Research

My research (published in English, German, and Geek) covers several areas in the fields of finance, political economy, business/economic history, and the history of economic thought.

BUSINESS AND FINANCIAL HISTORY. There is a great volume of research on the financialization of contemporary capitalist societies. However, finance is a historical process. This part of my research looks into the evolution of financial innovation and argues that finance has always played a dynamic and key role in the organisation of economic and social life. In other words, an element of ‘financialization’ has always been with capitalist economies. The main of my research is on the UK in the end of the 19th and beginning of 20th centuries, a period with which I initially became familiar through my PhD on the evolution of the Classical Political Economy in the 19th century as well as my work on the Classical theories of imperialism.    

• In English:
• Sotiropoulos, D. P., Rutterford, J., Tori, D., and A. Kyparissis (2023) “Fund management in the interwar period: UK investment trust portfolio asset allocation in the 1920s,” European Review of Economic History 27(2): 250-277.    
• Rutterford, J., Sotiropoulos, D. P., and C. van Lieshout. “Individual investors and social ownership structures in the UK before the 1930s: Joint holdings and trustee investment,” Economic History Review 76(2), pp. 661-692.
• Sotiropoulos, D. P., Rutterford, J., and D. Tori, “UK investment trust valuation and investor
  behavior, 1880-1929,” The Journal of Economic History 82(4), pp. 1031-1069.
• Rutterford, J., Sotiropoulos, D. P., and A. Kyparissis (2022) “British investment trusts 1868 to 1928: Portfolio diversification and the beginnings of institutional investment.” In: A. Arie, C. Marcuzzo, and A. Rosselli (eds.) Financial Markets in Perspective – Lessons from Economic History and History of Economic Thought, Springer.
  
• Sotiropoulos, D. P., Rutterford, J., and C. van Leshout, (2021) “The rise of asset management: UK investment trusts before World War I,” Business History 63(5), pp. 826-849.
• Sotiropoulos, D. P., Rutterford, J., and C. Keber (2020), “UK investment trust portfolio strategies before First World War”, Economic History Review 73(3), pp. 785–814.
• Sotiropoulos, D. P., and J. Rutterford (2019) “Financial diversification strategies before WWI: Buy-and-hold versus naïve portfolio selection,” Business History 61(7), pp. 1175-1198.
• Sotiropoulos, D. P., and J. Rutterford (2018) “Individual Investors and Portfolio Diversification in late Victorian Britain. How Diversified Were Victorian Financial Portfolios,” The Journal of Economic History, 78(2): 435-471.
• Rutterford, J., Sotiropoulos, D. P., and C. van Lieshout, “Individual investors and local bias in the UK: 1870-1935,” Economic History Review, 70(4): 1291-1320.
• Rutterford, J. and Sotiropoulos, D. P., “The rise of the small investor in the US and the UK, 1895 to 1970,” Enterprise and Society, 18(3): 485-535.
• Rutterford, J. and D. P. Sotiropoulos (2016) “Putting all their eggs in one basket? Portfolio diversification 1870 to 1902,” Accounting History Review 26(3): 285-305.
• Sotiropoulos, D. P. and J. Rutterford (2014) “Performativity and Financial Markets: Option pricing in the late 19th century,” working paper, Innovation, Knowledge and Development Research Centre [link to paper].

FINANCE / POLITICAL ECONOMY OF FINANCE. My research also approaches finance and financial innovation as a social process, which is immanent in the organisation of social relations. Finance is not a neutral but provides a technology of power for the reproduction of specific social identities and power relations. 

• In English:
• Monne, J., Rutterford, J., and D. P. Sotiropoulos (2024) “Risk taking in the context of financial advice: Does gender interaction matter?’ The European Journal of Finance 30(3), pp. 249-268.
• Agunsoye, A., Monne, J., Rutterford, J., and D. P. Sotiropoulos (2022) “How gender, marital status, and gender norms affect savings goals,” Kyklos 75(2), pp. 157-183.
• Sotiropoulos, D. P., and A. Hillig (2020) “Financialization in heterodox economics.” In P. Mader, D. Mertens, and N. van der Zwan (eds) The Routledge International Handbook of Financialization, London and New York: Routledge.
• Lapatsioras, S. and D. P. Sotiropoulos (2018) “Money in Marx: From value-form analysis to an understanding of modern capitalism,” published in the proceedings of the conference: ‘150 Years Karl Marx’s “Capital”: Reflections for the 21st century’, Rosa Luxemburg Stiftung.
• Sotiropoulos, D.P. (2015) “Financialization: Taking stock and moving forward,” in P. Bargués-Pedreny, K. Koddenbrock, J. Schmidt and M. Schmidt (eds) Ends of Critique, Centre for Global Cooperation Research, Duisburg, Germany.
• Sotiropoulos, D. P., and S. Lapatsioras (2014) “Financialization and Marx: Some Reflections on Bryan’s, Martin’s and Rafferty’s argumentation,” Review of Radical Political Economics, 46(1): 87-101.
• Auerbach, P. and D. P. Sotiropoulos (2014) “Revisiting the socialist calculation debate: The role of markets and finance in Hayek’s response to Lange’s challenge,” in R. Bellofiore, E. Karwowski and J. Toporowski (eds) Economic Crisis and Political Economy: Volume 2 of Essays in Honour of Tadeusz Kowalik, London and New York: Palgave Macmillan.
• Sotiropoulos, D. P., Milios, J., and S. Lapatsioras (2013) A Political Economy of Contemporary Capitalism and Its Crisis: Demystifying Finance, New York and London: Routledge [more details].
• Sotiropoulos, D. P., Milios, J. and S. Lapatsioras (2012) “Demystifying Finance: How to Understand Financialization and Think of Strategies for a Good Society,” in Marangos, J. (ed.) Alternative Perspectives of a Good Society, Palgrave Macmillan (series: Perspectives from Social Economics).
• Sotiropoulos, D. P. (2011) “Kalecki’s dilemma: towards a Marxian interpretation of neoliberal financialization,” Rethinking Marxism, 23(1): 100-116.
• In Greek:
• Σωτηρόπουλος, Δ. Π. και Hillig A. (2022) “Η έννοια της χρηματιστικοποίησης στα ετερόδοξα οικονομικά”, Θέσεις τ. 161, σελ. 47-68 [“The concept of financialization in heterodox economics”]. 
• Σωτηρόπουλος, Δ. Π., Μηλιός, Γ., και Σ. Λαπατσιώρας (2019) Το Χρηματοπιστωτικό Σύστημα στο Σύγχρονο Καπιταλισμό, Αθήνα: Angelus Novus [The Financial System in Contemporray Capitalism] [more details].
• Σωτηρόπουλος, Δ. Π., Μηλιός, Γ, Λαπατσιώρας, Σ., και P. Auerbach (2012) “Χρηματοπιστωτικό σύστημα και οργάνωση των σχέσεων εξουσλίας: Μια περιήγηση στην ιστορία της οικονομικής σκέψης για σύγχρονους αποδέκτες”, Θέσεις τ. 121 [“Financial System and Power Relations: A journey in the history of economic thought for contemporary recipients”] [link to paper].
  
• Σωτηρόπουλος, Δ. Π. (2009) “Ανιχνεύοντας τις ρίζες και τα όρια του ‘Αριστερού’ κεϋνσιανισμού”, Θέσεις τ. 109, [“Retracing the Origins and Boundaries of ‘Left’ Keynesianism”] [link to paper].
• Σωτηρόπουλος, Δ. Π. (2009) “Για τη μετάφραση του Krugman”, Θέσεις τ. 109 [“Comments on Krugman’s argument regarding the failure of mainstream economists”] [link to paper].
• Σωτηρόπουλος, Δ. (2009) “Η εποχή Hayek: Ο νεοφιλελευθερισμός ως πειθαρχία”, Θέσεις τ. 108, σελ. 15-64 [“The era of Hayek: Neoliberalism as discipline”] [link to paper].
• Σωτηρόπουλος, Δ. (2009) “Κατανοώντας τη νεοφιλελεύθερη μορφή του καπιταλισμού”, Θέσεις τ. 106, σελ. 25-58. [“Understanding the Neoliberal Form of Capitalism”] [link to paper].

RACISM, POPULISM, AND INEQUALITY. The recent rise of racism and populist in western capitalist societies requires more investigation and analysis.

• In English:
• Sotiropoulos, D. P., J. Milios (2017) “The exit connection: Europe’s new Polanyian moment,” in D. Bailey and L. Budd (eds) The Political Economy of Brexit,  Newcastle: Agenda Publishing.
• In Greek:
• Σωτηρόπουλος, Δ. Π. (2019) “Σημειώσεις στο περιθώριο σχετικά με την άνοδο του ρατσιμού και εθνικισμού”, Θέσεις τ. 149 [“Notes on the rise of racism and nationalism”] [link to paper]

THEORY OF IMPERIALISM. This part of my research investigates the classical theories of imperialism, which were initially put forward in the beginning of the 20th century. WWI, the collapse of the gold standard, the decline of colonization, and the conflicting interwar period, offered the ground for the development of radical approaches to capitalism that were not just about imperialism but also about the nature of global capitalism, the capitalist power, and economic crises. They thus include useful insights for the understanding of capitalism as a social system. My work follows the development of the discussion/debates about imperialism until today.  

• In English:
• Milios, J. and D. P. Sotiropoulos (2009) Rethinking Imperialism: A Study of Capitalist Rule, London and New York: Palgrave Macmillan [more details].
• In German:
• Milios, J. and D. P. Sotiropoulos (2010) “Marxsche Theorie und Imperialismus,” PROKLA, 159(2): 259-275 [“Marxist Theory and Imperialism”].
• In Greek:
• Milios, J. and D. P. Sotiropoulos (2013) “Capitalist Mode of Production and Imperialist Chain: Nicos Poulantzas Encountering the Theories of Imperialism,” in. Ch. Golemis and E. Economou (eds.) Poulantzas Today, Athens: Nisos.
• Μηλιός, Γ. και Δ. Π. Σωτηρόπουλος (2011) Ιμπεριαλισμός, Χρηματοπιστωτικές Αγορές, Κρίση, Αθήνα: Εκδόσεις Νήσος [Imperialism, Financial Markets and Crisis] [more details].
• Milios, J., and D. P. Sotiropoulos (2010) “The Concept of Imperialism and the Marxian Theory of Gesamtkapital”, Thesseis, no. 110, pp. 15-40.

HISTORY OF THOUGHT. My interest in the history of economic ideas started with my PhD, which examined the evolution of economic though in the UK during the 19th century. The Classical Political Economy, established by the works of Adam Smith and David Ricardo in the late 18th century and early 19th cenruty, was transformed through the intervention of John Stuart Mill to a different economic paradigm. The intervention of the latter prepared the ground for the development the Neoclassical economics in the 1870s, that still dominates economic thinking in our days, but was also parallel to the ‘radicallization’ of political economy through the work of Karl Marx. This part of my research is focused on the analytical foundations of different schools of thought and the way these foundations are intertwined to the social structure of power. More recently I have been looking into the development of financial ideas and the link between practical knowledge and academic debates. 

• In English:
• Rutterford, J., and D. P. Sotiropoulos (2016) “Financial diversification before modern portfolio theory: UK financial advice documents in the late 19th and the beginning of the 20th century,” The European Journal of the History of Economic Thought 23(6): 919-945.
• Sotiropoulos, D. P. (2015) “Hilferding on Derivatives,” European Journal of the History of Economic Thought, 22(1): 77-96.
• Economakis, G. and D. P. Sotiropoulos (2010) “Why Did Scarcity Triumph Over Technology in Ricardo’s Thinking?,” Bulletin of Political Economy, 4:2: 109-128.
• Sotiropoulos, D. P. (2009) “Why John Stuart Mill should not be enlisted among neoclassical economists,” The European Journal of the History of Economic Thought, 16(3): 455-473.
• Sotiropoulos, D. P. and G. Economakis (2008) “Trade Unions and the Wages Fund Theory: On the significance of Mill’s recantation and some notes on Marx’s theoretical intervention,” History of Economic Ideas, 2008, XVI(3): 21-48.
• Sotiropoulos, D. P (2008) “John Stuart Mill and Wicksell’s Cumulative Process,” Bulletin of Political Economy, vol. 2, no. 1.
• Milios, J. and D. P. Sotiropoulos (2007) “Tugan-Baranowsky and Effective Demand”, Science and Society, 71(2): 227-242.
• In German:
• Milios, J. and D. P. Sotiropoulos (2007) “Gesamtkapitalreproduktion und keynesienische Interpretationen von Marx,” Beiträge zur Marx-Engels-Forschung, Neue Folge, 135-146. [“The Reproduction of Social Capital and the Keynesiasn Interpretation of Marx”].
  
• In Greek:
• Sotiropoulos, D. P. (2007) “Some Thoughts Concerning the Discussions on Pluralism in Economic Thought”, Theseis, no. 101, pp. 97-138.
• Sotiropoulos, D. P. (2006) “The Place of John Stuart Mill in the History of Economic Thought. Part II”, Theseis, no. 97, pp. 75-96.
• Economakis, G. and D. P. Sotiropoulos (2006) “The Wages in Marx’s Analysis”, Theseis, no. 95, pp. 109-125.
• Sotiropoulos, D. P. (2006) “The Place of John Stuart Mill in the History of Economic Thought. Part I”, Theseis, no. 95, pp. 147-166.
• Sotiropoulos, D. P. (2005) “Effective Demand and Capitalist Development: A general outline”, Theseis, no. 91, pp. 133-166.
• Economakis, G. and D. P. Sotiropoulos (2003) “Commodity and Money”, Theseis, no. 84, pp. 109-135.

• In English:
• Milios, G. J., Lapatsioras, S., and D. P. Sotiropoulos (2017) “The ‘Greek Crisis’ and the Austerity Controversy in Europe,” in J. Marangos (ed.) The Internal Impact and External Influence of the Greek Financial Crisis, Pagrave Macmillan.
• Sotiropoulos, D. P., Milios, J., and S. Lapatsioras (2015) “Addressing the Rationality of ‘Irrational’ European Responses to the Crisis: A Political Economy of the Euro Area and the Need for a Progressive Alternative”, in A. Bitzenis, N. Karagiannis and J. Marangos (eds) Europe in Crisis: Problems, Challenges, and Alternative Perspectives, New York: Palgrave Macmillan.
• Sotiropoulos, D. P., Milios, J., and S. Lapatsioras (2014) “An outline of a progressive resolution to the Euro area sovereign debt overhang: How a five year suspension of the debt burden could overthrow austerity,” policy report published by the Levy Economic Institute [link to paper]
• Stockhammer, E., and D. P. Sotiropoulos (2014) “Rebalancing the Euro area: the costs of internal devaluation,” Review of Political Economy, 26(2): 210-233.     [For the working paper version in series of the Post Keynesian Economic Study Group see here]. 
• Stockhammer, E. and D. P. Sotiropoulos (2014) “Europe in Crisis: Introduction,” Review of Political Economy, 26(2): 167-170.
• Sotiropoulos, D. P. (2014) “Revisiting the 1992-93 EMS Crisis in the Context of International Political Economy,” in Vassilis K. Fouskas (ed.) The Politics of International Political Economy, London and New York: Routledge.
• Milios, J. and D. P. Sotiropoulos (2010) “Crisis of Greece or crisis of Euro? A view from the European ‘periphery’”, Journal of Balkan and Near Eastern Studies, 12(3): 223-240.
• In German:
• Milios, J. and D. P. Sotiropoulos (2013) “Eurozone: die Krise als Chance für die kapitalistische Offensive,” PROKLA, 171(2): 317-334. [“Eurozone: The crisis as an opportunity of the capitalist class”].
• In Greek:
• Σωτηρόπουλος, Δ. Π., Μηλιός, Γ., και Σ. Λαπατσιώρας (2014) “Το δημόσιο χρέος στο σύγχρονο καπιταλισμό: Το πλαίσιο μιας προοδευτικής πρότασης για τη ζώνη το Ευρώ”, Θέσεις τ. 129, σελ. 29-63 [“Sovereign debt in contemporary capitalism: Towards a progressive proposal”] [link to paper].
• Λαπατσιώρας, Σ. και Δ. Π. Σωτηρόπουλος (2011) “Αριθμητική του δημόσιου χρέους… Όχι μόνο για αρχάριους”, Θέσεις τ. 116, σελ. 89-116 [“The Arithmetic of Public Debt… not only for beginners”] [link to paper].
• Lapatsioras, S., Milios, J. and D. P. Sotiropoulos (2011) “Voyage in Defeat: Policies of dealing with the crisis or Policies of taking advantage of the crisis? Thoughts for a Left strategy,” Part II, Theseis, 2011, vol. 116, pp. 117-146.
• Lapatsioras, S. and D. P. Sotiropoulos (2011) “Voyage in Defeat: Policies of dealing with the crisis or Policies of taking advantage of the crisis? Thoughts for a Left strategy,” Part I, Theseis, vol. 114, pp. 33-47.
• Σωτηρόπουλος, Δ. Π. και Γ. Μηλιός (2010) “Καλωσορίσατε στην έρημο του Ευρωπαϊκού καπιταλισμού (Η κρίση της στρατηγικής του Ευρώ)”, Θέσεις τ. 112, σελ. 1-36 [“Welcome to the Desert of ‘European’ Capitalism (The crisis of the strategy of euro)”] [link to paper].

TRANSLATIONS. I have translated into Greek the following paper of Keynes:

• Keynes, J. M. (1933) “National Self-Sufficiency,” The Yale Review 22(4): 755-769. The translation was published by Theseis (2009, no. 109, link to the translation), accompanied by a comprehensive introduction [link to paper].