Familistic welfare capitalism is a model of national political economy prevalent in many regions in the world (Southern Europe, Latin America, and Asia), where the family plays a double role as the key provider of welfare and a key agent in the model's socio-economic and political reproduction. The article offers a new approach to the study this model by adopting an expanded concept of social reproduction to capture its historical evolution, using Greece as a case study. Our empirical analysis of austerity measures on employment and pensions demonstrates, how, in the Greek case, a crisis of social reproduction of the traditional form of familistic welfare capitalism was already underway prior to the well-known sovereign-debt crisis. And further we show how the adoption of austerity measures and pro-market reforms is deepening this crisis by severely undermining the key pillars of familial welfare security while rapidly transforming the model into a political economy of generalised insecurity.
