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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.

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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    References listed on IDEAS

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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. Robert L. Hetzel, 2014. "Should Greece Remain in the Eurozone?," Economic Quarterly, Federal Reserve Bank of Richmond, issue 3Q, pages 241-278.
    4. Hetzel, Robert, 2015. "A Comparison of Greece and Germany: Lessons for the Eurozone?," Studies in Applied Economics 33, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
    5. Robert L. Hetzel, 2015. "A Comparison of Greece and Germany: Lessons for the Eurozone?," Working Paper 15-4, Federal Reserve Bank of Richmond.

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    More about this item

    Keywords

    Economic development; economic decline; institutions; markets; macroeconomic and structural policies;
    All these keywords.

    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 - Political Economy and Comparative Economic Systems - - Capitalist Economies

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