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From Riches to Rags or What Went Wrong in Greece

Author

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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.

Suggested Citation

  • Bitros, George C., 2012. "From Riches to Rags or What Went Wrong in Greece," MPRA Paper 43504, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:43504
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    File URL: https://mpra.ub.uni-muenchen.de/43504/1/MPRA_paper_43504.pdf
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    References listed on IDEAS

    as
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    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
    5. Baltas, Nicholas C., 1997. "The restructured CAP and the periphery of the EU," Food Policy, Elsevier, vol. 22(4), pages 329-343, August.
    6. 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 459-477, November.
    7. Brissimis, Sophocles N. & Leventakis, John A., 1989. "The effectiveness of devaluation: A general equilibrium assessment with reference to Greece," Journal of Policy Modeling, Elsevier, vol. 11(2), pages 247-271.
    8. 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, vol. 12(3), pages 247-263.
    9. Katsimi, Margarita & Moutos, Thomas, 2010. "EMU and the Greek crisis: The political-economy perspective," European Journal of Political Economy, Elsevier, vol. 26(4), pages 568-576, December.
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    Cited by:

    1. Daskalopoulou & I., 2017. "Democracy and social capital in Greece," Business & Entrepreneurship Journal, SCIENPRESS Ltd, vol. 6(1), pages 1-2.
    2. Elias Sanidas, 2014. "The Greek Non-Paradigm of Economic and Business Development, and Comparisons with South Korea," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 64(3), pages 30-48, July-Sept.
    3. Hetzel, Robert L., 2014. "Should Greece Remain in the Eurozone?," Economic Quarterly, Federal Reserve Bank of Richmond, issue 3Q, pages 241-278.
    4. Hetzel, Robert L., 2015. "A Comparison of Greece and Germany: Lessons for the Eurozone?," Working Paper 15-4, Federal Reserve Bank of Richmond, revised 30 Jul 2015.

    More about this item

    Keywords

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

    JEL classification:

    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • P1 - Economic Systems - - Capitalist Systems

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