ABSTRACT
This chapter builds on research on the regulatory but heterogeneous space of political strategies designed as a response to the Great Depression. 1 It focuses on the application of westernizing economic models in Greece regarding the modernization efforts undertaken by the local political elites from the end of the 1920s to the early 1930s and on the impact of the Great Depression on this process of economic and social modernization. On this nonlinear economic surface, the Greek crisis of the early 1930s had a pivotal role as it diversified the interference of international institutions (i.e., the League of Nations and its advisory body, the Financial Committee) in the country during the 1920s and consequently intensified the intervention of the state in the regulation of the internal market. The domestic crisis had a decisive role in the decline of democracy in the country from the early 1930s onward.
