The Developmental Trajectory of the Greek State
Greece’s historical development gives credence to two competing narratives. The first identifies Greece as a small and vulnerable nation, one marked by crises and failure. The second narrative acknowledges the success of nation-building—indeed, the metamorphosis of Greece—having come through exceptional challenges. To reconcile these two narratives, I draw upon neo-Marxist political economy—which stresses its ‘semi-peripheral’ position in the global economy—and build on recent studies that focus more on the domestic institutional constraints on development. I disaggregate Modern Greek history into seven, intertwined, political and economic ‘boom, bust, and bailout’ cycles. Greece is an ‘early late modernizer’, to borrow Seymour Martin Lipset’s formulation. As one of the early ‘new nations’ on the European stage, Greece attempted a number of highly visible and risky modernization leaps intended to reduce the gap that separated it from the more advanced states of the continent. Predictably, these leaps and their failures attracted considerable global attention, way out of proportion to the country’s size, resources, or strategic importance. They did so due to the perception that its modernization effort was deeply intertwined with processes of much broader historical and global significance; the stakes were high, hence the need for some sort of intervention. That these foreign interventions ultimately turned out to be favourable to Greece should not detract from the fact that they were often perceived negatively in Greece. The recent debt crisis is part of a similar pattern and a Greek recovery would validate this interpretation.