Nikolaos Karagiannis

Sustainable Tourism in the Caribbean: Alternative Policy Considerations

This paper analyses the characteristics and performance of Caribbean tourism, then sets it in the context of the sustainable development of the region. Finally, the paper offers alternative policy options for improving the Caribbean tourism model.

Crime, criminal activity and tourism performance: issues from the Caribbean

Purpose – The purpose of this paper is to review the many negative implications of crime for tourism in the Caribbean, with particular regard to the economic costs, the loss of long‐term investment and the impact of illegal drugs.Design/methodology/approach – The paper provides an analysis in three sections: The first section provides a preliminary discussion on problems of crime and criminal activity in the Caribbean especially as they relate to tourism. The second main part singles out certain areas of concern, namely, economic costs, long‐term investment dampening, illicit drugs, gangs, indirect costs, and youth as the primary perpetrators of crime in the region. The final section offers policy considerations towards halting the impact of crime and criminal activity on Caribbean tourism performance.Findings – The paper concludes that Caribbean governments have to do more to protect their most important industry, and recommends a combination of both hard and soft policing measures and educational progra...

A Socially Sensitive Developmental State: Key Economic and Politico-Institutional Aspects

The essential “opposition” between market and state has long been debated. Activities that fall in the government or private sector vary by time and space. This division cannot be decided on political principle alone (Karagiannis 2002). The first quarter century of the post-World War II period was generally characterized (at least in OECD (Organisation for Economic Co-operation and Development) countries) by economic growth, high levels of employment alongside state activism, and belief in beneficial powers of government. Government intervention in the economy, discretionary fiscal and monetary policies, modest restrictions on trade and the like coincided with low unemployment and inflation, and economic stability and security. The past 40 years have been characterized by much lower rates of economic growth in the OECD nations (though with rapid growth in Newly Industrialized Countries, (NICs)) and a general decline of support for activist governments. Yet, in many cases, the ratio of government spending to GDP rose due to increasing entitlement obligations, and governments often ran substantial fiscal deficits. The active state is being rolled back, and “let the market decide” has become the main policy gospel for both developed and developing countries (Arestis and Sawyer 1998, 1).

A New Economic Strategy for the USA: A Framework of Alternative Development Notions

This paper seeks to provide a new economic strategy for the United States while considering a range of development-related impediments to the country’s recent economic performance. It is argued here that strategic industrial policy needs to come to the center stage if local production growth, competency upgrading, and competitiveness improvement are to be aggressively pursued. The first section outlines the present context of the US economy by discussing economic and socio-cultural aspects. The second main section frames an alternative development paradigm for the United States. Policy recommendations are discussed in the third section. Some brief conclusions end the paper.

Towards a New Economic Development Framework for the United States: The Challenge of the Developmental State Approach

Abstract The paper seeks to frame a new economic development strategy for the United States while taking into consideration a range of impediments to the country’s recent macroeconomic performance. In constructing such a framework, special emphasis is being placed on three key themes: (1) a pragmatic discourse on the “appropriate” developmental policy action by the Federal government, (2) emphasis on strengthening local production lines, and (3) the importance of adopting a long-term perspective. The main focus of the paper is to describe what policy approach might be advisable to boost, rejuvenate, and reposition the production lines of the USA and make the country’s economy more dynamic by effectively employing explicit and thorough developmental state action: this argument is advanced here as a necessary framework for support of selected industries of high potential and achievability in the United States.

Development-Related Problems and Asymmetries in the Eurozone: The Challenge of the “Strategic” Approach ☆

Abstract The Eurozone is characterized by large and persistent social inequalities and economic disparities alongside productive and technological asymmetries between its advanced and peripheral countries. This divergence has been expected from countries that have different social, economic, and political structures. However, without pragmatic interventionist policies, European integration has been very problematic and there can likely be more asymmetries and other difficulties as long as aggregate demand-based development action continues to be neglected. The paper begins with a discussion of regional and industrial disparities and problems in the context of the European Union (EU) and Eurozone. The next main section evaluates European regional and industrial policies since the Second World War. The final parts conclude with a special reference to Japan and the United States, and a comparison between them and the EU, and offer alternative policy recommendations based on the developmental state line of argument.

Towards an Understanding of the Greek Crisis and the Flawed Analyses of the Levy Economics Institute’s Publications

Since the outbreak of the global financial crisis of 2007–08, the Economic and Monetary Union (EMU) has been plagued by a series of debt and banking crises in several member states of the Eurozone – namely, Cyprus, Greece, Italy, Ireland, Portugal and Spain. Some of the problems facing the aforementioned nations have been patched up through bail-outs, bail-ins, and quantitative easing options by the European Central Bank, while many remain unresolved and continue to threaten the future of the EMU – and indeed of the European Union itself. The failure of the European authorities to address the structural problems facing many of the economies of the EMU member states are related to the intentionally ill-conceived nature of the Eurozone itself and to the political economy approach adopted by the EU directorate and leading powers, with Germany at the helm. Be that as it may, the case of Greece is the one that continues to haunt European authorities as the crisis in the small Mediterranean nation is now well into its seventh year and the debt crisis which exploded in early 2010 has been “contained” through severe austerity measures. What’s more, the European authorities balk at the idea of a debt write-off and contend that Greece’s debt is sustainable only with deeper reforms – as long as Greek authorities implement the current ones with full rigour and do not violate the terms of the bailout agreements. However, these policy measures have been directly responsible for a massive economic and social catastrophe which, among other things, includes the shrinking of the GDP by 1⁄4,

Towards an alternative industrial and trade profile for Algeria: the challenge of the developmental state model

This article examines the origins of Algerias state-led developmental model and assesses its economic performance. It examines past development efforts since 1962, and analyses the present context of the Algerian economy. The article provides an alternative development paradigm for Algeria based on the developmental state perspective, concluding that strategic industrial policy needs to come to the centre stage, where it belongs, if sustained local production growth and diversification, competency upgrading, and overall competitiveness improvement are to be aggressively pursued.