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From Riches to Rags or What Went Wrong in Greece

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  • Bitros, George C.

Abstract

The economic and social progress Greece achieved in the early post war decades decelerated after 1974 because all institutions sustaining the effi-cient operation of democracy and free markets were deliberately and gravely eroded. Under the impetus of hard core socialists provisions introduced in the 1975 constitution, economic policies extended further in the direction of unfettered statism, thus destroying the international competitiveness of the Greek economy. Some researchers have attributed the economic decline of Greece to its entry into the EU. I look into these allegations and find that they have little or no basis on the available evidence.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 43504.

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Date of creation: 31 Dec 2012
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Handle: RePEc:pra:mprapa:43504

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Keywords: Economic development; economic decline; institutions; markets; macroeconomic and structural policies;

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  1. Papantoniou, John, 1979. "Foreign Trade and Industrial Development: Greece and the EEC," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 3(1), pages 33-48, March.
  2. Oltheten, Elisabeth & Pinteris, George & Sougiannis, Theodore, 2003. "Greece in the European Union: policy lessons from two decades of membership," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 43(5), pages 774-806.
  3. Bosworth, B. & Kollintzas, T., 2001. "Economic Growth in Greece: Past Performance and Future Prospects," DEOS Working Papers, Athens University of Economics and Business 134, Athens University of Economics and Business.
  4. Georgakopoulos, Theodore A & Paschos, Panagiotis G, 1985. "Greek Agriculture and the CAP," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 12(3), pages 247-63.
  5. Georgakopoulos, Theodore A, 1988. "The Impact of Accession on Agricultural Incomes in Greece," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 15(1), pages 79-88.
  6. Bitros, George C. & Karayiannis, Anastassios D., 2010. "Morality, institutions and the wealth of nations: Some lessons from ancient Greece," European Journal of Political Economy, Elsevier, Elsevier, vol. 26(1), pages 68-81, March.
  7. Katsimi, Margarita & Moutos, Thomas, 2010. "EMU and the Greek crisis: The political-economy perspective," European Journal of Political Economy, Elsevier, Elsevier, vol. 26(4), pages 568-576, December.
  8. Baltas, Nicholas C., 1997. "The restructured CAP and the periphery of the EU," Food Policy, Elsevier, Elsevier, vol. 22(4), pages 329-343, August.
  9. Bitros, George C, 1981. "The Fungibility Factor in Credit and the Question of the Efficacy of Selective Controls," Oxford Economic Papers, Oxford University Press, vol. 33(3), pages 459-77, November.
  10. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, Princeton University Press, edition 1, volume 1, number 8973.
  11. Brissimis, Sophocles N. & Leventakis, John A., 1989. "The effectiveness of devaluation: A general equilibrium assessment with reference to Greece," Journal of Policy Modeling, Elsevier, Elsevier, vol. 11(2), pages 247-271.
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