del siglo pasado. Cada uno de los cuatro investigadores ha ofrecido sus propios métodos de resolución de la cuestión de la coordinación. Si bien las ideas de los cuatro autores están estrechamente vinculadas, podemos distinguir dos parejas : Rubin-Orléan (parte 1) y Struve-Cartelier (parte 2). Esto correponde a la radicalidad de sus soluciones analíticas. Mientras que los primeros autores mantienen la teoría del valor (cada uno a su manera), los segundos la eliminan como teoría del valor y piensan que la misma es inútil y redundante (nuevamente, cada uno a su manera).

Introduction Mikhail Ivanovich Tugan-Baranovsky (1865-1919) [hereafter Tugan] was one of a pléiade of Russian (Ukrainian) fin-de-siècle economists who left a significant trace not only in Russian, but in world economic and social thought. In the late 1890s, Tugan elaborated a personal vision of the development of capitalism, the diversity of economic forms, and a personal model of socialism. Seeking the theoretical basis of specific economic forms, he constructed a theoretical system which st...

International audience

« The countries that are monetarily poor and where prices are low are thus in reality under the economic domination of the countries that are monetarily rich with high prices. » Laveleye (1888, p. 63) Introduction The elites as well as the entire population in the Balkan countries have always strived to be a part of Europe or at least to come closer to the economic, political and cultural development of the leading European countries. The Balkan economists and politicians followed closely and...

The main purpose of this article is to understand how Bulgarian economists interpreted the Great Depression, by reviewing the theoretical models they used and the solutions they advocated. In particular, this means: (i) clarifying what made them gradually realise the structural characteristics of the crisis and (ii) identifying the main channels and the main theories underlying the analysis of crises and depressions. The paper comprises six sections. The first section offers a brief survey of the Bulgarian economy and political developments prior to the Depression. Section two presents Bulgarian economic thought on the eve of the Depression according to five intellectual currents. Section three identifies and discusses the two main models of interpretation of the Great Depression—a cyclical and a structural model. The next two sections explain the evolution of economic thinking following the main phases of the crisis (deflation/agrarian crisis and monetary/banking crisis). Section six focuses on Marxist interpretations of the crisis. The last section offers a few concluding observations. L’objet principal de cet article est de comprendre comment les économistes bulgares ont interprété la Grande Dépression, c’est-à-dire, de mettre en évidence les modèles théoriques qu’ils ont utilisé et les solutions qu’ils ont défendu. Plus particulièrement on cherchera (i) à clarifier ce qui a conduit les économistes à réaliser progressivement les caractéristiques structurelles de la crise et (ii) à identifier les principales filiations théoriques qui sous-tendent l’analyse des crises et dépressions. L’article comprend six sections. La première section expose brièvement la situation de l’économie bulgare et les développements politiques antérieurs à la Grande Dépression. La deuxième section présente la pensée économique bulgare à l’aube de la Grande Dépression, selon cinq grandes traditions intellectuelles. La troisième section identifie les deux grands modèles d’interprétation de la Grande Dépression (un modèle cyclique et un modèle structurel). Les deux sections suivantes expliquent l’évolution des idées économiques en Bulgarie suivant les phases de la crise (déflation et crise agraire, puis crise monétaire et bancaire). La dernière section conclut.

International audience; Mihail Manoilescu was one of the main intellectual personalities of the interwar period in Romania. He was known as a politician and a central banker, but also as an economist. From the very beginning of his theoretical and practical career, or at least from the late 1920s till the end of his life, Manoilescu's ideas and theories were marked by a clear continuity and consistency based on the theory of protectionism. His defence of protectionism is generally presented as clumsy and founded on incorrect method. This paper contributes to a testament of Manoilescu's conclusions and presents the theory of protectionism formulated by the author. It tries to interpret Manoilescu's views in modern terms. It presents arguments assimilating his analysis to some post-Marxist presentations of the after-war period.

This study of bank loans in the larger context of bank-firm relations under the Bulgarian Currency Board focuses on the 'intersection' between credit supply and demand from the point of view of both banks and firms. Both traditional and new hypotheses are suggested that correspond to specific conditions in Bulgaria: the ownership change, the corruption resulting from the transi- tion and other institutional and political factors. Using a cross-sectional model based on a survey on Bulgarian banks and a database of firms, this study found that the main factor affecting the dynamics and structure of credit was the institutional environment, whereas resources and traditional factors were secondary. During the period 1998-2001, banking activities were separate from those of the real sector. Given the new conditions resulting from setting up the Currency Board, the dual sector of firms and the specific institutional environment persist. Despite the discipline it has imposed, the Currency Board does not suffice by itself to overcome persistent institutional impediments, which are mainly related to the inefficiency of the judicial system, corruption, state capture and insecure property rights., Cette étude traite du crédit bancaire dans le contexte élargi des relations banques-entreprises en Bulgarie sous le régime de Currency Board. Elle se concentre sur l'"intersection" entre l'offre et la demande de crédit, respectivement de la part des banques et des entreprises. Nous avançons des hypothèses à la fois traditionnelles et inédites correspondant aux conditions spécifiques de la redistribution des droits de propriété en Bulgarie, de la corruption induite par la transition et d'autres facteurs institutionnels et politiques. Notre modèle en coupe instantanée se fonde sur une enquête consacrée aux banques bulgares et sur une base de données au niveau de l'entreprise. L'analyse montre que c'est surtout l'environnement institutionnel qui agit sur la dynamique et la structure du crédit, tandis que la capacité de prêt et les facteurs traditionnels s'avèrent secondaires. Pendant la période 1998-2001, une séparation entre les activités du secteur bancaire et celles du secteur réel est observée en Bulgarie. Dans les nouvelles conditions du Currency Board, la dualité du secteur des entreprises et les spécificités de l'environnement institutionnel persistent. Bien qu'il ait un effet contraignant, le Currency Board ne peut à lui seul surmonter les obstacles institutionnels qui demeurent, lesquels proviennent essentiellement de l'inefficacité du système judiciaire, de la corruption, de la captation de l'État et du caractère aléatoire des droits de propriété., Nenovsky Nikolay, Peev Evgeni, Yalamov Todor, Cirac Stéphanie, Tchimichkian Madeleine. La liaison banques-entreprises sous le régime de Currency Board : étude empirique pour la Bulgarie. In: Revue d'études comparatives Est-Ouest, vol. 34, 2003, n°2. pp. 53-81.

We propose an empirical study analyzing the link between monetary regime and informal monetary practices, both being within the framework of a country's monetary system, the Currency Board in Djibouti. The analytical and empirical results both from monetary accounting and from econometric simulations, particularly from different tests for cointégration between the balance of payments, reserve money and monetary informal transfers (hawalas) for the period 2002 - 2011, show that informal practices develop in line with the highly rigid monetary regime. The interaction of formal and informal sector provides a macro-monetary balance and stability, thereby perpetuates the regime of Curency Board., Nous proposons une étude empirique analysant le lien entre un régime monétaire et les pratiques monétaires informelles, tous deux se situant dans le cadre du système monétaire d'un pays, celui du "Currency Board" à Djibouti. Les résultats économétriques, de différents tests de cointégration entre la balance des paiements, la base monétaire et le système informel des transferts de fonds ("hawala") pour la période 2002 - 2011, montrent que ces pratiques informelles se développent en harmonie avec le régime monétaire, extrêmement rigide. L'interaction du secteur formel et informel permet d'obtenir un équilibre macro-monétaire et fait perdurer le régime de "Curency Board".

Bulgarian welfare system was significantly changed in the late 1990’s and in early 2000’s following the whole economic and political changes since the collapse of communist system. On the next lines an attempt to summarize the most important changes in the Bulgarian economy in the early 2000’s is made. The accent is put on the welfare system and social inclusion. The reforms in the pension system and in the system concerning the employment policy in Bulgaria are at the center of the research since these two spheres appeared to be the most sensitive to the changes that took place at that time.

Симеон Сергеевич Демостенов е дългогодишен професор по политическа икономия в Софийския университет в периода между двете световни войни и може би най– задълбоченият български икономист от руски произход. Роден е на 8 ноември 1886 г., според доскоро възприемана информация – в гр. Казан, но новооткрити документи посочват како негово родно място Москва (Вж. Прило- жение, писмо 2). След като пристига в България през 1920 г., Симеон Демостенов се отдава изключително на чистата икономическа теория, най-вече на теорията и историята на парите. Рядко се включва в дискусиите върху проблеми от текущия стопански живот, както и в дейността на двете български икономически друже- ства (Българско икономическо дружество и Дружество на икономистите академи- ци). Съсредоточаването на Демостенов върху чистата теория може да се обясни с факта, че там са неговите сравнителни предимства – той е чужденец и недос- татъчно познава българската стопанска действителност. Известен е като привър- женик на субективната школа в политическата икономия в нейния австрийски вариант. (Преди Октомврийската революция, още като руски гражданин, Симеон Демостенов специализира при Карл Менгер). Признат е като изключителен по- знавач на литературата за теориите за парите.

Nos sociétés modernes n’ont cessé de se questionner sur la place et le sens du travail. Cette très ancienne question est récemment encore réapparue dans le débat public : ce débat concerne la place du travail dans nos vies, le manque de travail pour les uns, la surcharge de travail pour les autres, les formes que revêt celui-ci, plus récemment la nature des transformations de la relation d’emploi et du rapport salarial. Une mise à distance par l’histoire des faits et des idées peut permettre de décentrer notre regard du vécu immédiat pour resituer le débat sur le travail dans l’univers riche et complexe des possibles. Revisiter à ce sujet les auteurs classiques ou plus contemporains, analyser leurs interrogations relatives à l’action, au faire, à l’effort, à l’oeuvre et au travail, est une voie privilégiée pour interroger le devenir de nos sociétés. C’est l’hypothèse que veut valider le présent ouvrage, recueil de contributions d’universitaires et de chercheurs spécialistes de l’histoire de la pensée et des faits économiques et sociaux. La première partie consacrée à l’invention du travail illustre divers aspects de la réalité du travail avant la révolution industrielle, puis réinterprète la pensée de Locke, de Rousseau et des physiocrates. La deuxième partie aborde le double problème de l’aliénation et de l’exploitation, au coeur des réflexions des philosophes et des économistes du xviiie et du xixe siècle. La troisième partie aborde plus largement la question sociale et en particulier les aspects du droit au repos et de l’organisation du marché du travail.

Both Marx and Menger are the originators of two vivid and highly recognisable schools of economic thought with long-lasting marks. Despite somehow simplistic reductions which lead to opposing them, their differences do not summarise the whole extent of their analysis. Without underestimating those discrepancies, a number of similarities can be put forward. When it comes to the very heart of their analysis, namely their theories of value, common philosophical sources, parallel paths of inquiry and comparable methodologies can be made more salient. The causal links they establish between value, prices and money appear to be in both cases fundamental for the rest of their intellectual constructions. An interpretation of their value theories is attempted along their common distinction between use and exchange value with respect to its subjective and objective dimension.

This paper analyses exchange rate control measures adopted in Italy and Bulgaria during the interwar period. The first two sections provide a detailed account of the institutional and economic framework in which these measures were enforced and interpret them utilizing statistical data. In the third section it suggests a theoretical interpretation of exchange control and clearing agreements stressing that these policies were a serious interference in market mechanisms. A further point is that exchange control introduced and practiced in Italy and Bulgaria was an eloquent example of how serious the balance of payments constraint was at that time and how difficult it was to circumvent it. In the last section it derives some lessons for today’s Italian and Bulgarian economies.

In 1996/1997 Bulgaria was hit by a severe financial crisis, spreading from a banking crisis to a currency crisis. However, in comparison to the Asian, the Russian or the recent Tango Crisis the Bulgarian Crisis did arouse relatively low international interest. We argue that the Bulgarian Financial Crisis might serve as an illustrative example of a twin crisis involving both a currency and a banking crisis. While the Bulgarian Crisis had some properties of so-called fundamental crises, as explained by first generation models of currency crises, the severity of the crisis was primarily due to systematic moral hazard behaviour of the banking sector. Special attention is paid to the crucial role the Bulgarian National Bank played in the pre-crisis and during the crisis period when acting more as a lender of first than a lender of last resort. We also show how Bulgaria managed to overcome the crisis by introducing a second generation currency board allowing the central bank to act as a strictly limited lender of last resort thereby making the country less prone to a financial crisis in the future.

In 1996/1997 Bulgaria was hit by a severe financial crisis, spreading from a banking crisis to a currency crisis. However, in comparison to the Asian, the Russian or the recent Tango Crisis the Bulgarian Crisis did arouse relatively low international interest. We argue that the Bulgarian Financial Crisis might serve as an illustrative example of a twin crisis involving both a currency and a banking crisis. While the Bulgarian Crisis had some properties of so-called fundamental crises, as explained by first generation models of currency crises, the severity of the crisis was primarily due to systematic moral hazard behaviour of the banking sector. Special attention is paid to the crucial role the Bulgarian National Bank played in the pre-crisis and during the crisis period when acting more as a lender of first than a lender of last resort. We also show how Bulgaria managed to overcome the crisis by introducing a second generation currency board allowing the central bank to act as a strictly limited lender of last resort thereby making the country less prone to a financial crisis in the future.

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