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Greece and the Inter-War Economic Crisis$
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Mark Mazower

Print publication date: 1991

Print ISBN-13: 9780198202059

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198202059.001.0001

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Recovery and the State

Recovery and the State

(p.236) 9 Recovery and the State
Greece and the Inter-War Economic Crisis


Oxford University Press

This chapter charts the dimensions of Greece's economic recovery, its limitations, and the tensions it created. Import-substitution benefited both agriculture and industry, but had rather different effects in the two sectors. In both cases output rose as did prices — with little effective government control. In both cases the chief stimulus was the shift in relative prices after Greece left the gold standard. Although many peasants remained encumbered by debt, their economic position generally improved compared with the crisis years of 1929–32. Domestic industry benefited too, but few of the benefits reached the workers. Inflation affected neither the bulk of the peasantry, who could retreat to some form of self-sufficiency, nor industrialists, who passed on higher input prices to the consumer. But it did hit the vulnerable urban classes-workers, civil servants, and artisans.

Keywords:   Greece, economic policy, economic recovery, agricultural recovery, industrial growth

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