Overview
- Examines the role that international trade and finance have played in Greece’s long run economic development
- Discusses benefits and challenges of smaller countries like Greece participating in a Monetary Union like the Eurozone
- Presents recommendations on how to improve the functioning of the Eurozone in light of the Greek experience
Part of the book series: Palgrave Studies in Economic History (PEHS)
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About this book
This book examines the role of international trade and finance in the Greek economy since the beginnings of the Greek state two centuries ago to the present day. It focuses on the benefits and challenges of Greece’s economic dependence on the larger and higher income countries of Western Europe, and in particular the European Union, have played in its economic development.
The volume begins by examining Greece’s links to Europe in the 19th century and its desultory participation in the Latin Monetary Union. Its main focus is the post- World War II period, starting with Greece’s efforts to establish sustainable economic growth, at a time when the country was facing severe foreign exchange constraints and relied on assistance from the US under the Marshall Plan. It then examines relations between Greece and the European Community, particularly on its efforts to integrate into the European Union, the debt crisis and the reforms and recovery in its aftermath.
The book details in accessible and engaging style how the story of Greece’s economic integration in Europe has involved both successful development but also failures by Greek, Eurozone and IMF policymakers. With valuable historical insights, this book will be of interest to academics and policymakers in Greece, the EU and emerging economies weighing economic integration. It will also be of interest to economic historians and political economists more broadly.
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Keywords
Table of contents (9 chapters)
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Front Matter
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Back Matter
Reviews
“This a remarkable tour de force, presenting by cogent argument and lucid writing the long history of Greece's economic growth. The volume synthesizes Michalopoulos’ decades of experience in global development practice with the objective of identifying the key drivers of the economic triumphs and catastrophes that the country has faced over time. It also provides a captivating exploration of the opportunities and challenges confronting Greece's future economic growth. The book is highly recommended for its comprehensive and insightful analysis; it is a must-read.” (Sophia Lazaretou, Senior Economist-Researcher, Bank of Greece)
“Michalopoulos has written a highly readable account of Greece’s unequal economic relations with her lenders and trading partners over the last two hundred years. Mixing scholarly analysis with personal reminiscence, his new book will delight specialists and lay readers alike.” (Manos Matsaganis, Professor of Public Finance, Polytechnic University of Milan)
“Michalopoulos has once again drawn upon his unique ability to analyse complex economic issues with clarity and precision. His foray into Greek indebtedness over centuries provides an illuminating and often fascinating look into Greek finances and combines his deep knowledge of the country with his extensive experience as an economic pundit. A tour de force that should engage a wide swath of readers.” (Danny Leipziger, Professor of International Business, George Washington University; former Vice President for Poverty Reduction and Economic Management, World Bank)
“An extremely readable and clear review of the trade and financial relations of Greece with Europe. The comparison with the issues for developing countries is important.” (Clare Short, former Secretary of State for International Development, United Kingdom)
Authors and Affiliations
About the author
Constantine Michalopoulos has worked on and written about economic development for more than half a century. Previously, he was a senior official at the World Bank, Chief Economist of the US Agency for International Development, and Special Advisor at the WTO. He also served as a development advisor to governments and international organizations on international trade, finance, and development. Most recently he was appointed Senior Advisor at the Hellenic Foundation for European and Foreign Policy, in Athens, Greece. He has also taught economics at several US universities, and is the author of ten books and over 100 articles and monographs.
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Bibliographic Information
Book Title: Greek Foreign Trade and Finance
Book Subtitle: The Mixed Blessings of Economic Dependence
Authors: Constantine Michalopoulos
Series Title: Palgrave Studies in Economic History
DOI: https://doi.org/10.1007/978-3-031-92104-9
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2025
Hardcover ISBN: 978-3-031-92103-2Published: 03 July 2025
Softcover ISBN: 978-3-031-92106-3Due: 17 July 2026
eBook ISBN: 978-3-031-92104-9Published: 02 July 2025
Series ISSN: 2662-6497
Series E-ISSN: 2662-6500
Edition Number: 1
Number of Pages: XXIV, 152
Number of Illustrations: 1 b/w illustrations
Topics: Political Economy/Economic Systems, Economic History, Economic Growth, International Finance