The Economic Freedom Of Greece And Russia

As stated earlier, Russia’s economy is largely based on oil. Further, throughout Russia’s existence, its political institutions have strongly remained stable do to their performance legitimacy. Therefore, the rise of oil and therefore competitive authoritarianism are not mutually exclusive. Since Putin’s election, economic growth has averaged 6.7%, however, much of this growth is directly due to rising oil prices since 1998 that have topped over 100 dollars a barrel. Rising oil prices has allowed Russia to eradicate foreign debt, establish massive reserves of hard currency, and create budget surpluses. This has in turn allowed Putin to accumulate massive amounts of wealth as well as improving his performance legitimacy. Arguably, this is a false performance legitimacy. To many in Russia, this is the best the economy has ever been, and it has allowed for Putin to easily consolidate power. Yet, with oil on the decline, Russia has effectively created an economy that can not last into the near future, and only time will tell how far they will end up

Russia’s economy is very complex and also very terrible at the same time. Many other economy’s are also like this but Russia’s is a very interesting thing to learn about. Russia’s economy has many things wrong with it that in the long run could probably affected it in a negative way. But it also has many positive things about it.The negatives and the positives are, in my opinion, are equal in Russia economy.

On January 1st 1981 Greece joined the European Communities ushering in a period of sustained growth. The countries widespread investments on infrastructure coupled with funds from the European Union led to a sharp increase in revenue from tourism and the service sector. This helped the country reach historical highs in their standard of living. By 2001 Greece had adopted the Euro and in the proceeding 7 years the GDP per capita went from $12,400 in 2001 to $31,700 in 2008, an increase of 156%. The Greek government was encouraged by the European Central Bank and other private banking institutions to

Where they had not yet adopted the euro nor ascended into the union, Greece's public service sector (though accounting for half the countries GDP) was seen to seriously hinder any efforts to increase economic growth. But since accession, rapid mobilization of the economy has started to route out the stitches in the corrupt service sector (most reform has been in recent years though). But rapid economic reform didn't come directly after accession, for it wasn't until recently that Greece started better allocating EU subsidies. Until the country had finally set out to reform its poorly structured civil service sector, much of the subsidies were seen to be wasted on remedial government plans and initiatives such as increased electorate pay. Abuse of subsidies was recorded up until the early 90s, but since then Greece has seen considerable returns in foreign investments, and a marginal decrease in both the national debt and inflation rates . To better illustrate Greece's economic standing today, one might take note of the fact that the country is now in a position to distribute large amounts of aid (E.g., Bosnia- Herzegovina) while slowly relying less and less on EU subsidies. Many also believe that Greece's poor economic strategies in early years should serve as a lesson for future Balkan members awaiting accession into the EU as well.

Banking activities in Greece are more varied and sophisticated than in any previous society. Private entrepreneurs, as well as temples and public bodies, now undertake financial transactions. They take deposits, make loans, change money from one currency to another and test coins for weight and purity.

The Russian state has been characterized by its strong heritage of powerful, autocratic leadership. This domination by small ruling elite has been seen throughout Russia's history and has transferred into its economic history. Throughout the Russian czarist period, to the legacy of seventy years of communism; Russia has been a country marked by strong central state planning, a strict command economy and an overall weak market infrastructure (Goldman, 2003). Self-interest, manipulation and corruption have all been present in the Russian economy, and have greatly helped the few as opposed to the many. To this day, Russia still struggles with creating a competitive and fair market.

Greece has a capitalist economic system. According to J Janse Van Rensburg/C McConnell/S Bruce, Economics Southern African Edition page 34,

2. According to author William Greider, executives and marketers must take into account the following new realities in the global economic situation:

In this paper, I will be covering the country of Russia. During this essay, I will

The Greek people are suffering while trying to keep their jobs to pay for the rising taxes. With an unemployment rate of over 60%, the youth even have a difficult time finding jobs to help their families. Being unemployed is not only a rough situation to be in with no money is coming in, there is more to it, “The longer a person is unemployed, the less employable they become. Re-entering the workforce also becomes more difficult and more expensive.” (Rodgers 9). Not only that, but people in Greece lose their health insurance after being out of work for over 2 years. The unemployment factor is a big effect on the Greek people because of the

Ever since the end of 2009, Greece has been involved in a financial and economic crisis that has been record breaking and shattered world records in terms of its severity and worldwide effects. The Greek government, since the beginning of the crisis, has attempted to take several governmental measures to try and “stop the bleeding,” including economy policy changes, dramatic government spending and budget cuts and the implementation of new taxes for citizens. In addition to this, the government has tried to alter the perceptions of Greek government and economy by the rest of the world in an effort to appear both more liberal and more democratic. Greece has also been working to privatize many previous

Greece seems to have a collectivist culture that moves around the notion of "we". This means that Greeks are embedded in a strong, cohesive team (like a family), which protects its members in exchange for their loyalty. On the business level, it is important to create reliable and long-term relationships. As a nation Greeks do not feel too comfortable with ambiguous situations. The bureaucracy, laws and rules are very important, even if they create a false sense of security. The Greeks also need good and relaxing moments in their daily life, conversations with colleagues, a meal with friends, etc.

The roots of Greece’s economic problems extend deep down into the recesses of history. After the government dropped the drachma for the euro in 2001, the economy started to grow by an average of 4% annually, almost twice the European Union average. Interest rates were low, unemployment was dropping, and trade was at an all-time high. However, these promising indicators masked horrible fiscal governance, growing government debt and declining current account balances. Greece was banking on the rapid economic growth to build upwards on highly unstable foundations. In 2008, the inevitable happened – the Greek debt crisis.

In 1999, ten European nations joined together to create an economic and monetary union known as the Eurozone. Countries, such as Germany, have thrived with the euro but nations, like Greece, have deteriorated since its adoption of the euro in 2001. The Eurozone was created in 1999 and currently consists of eighteen European nations united under the European Central Bank and all use the euro. The Eurozone has a one point six percent inflation rate and an eleven point six percent unemployment rate in 2014. Greece joined the Eurozone in 2001 and was the poorest European Union member at the time with a two point six percent inflation rate3 (James, 2000). Greece had a long economic history before joining the Eurozone. The economy flourished from 1960 to 1970 with low inflation and modernization and industrialization occurring. The market crash in the late 1970’s led Greece into a state of recession that the nation is still struggling with. Military failures, the PASOK party and the introduction of the euro have further tarnished Greece’s economic stability. The nation struggles with lack of competitiveness, high deficit, and inflation. Greece has many options like bailouts, rescue packages, and PPP to help dig it out of this recession. The best option is to abandon the Eurozone and go back to the drachma. Greece’s inflation and deficit are increasing more and more and loans and bailouts have not worked in the past. Leaving the Eurozone will allow Greece to restructure and rebuild

A picture of how the Greek public governance works is shown in the “Doing Business 2018” report published by the World Bank. According to the statistics the country’s ranking in registering for property and enforcing contracts is 145 and 131 respectively out of 190 countries examined. It takes the last position in the categories easy for doing business, registering property and enforcing contracts and its close to the last