It has been said that the year 1922 should be considered the first year in which industrial policy was envisaged in Greece. From this year on a new legislative framework was instituted and implemented, which was altered in order to serve private interests and the economic interface.
Law 2948/1922 delineated the field of state activities, aiming at facilitating the establishment of new industries, the absorption of their production and their staffing. In the 1930s, law 5426/1932 determined anew the objectives of industrial policy, although it was often used as a means to recover stability in public finances.
The systematic intervention of the state in the formation of employment policy and the acknowledgement of the political role to be played by representatives from Greek industry (such as Bodosakis, Chatzikyriakos, Charilaos) marked the function of protectionism during the whole of the inter-war period. Finally, it should be noted that contrary to other Balkan countries, the Greek national economy did not manage to lay the foundations for the development of a heavy industry.