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date: 29 March 2020

Abstract and Keywords

The chapter addresses uneven prosperity in Europe, based on the geographically divergent outcome of the 2008 global financial and eurozone crisis. Austerity-induced recession has led to dramatic output and employment decline in Greece, raising questions about the causes of territorial economic vulnerability, or resilience. Metropolitan Athens, the hub of Greece’s economy, has suffered even more severe employment losses and unemployment, massive business closures, increasing poverty, and homelessness. The factors defining the vulnerability of the national and regional economy to the downturn are traced in inherited and evolving industrial, entrepreneurial, and employment structures. However, the causes and nature of the crisis, as well as the policy addressing it, determine its place-specific impact as much; and raise critical issues concerning the recovery of economies severely affected by such shocks.

Keywords: place-based crisis, austerity, geographical divergence, economic vulnerability, path-dependent structures

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