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

By George A. Jouganatos | Go to book overview

Chapter 8
Epilogue

THE POST-CIVIL WAR PERIOD

The policies of the 1950-1966 period, in general, facilitated strong economic growth and fostered economic development in Greece. However, the political instability and social unrest which resulted from the oppressive actions of the right-wing state apparatus caused the loss of potential development progress. In particular, the fall from power of the Centre Union, which led to the rise of the military junta, hurt economic development. Many of the policies of the Centre Union were not continued, or were reversed. Additionally, the political instability during this entire period, which manifested itself, in part, in unproductive parliaments, hindered the formulation and implementation of development policies. With these qualifications in mind as well as the condition of the Greek economy in 1950, the hypothesis that the economic policies of the administrations during this period, as discussed in Chapter Two, helped the progress of economic development is acceptable.

During the entire 1950-1966 period, real growth was very strong. Consumption per capita and savings per capita increased 100 percent and 600 percent, respectively. However, these levels were less than half of those of the EEC averages ( Papaioannou 1984).

-217-

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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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