The Development of the Greek Economy, 1950-1991: An Historical, Empirical, and Econometric Analysis

By George A. Jouganatos | Go to book overview

Chapter 3
The Junta Period, 1967-1974

This chapter will focus on the economic development of Greece for the period 1967-1974, when the government was under the control of the military junta headed by Colonel George Papadopoulos. It is important to separate this period from others in order to help evaluate the effect this this government's policies had on social and economic development. The chapter will also discuss the external constraints on economic development. Social unrest and undemocratic conditions were at their highest since the end of the Civil War. This military coup d'etat was the first since 1935.

It is argued in this chapter that the junta's expansionary fiscal and monetary policies up to 1972, designed to achieve immediate economic results in order to gain popularity amid sharp domestic and international criticism, further increased income inequality with respect to wage income. Small nominal wage increases, largely the result of the suppression of trade unions, also made income inequalities worse. Further, it is contended that these policies, especially credit policies, favored real estate speculation and tourism rather than manufacturing and infrastructure development. Thus, it is argued that while strong economic growth continued during this period, economic development was hindered.

The analysis begins with historical background

-55-

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The Development of the Greek Economy, 1950-1991: An Historical, Empirical, and Econometric Analysis
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Tables and Graphs ix
  • Preface xiii
  • Chapter 1 Introduction 1
  • Chapter 3 the Junta Period, 1967-1974 55
  • Chapter 5 the Pasok Period, 1982-1988 127
  • SUMMARY AND CONCLUSIONS 162
  • Chapter 6 the Post-Pasok Period, 1989-1991 167
  • Chapter 7 an Econometric Model of Greece, 1955-1987 183
  • Chapter 8 Epilogue 217
  • Bibliography 225
  • Index 245
  • About the Author 250
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