Vikings in Greece: Kleptocratic Interest Groups in a Closed, Rent -Seeking Economy

18 Pages Posted: 25 May 2011

See all articles by Michael S. Mitsopoulos

Michael S. Mitsopoulos

Hellenic Federation of Enterprises

Theodore Pelagidis

University of Piraeus; Brookings Institution

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Date Written: May 1, 2009

Abstract

Last December, downtown Athens experienced three nights of street battles, arson, and looting that became headlines in the international press. We argue that the reasons for this extreme social turbulence are related to the regulatory and institutional rigidities that still prevail in Greece’s economy, despite the strong growth that it enjoyed until recently. Furthermore, we describe the pattern of state intervention, institutional sclerosis, and high administrative costs that secure and allocate “rents” to interest groups that obstruct all efforts to reduce these rents and to open up the economy.

Suggested Citation

Mitsopoulos, Michael S. and Pelagidis, Theodore, Vikings in Greece: Kleptocratic Interest Groups in a Closed, Rent -Seeking Economy (May 1, 2009). Cato Journal, Vol. 29, No. 2, 2009, Available at SSRN: https://ssrn.com/abstract=1840550

Michael S. Mitsopoulos (Contact Author)

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Theodore Pelagidis

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