Morality, institutions and the wealth of nations: Some lessons from ancient Greece

Bitros, George C.; Karayiannis, Anastassios D.

doi:10.1016/j.ejpoleco.2009.06.004

Cited by 53 publications

(14 citation statements)

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“…This was an era of increasing economic prosperity across the Hellenic world, partly due to flourishing maritime trade throughout the Mediterranean and Black Seas (Burke, 1992). This trade contributed to rising nutritional standards in mainland Greece and its colonies, which in turn stimulated population growth (Bitros and Karayiannis, 2010;Keenleyside et al, 2006;Scheidel, 2010;Waterlow, 1989). Reconstructing ancient diets would provide insights into the development of the economy through trade.…”

Section: Resultsmentioning

confidence: 96%

Aspects of ancient Greek trade re-evaluated with amphora DNA evidence

Foley

Hansson

Kourkoumelis

et al. 2012

Journal of Archaeological Science

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Section: Resultsmentioning

confidence: 96%

Aspects of ancient Greek trade re-evaluated with amphora DNA evidence

Foley

Hansson

Kourkoumelis

et al. 2012

Journal of Archaeological Science

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“…They were taught not to do everything ''for the sake of pleasure or gain or honor'' (Ibid., 217, see also Isocrates,Panathenaicus,. 7 The cultivation of altruism was also a central objective (Bitros and Karayiannis 2010). Decision-making had to follow the rules of rationality and morality.…”

Section: Conventional Morality and Economic Transactionsmentioning

confidence: 99%

Morality, social norms and the rule of law as transaction cost-saving devices: the case of ancient Athens

Karayiannis

Hatzis

2010

Eur J Law Econ

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The importance of the institutional framework for economic development is widely accepted today and it is duly stressed in the economic literature. The protection of property rights, the enforcement of contracts and an efficient legal system are the pillars of the contemporary rule of law. However, formal institutions cannot function without being internalized by the citizens and without the strong backing of social norms. Morality and social norms are the major elements of the informal institutional structure, the social capital, which is also critical for social welfare and economic development. In this paper we will discuss both the formal and the informal institutional framework of Ancient Athens, which was a free market society with economic problems similar to contemporary market societies. Athenians developed a highly sophisticated legal framework for the protection of private property, the enforcement of contracts and the efficient resolution of disputes. Such an institutional framework functioned effectively, cultivating trust and protecting the security of transactions. This entire system however was based on social norms such as reciprocity, the value of reputation and widely accepted business ethics. Conformity to social norms as well as moral behavior was fostered by social sanction mechanisms (such as stigma) and moral education. The Athenian example is a further proof of the The first draft of the paper was presented in the 11th conference of the European Society of the History of Economic Thought, Strasbourg, July 2007. We wish to thank the participants and especially Stephano Solari for their valuable comments and suggestions. The authors also extend many thanks to Christos Baloglou, Aspasia Tsaoussi and an anonymous referee for their helpful comments and Danai Avgeri for her excellent research assistance. The usual disclaimer applies. The translations of the original Greek texts used in this paper are based on the English translations of the Perseus Project importance of morality and social norms as transaction cost-saving devices even in quite sophisticated legal systems. Their absence or decline leads inevitably to the need for more regulation and litigation and to a growing preference for clear-cut rules instead of discretionary standards. Athenian law was pioneering in the development of rules and institutional mechanisms suitable for the reduction of transaction costs, many of them surviving in the most complex contemporary legal systems.

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“…In Bitros, Karayiannis (2010, 2013 we established that the wealth and the marvels of ancient Athens that we admire so much today resulted from the ingenious combination ancient Athenians achieved of democratic institutions with an outward looking economy based on free markets. By implication, Greeks knew and practiced the principles of democracy and of free market economy on which the EU is founded long before any other European nation.…”

Section: History and Civilisationmentioning

confidence: 99%

European Union Failures in Greece and Some Possible Explanations

Bitros

2014

Essays in Contemporary Economics

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The European Union (EU) failed repeatedly to hold Greece accountable for violations of the Treaties it signed over the past five decades. In particular, the EU not only did not express reservations in the face of these violations, but on two crucial occasions, in 1979 and again in 2000, it even rewarded Greece with concessionary decisions, which contributed significantly to its present calamities. Hence, there arises the following question: How can we explain these EU failures in the case of Greece? The objectives of this paper are twofold: First, to highlight the circumstances which prompted the EU Authorities to treat Greece as a special case, and second, to sketch briefly the rudiments of an answer to the preceding question.

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Morality, institutions and the wealth of nations: Some lessons from ancient Greece

Cited by 53 publications

References 15 publications

Aspects of ancient Greek trade re-evaluated with amphora DNA evidence

Aspects of ancient Greek trade re-evaluated with amphora DNA evidence

Morality, social norms and the rule of law as transaction cost-saving devices: the case of ancient Athens

European Union Failures in Greece and Some Possible Explanations

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