1. Education 

BSc(Econ):                 1978-1981, London School of Economics.
MSc:                            1981-1982, London School of Economics. 
PhD:                            1982-86, Birkbeck College, University of London.

2. Career record

1/2015-8/2015           Member of the Greek Parliament for the Prefecture of Imathia.
2008 -                          Professor of Economics, SOAS, University of London.
2004-2008                 Reader in Economics, SOAS, University of London.
1999-2004                  Senior Lecturer in Economics, SOAS, University of London.
1991-99                        Lecturer in Economics, SOAS, University of London.

Fixed term appointments

2006                    Visiting Professor of Economics, University of Tokyo, January 2006-April 2006.
1999-2000      Visiting Professor of Economics, Athens University of Economics and Business, September 1999-August 2000.
1993-94              Associate Professor of Economics (full member of staff, one year contract), University of Tokyo, April 1993-March. 1994.

3. Selected publications

a) Books

2016, Euro, Plan B: Sortir de la Crise en Grèce, en France et en Europe, with Heiner Flassbeck, Cédric Durand, Guillaume Étiévant, Frédéric Lordon, Éditions du Crocquant: Paris.

2015, Against the Troika: Crisis and Austerity in the Eurozone, with H. Flassbeck, Verso: London and New York.

2013, Profiting without Producing: How Finance Exploits Us All, pp. 1-393, Verso: London and New York, ISBN: 978-1-78168-141-1.

2012a, Crisis in the Eurozone, with A. Kaltenbrunner, G. Lambrinidis, D. Lindo, J. Meadway, J. Michell, J.P. Painceira, J. Powell, E. Pires, A. Stenfors, N. Teles, and L. Vatikiotis, pp. 1-243, Verso: London and New York, ISBN: 978-1-84467-969-0.

2012b, (ed.), Financialisation in Crisis, pp. 1-260, Brill: Leiden, Boston, ISSN: 1570-1522, ISBN: 978-90-04-20107-1.

2012c, Breaking Up? A Radical Route Out of the Eurozone Crisis, A. Kaltenbrunner, D.Lindo, J. Meadway, J. Michell, J.P. Painceira, E. Pires, J. Powell, A. Stenfors, and N. Teles, in Greek, pp. 1-182, Athens: Livanis Press, ISBN 978-960-14-2452-1.

2010a, The Eurozone between Austerity and Default, with A. Kaltenbrunner, G. Lambrinidis, D. Lindo, J. Meadway, J. Michell, J.P. Painceira, E. Pires, J. Powell, A. Stenfors, and N. Teles, in Greek, pp. 1-154, Athens: Livanis Press, ISBN: 978-960-14-2311-1.

2010b, 2010. Eurozone in Crisis, in Greek, with Kaltenbrunner, G. Lambrinidis, D. Lindo, J. Michell, J.P. Painceira, E. Pires, J. Powell, A. Stenfors, and N. Teles, pp. 1-99, Athens: Novoli Press, ISBN: 978-960-9428-17-0.

2005, (ed.), Beyond Market-Driven Development: Drawing on the Experience of Asia and Latin America, with Makoto Noguchi, pp. 1-217, Routledge: London, ISBN 0-415-35960-0.

2003, Social Foundations of Markets, Money and Credit, pp. 1-170, Routledge: London, ISBN 0-415-31805-X. Serbocroat translation due to be published in 2013.

2001, (ed.), Development Policy in the Twenty-first Century: Beyond the Post-Washington Consensus, with Ben Fine and Jonathan Pincus, pp. 1-224, Routledge: London, ISBN 0-415-22822-0.

1999, Political Economy of Money and Finance, with Makoto Itoh, pp. 1-301, Macmillan: London, ISBN 0-333-66521-X (hardcover), 0-333-66522-8 (paperback). Japanese translation appeared in 2002, Iwanami Shoten: Tokyo, pp. 1-330, ISBN4-00-022424. Chinese translation appeared in 2002, Economic Science Press: Beijing, pp. 1-370, ISBN 7-5058-2758-8. Greek translation appeared in 2004, Polytropon Press: Athens, pp. 1-544, ISBN 960-8354-16-1. Turkish translation appeared in 2012, Yordam Kitap: Istanbul, pp. 1-285, ISBN 978-605-5541-73-6.

b) Articles in refereed journals

2016, ‘The Profits of Financialisation’, with Ivan Mendieta-Munoz, Monthly Review, Volume 68, Issue 03 (July-August), available at

2014, ‘How to change the post-crash economy: A discussion following the publication of ‘Profiting without Producing’’, with P. Mason, M. Μazzucato, S. Milne and B. Chew, CITY, vol. 18, no. 2, pp. 175-190.

2013, ‘Financialisation Varied: A Comparative Analysis of Developed Economies’, with J. Powell, Cambridge Journal of Regions, Economy and Society, doi:10.1093/cjres/rst019.

2012a, ‘Default and Exit from the Eurozone: A Radical Left Strategy’, Socialist Register, The Crisis and the Left, pp. 288-297, ISBN: 978-0-85036-682-2. This article has also appeared in A. Veselinovic, M. Jadzic, D. Maljkovic, (eds), Kriza Odgovori Levica, (in Serbocroat), 2013, pp. 118-127, Rosa Luxemburg Stiftung: Belgrade.

2012b, ‘European Capitalism at a Crossroads’, Actuel Marx, in French, no. 51, first semester, pp.44-58, ISBN: 978-2-13-059330-0.

2011a, ‘Theorizing financialisation’, Work, Employment, and Society, vol. 25, no. 4, December, pp. 611-626, ISSN: 0950-0170.

2010, ‘Eurozone crisis: beggar thyself and thy neighbour’, with A. Kaltenbrunner, D. Lindo, J. Michell, J.P. Painceira, E. Pires, J. Powell, A. Stenfors, and N. Teles, Journal of Balkan and Near Eastern Studies, vol. 12, issue 4, pp. 321 – 373. 

2009a, ‘Financialised Capitalism: Crisis and Financial Expropriation’, Historical Materialism, 17.2, pp.114-148, ISBN 9789004 176102.

2009b, ‘Financialisation, or the Search for Profits in Circulation’, Economiaz, 72:3, pp. 98-119.

2008, ‘Globalization and Contemporary Banking: On the Impact of New Technology’, with P. L. Dos Santos, Contributions to Political Economy, 27, pp. 31-56.

2007, ‘Information and Trust as Social Aspects of Credit’, Economy and Society, vol. 36, no .3, August, pp. 416-436, IISN 0308-5147 print/1469-5766 online.

2006a, ‘Social and Economic Underpinnings of Industrial Development: Evidence from Ottoman Macedonia’, Journal of European Economic History, vol. 35, no. 3, Winter, pp. 661-710, ISSN: 0391-5115.

2006b, ‘Power and Trust as Constituents of Money and Credit’, Historical Materialism, 14 (1), pp. 129-154, ISBN 9-004150749. This article is a contribution to an international symposium organized by this journal after publication of my monograph Social Foundations of Markets, Money and Credit.

2005a, ‘The Emergence of Money in Commodity Exchange, or Money as Monopolist of the Ability to Buy’, Review of Political Economy, vol. 17, no. 4, October, pp. 549-569, ISSN 0953-8259.

2005b, ‘The Social Relations of Money as Universal Equivalent: A Response to Ingham’, Economy and Society, 34, 3, August, pp. 389-403, ISSN 0308-5147.

2004a, ‘Transforming the Transformation Problem: Why the New Solution is a Wrong Turning’, with B. Fine and A. Saad-Filho, Review of Radical Political Economics, 36, 1, Winter, 3-19, ISSN 0486-6135 (J540).

2004b, ‘Commodities and Gifts: Why Commodities Represent More than Market Relations’, Science and Society, 68, 1, Spring, 33-56, IISN 0036-8237.

2004c, ‘Hilferding’s Theory of Banking in the Light of Steuart and Smith’, Research in Political Economy, 21, 161-180, ISBN 0-7623-1098-7, IISN 0161-7230 (Series).

2004d, ‘Social Capital and Capitalist Economies’, with B. Fine, South-Eastern Europe Journal of Economics, vol. 2, no. 1, pp. 17-34, Spring, ISSN 1109-8597.

2004e, ‘Finance and Globalisation: A Political Economy Approach’, in Chinese, Review of Political Economy (Zhengzhi Jingixue Pinglun), Renmin University, Beijing, no 3, 27-37, ISBN 7-3000-06149-4.

2002, ‘Globalisation and the Imperative of Economic Control’, in Greek, Theseis, no. 79, April-June, pp.23-42, ISSN 1106-2142.

2001, ‘The Recent Turkish Crisis: Another Step Toward Free Market Authoritarianism’, with S. Aybar, Historical Materialism, no. 8, summer, pp.297-308, ISBN 0-9532171-5-9. Turkish translation appeared in Iktisat, 2001, no. 416, August, pp. 52-58. Greek translation appeared in Theseis, 2001, no. 77, October-December, pp. 99-115, ISSN 1106-2142.

2000a, ‘On Marx’s Analysis of Money Hoarding in the Turnover of Capital’, Review of Political Economy, vol. 12, no 2, pp. 219-235, ISSN 0953-8259.

2000b, ‘Markets and Money in Social Science: What Role for Economics?’, with Ben Fine, Economy and Society, vol. 29, no. 3, August, pp. 357-382, ISSN 0308-5147 (print)/ IISN 1469-5766 (online). This has also been published as book chapter, see 2005d.

2000c, ‘Money and the Analysis of Capitalism: The Significance of Commodity Money’, Review of Radical Political Economics, vol. 32, no. 4, pp. 631-656, December, ISSN 0486-6134.

2000d, ‘Dialectics and History: A Reply to Tony Smith’, with Ben Fine and Dimitris Milonakis, Historical Materialism, no. 6, summer, pp. 133-137, ISBN 0-9532171-5-9.

2000e, ‘The Supply of Credit Money and Capital Accumulation: A Critical View of Post-Keynesianism’, with A. Saad-Filho, Research in Political Economy, vol. 18, pp. 309-333, ISBN: 0-7623-0696-3.

2000f, ‘Horizontalist theory of money and credit: A critical analysis’, with A. Saad-Filho, in Portuguese, Estudios Economicos, 29(1), 23-45, ISSN 0101-4161.

1999, ‘Analysing the World Economy: Two Steps Back’, with B. Fine and D. Milonakis, Capital and Class, Spring, No. 67, pp. 21-47, special issue on the current state of the world economy, which I edited, ISSN 0309-8168.

1998a, ‘Currents of Monetary Theory in Classical Political Economy’, Political Economy, vol 2, Spring, pp. 41-71, ISBN 9940011695.

1998b, ‘Money and Credit in Marx's Political Economy’, in Greek, Utopia, 28, January/February, pp. 97-122, IISN 1105-9141.

1997a, ‘Crisis and Transition in the Japanese Credit System: An Analytical Overview’, Capital and Class, No 62, Spring, pp. 21-47, ISSN 0309-8168.

1997b, ‘Two Approaches to the Concept of Interest-Bearing Capital’, International Journal of Political Economy, special issue on money and finance, vol 27, no 1, Spring, pp. 85-106, ISSN 0891-1916.

1997c, ‘The Political Economy of Central Banks: Agents of Stability or Source of Instability?’, International Papers in Political Economy, Vol 4, No 3, pp. 1-52, ISSN 1353-1158. This paper has also appeared as a book chapter, see 2001b.

1997d, ‘State and Finance in Economic Development: Analytical Issues Relevant to the East Asian Miracle’, Seoul Journal of Economics, vol 10, no 4, pp. 415-437, ISSN 1225-0279.

1996a, ‘The Classical Adjustment Mechanism of International Balances: Marx's Critique’, Contributions to Political Economy (annual supplement to the Cambridge Journal of Economics), (15), pp. 63-79, ISSN 0277-5921.

1996b, ‘On the Instability in Japanese Finance’, in Japanese, Keizai to Shakai (Economy and Society), 8, Winter, pp. 43-59, ISBN4-7888-9940-9C3033.

1995, ‘The Crisis in the Japanese Economy’, in Greek, Utopia, 18, November-December, pp. 43-62, IISN 1105-9141.

1994a, ‘The Banking School and the Monetary Thought of Karl Marx’, Cambridge Journal of Economics, Vol 18, No 5, October, pp 447-461, ISSN 0309-166X. Japanese translation appeared in Keizai Ronshu, Aichi University Journal of Economics, no 141, July, pp. 165-192, ISSN 0916-5681. Greek translation appeared in Theseis, 1996, no 56, July-September, pp. 79-101, ISSN 1106-2142.

1994b, ‘The Classical Adjustment Mechanism of International Balances: The Relevance of the Labour Theory of Value’, in Japanese, Keizaigaku Ronshu, Economic Journal of Tokyo University, Vol 60, No 2, July, pp. 27-40, ISSN 0022-9768.

1991, ‘The Theory of Credit Money: A Structural Analysis’, Science and Society, Vol. 55, No. 3, Fall, pp. 291-322, ISSN 0036-8237. Japanese translation appeared in Keizai Ronshu, Aichi University Journal of Economics, 1997, no. 143, special issue, pp. 283-318, ISSN 0916-5681.

c) Chapters in books

2015, ‘Confronting the Failure of the European Monetary Union’, with H. Flassbeck, in Asymmetric Crisis in Europe and Possible Futures: Critical Political Economy and Post-Keynesian Perspectives, J. Jäger and E Springler (eds), Routledge: London and New York.

2014, ‘The (Im)materiality of the Economy’, in German, in Macht des Materials/Politik der Materialität, S. Witzgall and K. Stakemeier (eds), pp. 199-207, Zürich-Berlin: Diaphanes, ISBN: 978-303-37346-655.

2013a, ‘The Eurozone Crisis through the Prism of World Money’, in The Handbook of the Political Economy of Financial Crises, M. Wolfson and J. Epstein, (eds.), pp. 378-394, Oxford University Press: Oxford and New York, ISBN: 978-0-19-975723-7.

2013b, ‘Financialisation and capitalist accumulation: A structural account of the crisis of 2007-9’, in Crises of Global Economies and the Future of Capitalism, K. Yagi, N. Yokokawa, S. Hagiwara and G. Dymski, (eds), pp. 55-74, Routledge: London and New York, ISBN: 978-0-415-68733-1. 

2012, ‘Breaking up - A Way out of the Eurozone Crisis’, with A. Kaltenbrunner, D.Lindo, J. Meadway, J. Michell, J.P. Painceira, E. Pires, J. Powell, A. Stenfors, and N. Teles, in Portuguese, in Rise and Fall of the Euro, J. Figuereido (ed.), pp. 1-351, Lisbon: Chiado Editora, ISBN: 9-789896-975487. 

2010, ‘The Structural Crisis of the Periphery of the Eurozone’, in Mapping the Crisis: The End of Self-Delusion, in Greek, L. Vatikiotis, C. Vergopoulos, M. Givalos, M. Zervas, G. Kouzis, C. Lapavitsas, S. Mavroudeas, P. Papakonstantinou, G. Tolios, Athens: Topos Press. 

2006, ‘Power and Trust’, (in Japanese) in The Frontiers of Contemporary Marxist Economics (Gendai Marukusu Keizaigaku no Furontia), collected volume published by the Study Group on Contemporary Issues and Marxian Economics, pp. 67-97, Tokyo: Ochanomizu, ISBN4-275-00448-5.

2005a, ‘Bank-based and Market-based Financial Systems: Insights from the History of Economic Thought’, in Beyond Market-Driven Development: Drawing on the Experience of Asia and Latin America, Noguchi M. and Lapavitsas C. (eds), pp. 181-199, London: Routledge, ISBN 0-415-35960-0.

2005b, ‘Mainstream Economics in the Neoliberal Era’, in Neoliberalism: A Critical Perspective, Saad-Filho A. and Johnston D. (eds), pp. 30-40, London & Ann Arbor: Pluto Press, ISBN 0 7453 2298.

2005c, ‘Money as Monopolist of the Ability to Buy’, in Marx’s Theory of Money: Modern Appraisals, Moseley F. (ed), pp. 95-110, London: Palgrave, ISBN 1-4039-3641-2.

2005d, ‘Markets and Money in Social Science: What Role for Economics?’, with Ben Fine, in Concepts of Money, G. Ingham (ed), Critical Studies in Economic Institutions 8, Cheltenham and Northampton, Mass.: Edward Elgar. This has also appeared as journal article, see 2000b.

2003a, ‘Money as Money and Money as Capital in a Capitalist Economy’, in Anti-Capitalism: A Marxist Guide, Saad-Filho, A. (ed), pp. 59-72, London and Sterling, Virginia: Pluto Press, ISBN 0-7453-1894-0.

2003b, ‘Market-based versus Bank-based Financial Systems: Tracing their Origins in the History of Political Economy’, in Japanese, in Noguchi M., Hirakawa H., and Sano M. (eds), Political Economy of Counter-Globalisation Development (Han-Globalizumu no Kaihatsukeizaigaku), pp. 209-31, Tokyo: Nippon Hyoronsha, ISBN 4-535-55255-X.

2001a, ‘Financial System Design and the Post-Washington Consensus’, with S. Aybar, in Neither the Washington nor the Post-Washington Consensus: Development Policy at the Crossroads, Fine B., Lapavitsas C. and Pincus J., (eds), pp. 28-51, London: Routledge, ISBN 0-415-22822-0.

2001b, ‘The Political Economy of Central Banks: Agents of Stability or Source of Instability?, in Money, Finance and Capitalist Development, Arestis P. and Sawyer M. (eds), pp. 179-219, London: Edward Elgar, ISBN 1 84064 598 9. This has also been published as an article, see 1997c.

1999a, ‘Financial Systems and Capital Markets: An Alternative View’, with Stavros Mavroudeas, in Topics in Financial Economics and Risk Analysis, Syriopoulos, K., (ed), pp. 62-82, Thessaloniki: Paratiritis.

1999b, ‘Central Bank Independence: Problematic Theory and Evidence’, in Contemporary Economic Theory, Vlachou A., (ed), pp. 205-219, London: Macmillan, ISBN 0-333-75362-3.

1999c, ‘Financial Instability and Japanese Capitalism’, in Japanese, in Itoh M. (ed), The Dynamism of Contemporary Capitalism (Gendai Shihonshugi no Dainamizumu), pp. 171-194, Tokyo: Ochanomizu Shobo, ISBN4-275-017779-X.

1996, ‘A Model of Money Hoard Formation in the Circuit of Capital’, in Greek, in Anadromi ston Marx (Marx Revisited), Milonakis, D., Stathakis, G., and Theotokas, N., (eds), pp. 149-172, Athens: Delfini Publishers, ISBN 960-309-269-X.

d) Dissemination and Impact – Journals, Discussion Papers, Newspapers and Other Media

2016a, ‘Wage Moderation and Productivity in Europe’, 28 January, and ‘Confusion Is No Response to Economic Orthodoxy’, 22 February, with H. Flassbeck, Institute for New Economic Thinking. Available, respectively, at and These articles are part of an international debate on the Eurozone crisis with Servaas Storm, Peter Bofinger and Joerg Bibow.

2016b, ‘Le désastre grec et le future de la zone euro’, GRESEA échos, no. 85, Mars-Avril-Mai, pp.11-14.

2016c, ‘SYRIZA, The IMF And The EU: Gambling With The Future Of Greece’, with Daniel Munevar, Social Europe, 8 April, available at 

2016d, ‘Why they Left’, Jacobin, 7 July, This article has also appeared in German in Lunapark21, 20 July, pp. 36-43, available at 

2015, A Programme of Social and National Rescue for Greece, with H. Flassbeck, available at ThePressProject,

2014a, ‘The Left and the Euro’, in German, in Realistisch und Radikal: Das Debattenheft der Sozialistischen Linken, brochure published by the Die Linke party in Germany, no. 3, 1st Quarter, pp. 20-21.

2014b, ‘Turn this ship around: Confronting financialised capitalism’, Juncture, journal of the Institute for Public Policy Research, 21:1, Summer.

2014c, ‘State and finance in financialised capitalism’, Centre for Labour and Social Studies, Think Piece in Policy Series ‘In the public interest: The role of the modern state’, June,

2014d, ‘Greece Needs a Deep Debt Write-Off’, with D. Munevar, Economonitor, 19 June,

2014e, ‘Costas Lapavitsas Author of Profiting Without Producing: How Finance Exploits Us All interviewed by Mareike Beck and Craig Gent’, Studies in Social & Political Thought, special issue on Debt and Obligation, pp. 3-13, vol. 23, summer,

2014f, ‘And the recipe’s chief ingredient should be improved productivity’, comment on Marek Dabrowski, in Europe’s World, pp. 30-1, Autumn, IISN: 1782-0642.

2013, ‘The Systemic Crisis of the Euro: True Causes and Effective Therapies’, with H. Flassbeck., Rosa Luxemburg Stiftung Studien, 

2012a, ‘Should Greece Get out of the Euro? An Interview with the Real New Network’, in German, Zeitschrift Marxistische Erneuerung, vol. 91, pp. 43-47, ISSN: 0940-0648.

2012b, ‘The Left’s Moment in Greece’, The Progressive, vol. 76, no. 7, July 2012.

2012c, ‘The Greek and Eurozone Turmoil: A Crisis with Deep Roots’, with Kaltenbrunner, D. Lindo, J. Michell, J.P. Painceira, E. Pires, J. Powell, A. Stenfors, and N. Teles, Third World Resurgence, no. 253, September.

2011-12a, ‘Greece: Turmoil Ahead’, The Progressive, vol. 75, no. 12/01, December 2011-January 2012.

2011-12b, ‘We have no interest in defending the monetary union’, interview given to Marx21, in German, no. 23, IISN1865-2557.

2011a, ‘The Euro and the Greek Crisis’, in Greek, Marxist Thought, pp. 102-110, vol. 3, September-December, ISSN: 1792-7684.

2011b, ‘Financial Profit: Profit from Production and Profit upon Alienation’, with I. Levina, RMF Discussion Paper no. 24,

2010a, ‘Banks for the People’, Red Pepper, February, 

2010b, ‘Financialisation and Capitalist Accumulation: Structural Accounts of the Crisis of 2007-9’, RMF Discussion Paper no. 16,

2009a, ‘The Roots of the Global Financial Crisis’, Development Viewpoint, CDPR, SOAS, 28, April,

2009b, ‘Public banks’ in 20 on the G20, London: Institute of Public Policy Research.

2009c, ‘What to do about banks’, Public Policy Research, 16 (3), pp. 156-162, ISSN 1744-5396.

2009d, ‘Financialisation Embroils Developing Countries’, RMF Discussion Paper no. 14, 

2009e, ‘Financialised Capitalism: Crisis and Financial Expropriation’, RMF Discussion Paper no. 1, 

2008a, ‘The Urgent Need for Financial Reform to Mobilise Savings in Sub-Saharan Africa’, with S. Aybar, One Pager, International Poverty Centre, no.37, June, 

2008b, ‘The Credit Crunch’, interview given to International Socialism Journal, winter, 117, pp. 13-24, ISBN: 978-19051-9233-5. This was translated in Greek as ‘On the Financial Crisis’, Theseis, 103, pp. 59-74, ISSN 1106-2142.

2007, ‘Using ODA to Accumulate Foreign Exchange Reserves in Sub-Saharan Africa’, One Pager, International Poverty Centre, no.50, March, 

2006, Review of Japan’s Financial Crisis: Institutional Rigidity and Reluctant Change, by Jennifer Amyx, Princeton, NJ: Princeton University Press, 2004, in Journal of Asian  Studies, 65 (1), pp. 189-191.

2004b, Review of The Politics of Money, by F. Hutchinson, M. Mellor, and W. Olsen, London: Pluto Press, 2002, in Political Studies Review, 2 (1), p. 43.

2004c, Review of Money and Politics, by P. Baker (ed), University Park PA: Penn State Univ. Press, 2002, in Political Studies Review, 2 (1), p. 91.

2002a, Review of Markets from Networks: Socioeconomic Models of Production by Harrison C. White, Enterprise & Society, 3 (3), 547-549.