Greece: an Economic History

In the mid-20th century Greece was considered still a developing country, with a divided society and dominant but ineffectual government. While economic growth matched reasonable 'catch-up' norms, industrial structures ossified. The demise of military rule in 1974 brought moderate but still reactionary administration seated upon a progressive national mood. Political disorientation was met by hasty moves to attach Greece to the promise of the European Community. This book traces the background to accession in 1981, and examines how maladjustment thereupon turned into destabilization, in inflation, the balance of payments and the government budget. Economic performance and the policies pursued are reviewed in detail for the period 1977-1997, whereby Greece found itself on the cusp of admission to the ERM, forerunner to EMU and the ensuing difficulties of euro membership. Andrew Shouler is an economist and freelance journalist.