Greek Economies
A brief economic history of Greece.
Agriculture and the Peasant Economy of Greece
The primary economy of Greece has, for about 9,000 years, been agricultural. Its people were some of the first farmers in Europe, working fertile fields between mountain slopes. Barley, wheat, olives, and grapes formed the traditional Greek staple crops. Many farmers also kept herds of sheep, goats, and cattle. The majority of Ancient Greek peasants worked as a farmer or laborer in some capacity. Wool grew to be a major Greek export, woven into textiles by thousands of free and enslaved women. In booming cities such as Athens, other industries like pottery also employed hundreds in workshops. These basic patterns of life continued up to the modern era, impacted more or less by changing technologies and politics.
Mediterranean Trade
A separate class of seafarers alternately traded, raided, went to war, and fished as part of a larger Mediterranean economy. They imported food products, metals, and wood to supplement the poor soils of Greece. In exchange, merchants exported honey, olive oil, wine, pottery, jewelry, and wool. This exchange of goods took place at the city agora, or marketplaces, which acted as commercial and cultural hubs for their communities.
The various Greek city-states participated in trade to a greater or lesser extent. Sparta, for example, was famous for its self-sufficient ethos. A “spartan lifestyle” alludes to their modest homes, furnished and fed by what they or their slaves could produce. Athens, meanwhile, funded merchant voyages across the Mediterranean. The city relied on trade with powers like Egypt to ensure a steady food supply. The Athenians did not hold merchants in high esteem, however. Many of the traders in the city were not actually Athenian, but resident foreigners, or metics.
Trade in the Byzantine Empire
The Byzantine Empire fostered a rich trading empire based around Constantinople. Its primary concern was to keep its citizens fed and enemies from the gates. With those goals in mind, the Byzantine state controlled trade through its borders carefully. A powerful prefect, the Eparch of Constantinople, oversaw commerce in industries like silk and other textiles. He also monitored the price of grains and other foods, setting the cost of bread according to supply and demand. Specialist guilds operated under his authority, as well as money-lenders and banks. Below the organized trades, local peasants continued to work as fishermen and farmers, selling their excess for profit.
Constantinople, now Istanbul, sat over the highly strategic Bosporus Strait at the border of Europe and Asia. This narrow strait connects the Black Sea to the Mediterranean and the Atlantic beyond. Because of its position, the city could be reached by caravans along the Silk Road, Norsemen sailing down rivers, maritime traders from North Africa, Islamic merchants from the Middle East, and the cities and ports of Europe. Constantinople played a major role in world trade until the 11th century, when it began losing influence to the Islamic world. Another major rival developed through the Republic of Venice in Italy. Over the next few centuries, the empire faced famines, invasions, and eventual collapse.
Modern Economics of Greece
Since its founding in 1830, the modern state of Greece has struggled to establish a firm economic foundation. The nation possesses few sources of natural wealth like minerals or oil. A lack of industrial development during the Ottoman Empire put the new nation at a disadvantage compared to much of Europe. The young nation defaulted on several national loans, decreasing its ability to secure future credit. Further political instability compounded the problem, including widespread death and destruction during World War II and its aftermath. The Marshall Plan offered several decades of relief during the latter half of the 20th century. The Greek economy rebounded, buoyed in part by rising tourism.
The 21st century has brought new challenges in the wake of the 2008 financial crisis. Under the threat of bankruptcy, Greece received three bailout loans from European powers. It has since struggled to regain its footing while dealing with austerity measures, high taxes, and heavy debt. The nation has experienced rising poverty levels, unemployment, and emigration as a consequence. Greece’s path to recovery continues amid social unrest and uncertainty about the future.
References
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Clogg, Richard. A Concise History of Greece. Cambridge University Press. 2013.
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Garland, Robert. Daily Life of the Ancient Greeks. 2nd Ed. ABC-CLIO. 2008.
Harvey, Alan. Economic Expansion in the Byzantine Empire, 900-1200. Cambridge University Press. 2003.
Koliopoulos, Giannēs, John S. Koliopoulos, and Thanos M. Veremis. Greece: The Modern Sequel, from 1831 to the Present. NYU Press. 2002.
Martin, Thomas R. Ancient Greece. Yale University Press. 2013.
Molloy, David. “End of Greek Bailouts Offers Little Hope to Young.” BBC News, BBC, 19 Aug. 2018, www.bbc.com/news/world-europe-45207092.
Schofield, Louise. The Mycenaeans. Getty Publications. 2007.
Stamouli, Nektaria. “Greek Bailout Ends, but Underlying Problems Remain.” The Wall Street Journal, Dow Jones & Company, 22 Aug. 2018, www.wsj.com/articles/greek-bailout-ends-but-underlying-problems-remain-1534874419.
“The World Factbook: Greece.” Central Intelligence Agency, Central Intelligence Agency, 14 Aug. 2018, www.cia.gov/library/publications/the-world-factbook/geos/gr.html.
Thomopoulos, Elaine. The History of Greece. ABC-CLIO. 2012.
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