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Title: Investment and growth, technical change and foreign capital in Greek manufacturing industry, 1953-1966
Author: Coutsoyannis, Pavlos J.
ISNI:       0000 0001 3390 8961
Awarding Body: University of Warwick
Current Institution: University of Warwick
Date of Award: 1974
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The particular circumstances of the development of the Greek economy are set in a historical context, as a general framework for the analysis of the developments in the manufacturing industry. The war-time and postwar destructions are set against the high post-war assistance and the limitations of the economic set-up are related to the role of foreign finance. The period of advancement of the economy 1953-1966 is generally seen in relation to institutional and other factors of advancement. The factors directly affecting the performance of the manufacturing industry are described in some detail. The importance of savings to finance capital formation and the balance of payments problems of the growing economy axe also discussed with particular emphasis on a detailed analysis of the balance of capital movements in all their forms, as an introduction to the analysis of the contribution of foreign capital in the growth of the economy in general and the manufacturing industry in particular. The effects of the inflow of foreign capital into the manufacturing industry from the balance of payments point of view axe examined after time series of direct investments axe established by research in unpublished material of the Bank of Greece, which also gives us valuable insight into the outflow of funds accompanying this inflow. Import substitution policies related to this capital inflow axe then examined in connection with interindustry relations, as backward and forward linkage effects are analysed for the establishment of "key industries". The total (direct - indirect) import content of foreign investment concludes the balance of payment effects of the inflow. In the next part the effects of the inflow of foreign capital are seen in relation to productivity increases and technological advancement. Consistent time series of investment and net capital stock, adjusted for underutilised capacity axe then constructed and together with estimates of the labour input and of the factor shares are used in a production function from which we derive the residual factor of technological change by industry. Foreign investment is then related to those changes in productivity and in technology and to the structure of the labour market in Greece. The structure of the particular industries is then discussed in some detail and the overall contribution of foreign capital is finally assessed with particular reference to the prospects of further development by branch of the industry and to the technological requirements in each case.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available
Keywords: HC Economic History and Conditions ; HD Industries. Land use. Labor