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Greece's monetary policy, if we can call it that, isn't the only problem in Greece. The Greek labor market is over-regulated, favoring the older generation over
by runeks 11y ago
Greece's monetary policy, if we can call it that, isn't the only problem in Greece. The Greek labor market is over-regulated, favoring the older generation over the younger, and corruption in government is widespread. Greece's government debt overload, and subsequent default, are just symptoms of this state of affairs.
It certainly doesn't help, though, that the Greek people are practically forced to use their government's debt as money (Euros backed by Greek government bonds).
- tomp 11y ago> favoring the older generation over the younger, and corruption in government is widespread This describes just about any Western capitalist democratic country.
- mc32 11y agoAnd by implication you're saying this would not affect non western or non capitalist countries? So, in Cuba, Mongolia, Russia, Japan, Bolivia these things don't express themselves? Corruption, seniority, traditionalism.... I think degree matters a while lot. Yes, you can find all ills in most places, the question, is, is paralyzing, does it force or encourage people to leave or search for better places?
- bobcostas55 11y agoCalling the Greek economy "capitalist" is really marginal. It's nothing like the European economies, but very similar to badly reformed ex-communist economies (think Russia, not Poland).