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ABSTRACTS IN ECONOMIC HISTORY
(c) 2003 EH.Net
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Name: Theodoros Sakellaropoulos
Email: thesak@panteion.gr
Institution: Panteion University,Athens
Co-author: none
Title: The Long Waves of Economic Development in Greece
Internet Address of abstracted work: not available
By mail:
Theodoros Sakellaropoulos
14123 Athens
Dimitsanas 19
Greece
Language: Greek
Abstract:
On the basis of the time-series of the discounts of the biggest bank
in Greece, The National Bank of Greece, the article attempts, for the
first time, to determine the fluctuations of the economic life in
Greece between 1830 and 1945 and simultaneously offer a solid frame
for the interpretation of the modern economic and social history of
the country.
The analysis identified four long waves in the economy. The first
lasted 27 years (1830-56). The first twenty years represented a
period of a slow development, while the next were years of deep
crisis. The second wave extended from 1857 and finished in 1894. The
phase 1857-84 was characterised by very dynamic rates of growth. It
was Greece's golden age of the 19th century (early industrialisation,
expansion of commerce, etc.) However, it was followed by a severe
depression which lasted ten years, until 1894. After that, a third
"peculiar" wave began. The phase of conjucture (1895-1908) has been
accompanied by deep agrarian crisis, war, deflation and emigration.
In the following phase of depression and wars (1909-1918), however,
new boursois institutions have been established. At last, the
discounts' trends have identified a fourth wave, with an up-phase
(1919-40) and a down-phase (1940-45). The findings of the article
support the fact that even in a mainly agrarian and less developed
country economic fluctuations can be identified. And this is a sine
qua non factor for the interpretation of the economic, social and
political history.
Bibliography: Sakellaropoulos, Theodoros. "The Long Waves of Economic
Development in Greece." Tefchi tis Politikis Ekonomias, September
1991, Athens, pp. 141-60.
Subject: D
Geographical Area: 4
Country/Region: Greece
Time Period: 7
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