Palgrave Studies in Economic History Greek Foreign Trade and Finance

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. “This is a remarkable tour de force, elucidating the long history of Greece's economic growth with the objective of identifying the key drivers of the economic triumphs and catastrophes that the country has faced over time. Michalopoulos’ new 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 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. 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.