The Greek Economy since 1950. Volume A. 1950-1973: Growth, monetary stability and state intervention


[THE GREEK ECONOMY SINCE 1950 VOLUME A. 1950-1973: Growth, monetary stability and state intervention] 

 in Greek

Author: Chrysafis H. Iordanoglou

Publisher: Bank of Greece (Centre for Culture, Research and Documentation)

Year of publication: 2020

Number of pages: 608

Dimensions: 24 x 17 cm

Type of book: Economic history

ISBN: 978-618-5536-00-8

Central distribution:

a. National Bank of Greece Cultural Foundation (ΜΙΕΤ) in Athens (13 Amerikis Str., tel.: +30 210 3614143) and Thessaloniki (11 Tsimiski Str., tel.: +30 2310 288036)

b. Ι. Nikolòpoulos & Co. SA – Ekdòseis tou Eikostoù Pròtou (9 Ζaloggou Str., Athens, tel.: +30 210 3800520).

About the book

This is the first volume of Chrysafis Iordanoglou’s economic history of post-war Greece, which covers the period between 1950 and 1973. The book is addressed to readers who are familiar with some basic economic terminology, without necessary being experts in the field. The author aims to paint an accurate and detached picture of how things turned out in Greece’s post-war economy, but also explain why they turned outthe way they did. Thus, the book is not just a rich source of information on economic developments and statistical data on Greece; it also provides a narrative about the country’s overall economic performance and its relation to the economic policies pursued during those formative decades in the country’s recent history.

From the back cover

Greece’s 1953-1973 economic policy regime– despite its steadfast focus on the safeguarding of property rights – did not function as a purely free market economy. Interventionism was strong and some of the mechanisms put in place were incompatible with the operation of a free market economy. But the regime was logical and coherent and can safely be said to have produced more results than were expected from it. It rightly judged modernization and productive reorganization to be the country’s main economic priority at the time. To this end, it created the sense of stability necessary for investment activity to flourish and contributed –in a way that was consistent with its intentions– to rapid economic development,driven mainly the broader industrial sector and hight investment. This strategy of industrialization, pursued throughout the period, bore its richest fruit in the years 1961-1973. At the same time, the regime managed to combine rapid growth with low inflation and a relatively low current account deficit.

Biographical note of the author

Chrysafis Iordanoglou was born in Thessaloniki in 1952. He attended the Thessaloniki Experimental School before studying Law at the University of Thessaloniki and economics at the London School of Economics, where he also received his Master’s (MScEcon). He holds a PhD in economics from Queen Mary College of the University of London. Upon his return to Greece, he taught at the University of Crete. He then taught for 16 years – until his retirement–at the Panteion University of Social and Political Sciences. He has written extensively on various aspects of Greece’s post-war economic history; this book is the fullest articulation of his research and work over all these years.

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