Economic Growth

For the Greek economy, the early decades of the 20^th century were a time of industrialization. Systematic use was made of machinery in small industry, old industrial plants were modernized and new ones built. Both machinery and consumer goods were imported to meet growing demand in the internal market. Heraklion business proprietors were quick to adapt to the new circumstances. Representatives of foreign firms proliferated, as the shops advertised imported goods to the consumer public.

Illustrative of this boom is the fact that 1924 saw the creation of the Cretan Owned Bank alongside the six other banks already in Heraklion - the Bank of Athens, the Bank of Crete, the Ionian, the Commercial, the National and the Popular.