Historical Cycles of the Greek Economy (from 1821 to the Present) (Gutenberg Publications, 2021, in Greek) is the newest book by Professor George Alogoskoufis, Professor of Economics and Head of the Department of Economics, Athens University of Economics and Business, and 2016-2019 Constantine G. Karamanlis Chair in Hellenic and European Studies at the Fletcher School of Law and Diplomacy, Tufts University. You may take a look here.


The economy of modern Greece has a history that spans about two centuries. During these two hundred years, the country managed to emerge from the margins of northeastern Europe to the core of today’s European Union. It has been transformed from a poor farming province of the Ottoman Empire into one of the most developed economies in the wider Northeastern Europe region, all despite the two significant financial crises that struck the country in 2010 and 2020.

Compared to the first Greek state of 1828, Greece has been able to almost triple its national territory, by incorporating a big part of the land where Greeks lived, to increase its population size almost fifteenfold and to increase its residents’ real GDP per capita another fifteenfold.

This process was neither easy, nor linear or automatic. It involved national triumphs as well as crises and disasters, external and internal conflict, periods of significant economic and social progress as well as times of economic downturn and big financial crises.

This book surveys and analyses the history of modern Greece’s economy, from the eve of the fight for independence to the present day. It focuses on the determining factors of its transformation and its development, with particular emphasis on the role and the interactions of national, social, and economic interactions, ideas, institutions and policies, as well as the effects of geopolitical circumstances and economic globalization. The aim of the book is the interpretation of these developments through the analysis of the deeper factors that determined and continue to determine the course of the Greek state and the Greek economy.

Link to the Book

This book is an extension of ongoing research which in English is reported in,

Historical Cycles of the Economy of Modern Greece: From 1821 to the Present,Working Paper no. 1-2021, Department of Economics, Athens University of Economics and Business.


Historical Cycles of the Economy of Modern Greece from 1821 to the Present, GreeSE Paper no. 158, Hellenic Observatory, London School of Economics.