By George Pagoulatos
Greece's New Political economic system strains the process Greece from a postwar developmental kingdom to its present participation within the Euro-zone. Taking an cutting edge comparative strategy, George Pagoulatos examines the political economic climate of monetary interventionism and liberalization, banking politics, family among the govt. and valuable financial institution, the winners and losers of economic reform, the consequences of globalization and EMU, and the results of the hot financial function of the kingdom.
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Additional info for Greece's New Political Economy: State, Finance and Growth from Postwar to EMU
Economic development was the grand project that 14 Greece’s New Political Economy captured the minds of economists and policymakers in underdeveloped countries after World War II. From the late 1940s and through the 1950s and 1960s the pioneers of the developmentalist school (Ragnar Nurkse, Paul Rosenstein-Rodan, Arthur Lewis, Walt Whitman Rostow, Albert Hirschman, and others) were shaping the policies of developing countries and international institutions such as the UN and the International Bank for Reconstruction and Development (later renamed the World Bank).
What becomes, however, of the developmental state after its mission has been accomplished? An armory of interventionist tools may be indispensable for accelerating and achieving development, but when a country has reached the level of its main trading partners ‘external and 18 Greece’s New Political Economy internal equilibrium tend to converge and market liberalization needs to be promoted, as opposed to being controlled and constrained’ (Yotopoulos 1996: 223). In Lindblom’s (1978) aphorism ‘states have strong thumbs but clumsy fingers’: once their developmental tasks of mobilizing capital and affecting structural transformations have been achieved, ‘interventionist states slow economic growth by trying to finetune that which is too complicated to micromanage’ (Herring 1999: 330).
Capital controls provided vital insulation from balance of payments pressures, thus allowing considerable economic policy autonomy in the form of the ability to set freely national interest rates with only limited reference to international ones. Entrusted, as it were, with defending the fixed parity with the dollar (1953–75), monetary policy was imbued with the internal disciplinary mechanism for ensuring central bank credibility in the pursuit of monetary stability, while at the same time allowing considerable leeway in the pursuit of developmental macroeconomic expansion.