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Nevertheless, many Turkish-Cypriots maintain that the "embargo" remained their main barrier to growth, adding additional eosts to products originating in the région. The rôle of the "embargo", its pervasiveness, is however partly undermined by the rapid restoration and importance of foreign markets, particularly the United Kingdom. Conclusion Despite the obvious différences in the rate and scale of economic development north and south, there are some surprising similarities in certain elements of the recovery. For much of the time the private sector and the individuai entrepreneur played a more important rôle in the Greek-Cypriot recovery, although similar key institutions (and in one case a key institution with a shared history) played an important rôle; in one case as a Supplement to and in the other as a Substitute for private entreprenuerialship. The converse relationship between the politicai situation and the economic one is a twist which makes the two politicai économies appear as mirror images, inversely related. The Turkish-Cypriot leadership actively campaigned in favour of the post-74 status quo, aiming to replace a de facto position with de jure partition. For them, economic policy was geared to consolidate the achievements of the Turkish Army. The Greek-Cypriots were anti the status quo, whilst economic policy and performance seemed to confer more of a sense of permanence to the division they rejected. Greek-Cypriots only reluctantly concentrated and rebuilt their economy south of the UN Buffer Zone. Ironically the politicai solution in the north is used to compensate for greater economic progress, the two being perceived in some senses, and in politicai circles, as mutually exclusive. In the south, economic progress tacitly compensâtes for failures on the politicai front. However, intervention by the state, north and south reveals some surprising similarities: both 289
seem more politically motivateci and more politically successful than economically so, both attempted with considérable success to tap private sector resources, channelling investment in desired directions. Time will tell how soon this analysis proves obsolete, when more data and comparative analysis of the économies of Cyprus is published. This chapter, Iike those that preceded it, asks more questions than it has been able to answer. Many of the questions seem to imply that since 1974 and even 1964 Cyprus has functioned below par. Ethnie confiict may have caused the island's economy to be below its production possibility frontier simply because resources could not be utilised in the most efficient way possible. Politicai divisions have prevented natural interdependencies, complementarities from taking place. In the context of the supposed economic benefits of economic co-operation north and south 105 , and both communities' perceptions of the costs of division 106 , the next chapter uses a dynamic model to attempt to benchmark the costs and conséquences of ethnie division in Cyprus. 105 UN Security Council, 17 December 1993. (Unpublished) "Report of the team of experts on the economic benefits of the Varosha and Nicosia International Airport package". 106 Bicak, H.A. 1993. "An Evaluation of the Turkish Cypriot Position. Debts of Greek Cypriot Community", paper submitted to the U.N. Représentative in Cyprus; Republic of Cyprus 1975. "Economic Conséquences of the Turkish Invasion and Future Prospects of the Cyprus Economy. " Nicosia: The Planning Bureau. 290
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ACKNOWLEDGEMENTS I would like to th
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ABSTRACT This thesis examines the e
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Table Of Contents Page Change in ec
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List Of Figures 2.27 Revenue from t
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List Of Figures 5.25 Main destinati
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List Of Figures 7.8 The degree of o
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List Of Tables 6.7 All island, Gree
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This thesis will examine the econom
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Vassiliou's classic work 5 publishe
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As many questions raised by economi
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Figure 1.1 The structure of recent
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In terms of the topic of this thesi
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political landmark coincides with a
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were the mechanisms which encourage
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however, Chapter 5 concentrates on
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Defining the title The first priori
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such? Is northern Cyprus simply run
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unlike Greece in 1923, were already
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itself as having been literally und
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economic history, Christodoulou's s
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incurred as a resuit of eonfl ict.
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Christodoulou has concentrated his
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any credit for successful economic
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anking technology, administrative c
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(which usually has a regressive imp
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contribution did labour remittances
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having been inspired by Zetter's in
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econstruction also provided a means
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Conclusion In analysing the extent
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he drew distinct analogies with the
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in Cyprus. The main objective is a
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The war proved a watershed in many
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Uruguay, Japan, Trinidad and Tobago
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financial, property and business se
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By 1960 exports represented over 20
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Table 2.1 Domestic Exports FOB in 1
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the period (1960-73), the différen
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Figure 2.4 Principal exports as a p
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producing 12% of GDP. Tourism (rest
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considerably more than Turkey, whos
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income. Mining and quarrying (now m
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Figure 2.10 Principal exports as a
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Figure 2.12 The Destination of the
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Figure 2.14 Ambiguous indicators: T
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Figure 2.15 Sìze of manufacturing
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By 1980 the economy of the Republic
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The scale of the disruption in the
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Whether taking the optimists approa
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financing from financial markets pi
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grew rapidly. In the immediate afte
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One of the major problems facing th
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coming, only concerning policy make
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with particular bottlenecks affecti
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"We attributed this finding to the
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aiding the recovery from the coup a
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employment: rapidly rising real ear
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Until the intervention of public fi
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to pick the Republic of Cyprus as t
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of offshore companies registered in
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Figure 2.27 Revenue from the offsho
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Figure 2.29 The changing compositio
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The structure of the economy, the c
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CHAPTER 3. The foundations of Takis
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Famagusta enclaves would be over-ru
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The historical context of separate
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generally concentrated in the lower
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agreed Constitution. Seemingly Clar
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séparation of the communities bega
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UN. 37 Some additional supplies mus
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Seemingly, by 1970 the Nicosia encl
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was made on the basis of a fixed in
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derived from Turkish transfer payme
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Patrick has offered a more complica
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spare parts and maintenance materia
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Emphasising the growing divisions b
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Chamber, Rauf Denktash, said people
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Figure 3.2 Thepossible economic eff
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produced by them rises significantl
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Committee" was the area military co
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February 1975 the latter bodies set
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The first five-year pian, published
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CHAPTER 4. The construction of a Tu
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Whilst the Turkish-Cypriot leadersh
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of supply, and/or marketing, in key
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shipment of 2000 tons of foodstuffs
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Eti still operateci out of Nicosia,
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institutions in northern Cyprus amo
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with multipurpose co-operatives, a
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A few new co-operatives were formed
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loans. Savings Banks do have access
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espectively. The Famagusta branch w
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Cypriot) Government in the 1960s, t
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increasing costs 31 . This is perha
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packages imported raffinate, supply
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a monopoly respectively. Where ther
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Evkaf is an Islamic organisation fo
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Evkaf had a largely obscure economi
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Meanwhile a little noticed phenomen
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After the summer of 1974, the Turki
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monitored Ledra Place check-point,
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the early eighties, when Turkish ar
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Figure 4.3 Number of tourists from
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the situation that had existed prio
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stay arrivais or diminish with the
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competing with the longer establish
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flexibility of family business stru
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Ltd., Turkish-Cypriots eventually g
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dominateci by: textiles, footwear a
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force of national cohésion, change
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Figure 4.9 Main Citrus Exporters in
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Ismail Bozkurt (who secured 32.1% o
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Table 4.9 Citrus exports from north
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Ultimately the failure to act on pr
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CHAFTER 5: Re-establishing economic
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prospects of their respective de fa
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Figure 5.1 Change in Cypriot GDP as
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{0 perceive the de facto situation
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Turkey maintains that her objective
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parliament during the unstable peri
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Page 241 and 242: Specifically, it is analysis of nat
Page 243 and 244: imports (Figure 5.5). The extent to
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Page 247 and 248: If "a leading sector in the process
Page 249 and 250: Just to put minds at rest that manu
Page 251 and 252: encouraged private sector action, t
Page 253 and 254: Figure 5.13 Gross domestic fixed ca
Page 255 and 256: major economic force, one that was
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Page 259 and 260: dominates international transfer pa
Page 261 and 262: a "development resource" 54 , rathe
Page 263 and 264: able to spearhead a revival aided,
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Page 267 and 268: overwhelming dependence on a genera
Page 269 and 270: In the difficult times that followe
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Page 273 and 274: Figure 5.20 Orange production as a
Page 275 and 276: e exchanged for new "TRNC" (or, as
Page 277 and 278: Unlike the vineyards where most of
Page 279 and 280: Although not important in the initi
Page 281 and 282: Having said this, constant improvem
Page 283 and 284: compensation arrangements in the no
Page 285 and 286: some of the labour intensive stages
Page 287 and 288: Figure 5.24 Proportion of citrus ex
Page 289: to treat exports from the whole of
Page 293 and 294: Figure 6.1 Percentage change in GNP
Page 295 and 296: initially. The more immediate probl
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Page 299 and 300: It has been argued that if politics
Page 301 and 302: share of National Income to somethi
Page 303 and 304: Figure 6.6 Communal income in 1980,
Page 305 and 306: Selecting peers as proxies for pan-
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Page 311 and 312: Figure 6.9 Micro Economies; average
Page 313 and 314: Figure 6.11 Micro Economies; averag
Page 315 and 316: Figure 6.13 The level of government
Page 317 and 318: Figure 6.14 "More Developed Medìte
Page 319 and 320: Figure 6.17 "More DevelopedMediterr
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Page 323 and 324: Figure 6.22 Structure of production
Page 325 and 326: Figure 6.26 Degree of openness in t
Page 327 and 328: economic growth 49 (variables 6-9:
Page 329 and 330: implication, developmental différe
Page 331 and 332: spectrum in 1980 at 38%. Perhaps le
Page 333 and 334: namely investment rates 54 (in phys
Page 335 and 336: instruments, the justification for
Page 337 and 338: Figure 6.28 Average annual growth i
Page 339 and 340: Figure 6.29 How Cyprusfared in 1980
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Figure 6.30 Total Cypriot income 19
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o.zö; may reveai someimng 01 ine e
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developments elsewhere. The relativ
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unified economy) of 1963, Cyprus is
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CHAPTER 7. Conclusion 348 Comparati
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Turkish-Cypriot economy stagnateci.
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So it is worth looking again at the
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stand out however, revealing enough
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Figure 7.3 Gross domestic investmen
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Figure 7.5 "TRNC netforeign trade a
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Figure 7.8 The degree of openness i
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control. There seems to be ampie ex
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The role of tourism in the economic
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seem to be able to grow in line wit
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Comparisons throughout this thesis
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The Cyprus Mail Hellenic Group. Nic
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I.M.F. International Financial Stat
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1982. Fourth Emergency Economic Act
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"Turkish Federated State of Kibris"
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leadership of the two communities o
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"administrations" and key economic
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Bicak, H.A. (June) 1990. "The Impac
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Hudson, J. and Dyniotou-Jensen M. 1
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Mcdonald, R. 1989. The Problem of C
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Solsten, E. (ed.) 1993. Cvprus: A c
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