By M. Mitsopoulos, Theodore Pelagidis
Because the tensions in the Greek economy take centre level within the overseas headlines, this ebook examines the operating of the Greek political process and how it relates with the Greek society. It investigates how and why Greece is simply the 1st, prototype nation of the autumn of the western debt occasion.
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Additional resources for Understanding the Crisis in Greece: From Boom to Bust
Sample text
We have analyzed extensively the failings of the Greek education system in Pelagidis and Mitsopoulos (2006), Mitsopoulos and Pelagidis (2007, 2008). These works have shown that these shortcomings are directly related to the prevailing equilibrium of closeness and the rent-seeking nature of the Greek economy and society. Greeks are therefore justified to fear a society that, according to Hayek (1960), distributes rewards according to merit; they seem to feel more secure in the current environment in which the state distributes rewards not according to merit, but in a rather haphazard way depending on participation in interest groups, affiliations with the political establishment and other criteria that may be favored at any particular point in time.
In the real world the media gain significantly value as they contact and inform the voter. According to Tullock (1993), the role of the media is especially critical in the effort of politicians to inform (or misinform) the voter groups that they target. As a result the level of competition in the media market is crucial. Where the players in the media market are few, as is the case in dictatorships, this level of competition is largely reduced, even if the modern technology makes it more difficult to establish such media monopolies.
So when the time comes to exchange favors, in the sense that they will cover for the unlawful activity of someone else, they usually have a favor to ask in return. Or at least, they will have committed some unlawful act themselves at some point of time and as a result they will be afraid to come forward to denounce the illegal acts of others, even if these are much more serious than the one they have engaged in themselves. This widespread breaking of laws, even if it is minor for the majority of Greeks, is an important ingredient of the widespread resistance to reform in Greek society not only because it entrenches the perception of lawlessness and encourages further engagement in unlawful activity according to Keizer et al.