Ocean Shipping: by Far the Best Growth Model for Greece

Today there is unanimous agreement that the country’s production model must change. But Greeks are very confused about the direction of the necessary changes. For, as the recent elections revealed, the vast majority of citizens have been brainwashed into believing outrageous promises about what the Greek leviathan state can do for them. Hence, the situation may be expected to worsen, unless Greeks start soon to realize: first, that the model of nearly centrally planned economy that we inherited has failed us miserably; and, secondly, that it must be replaced by a new model based on the flexibility of competitive markets and export oriented policies and entrepreneurship. If and when this change of mind and heart takes effect, the answer to the question which economic growth model is best for Greece will become self-evident. It is the model of ocean shipping because in the same time that a small number of dynamic Greeks control 17% of world trade shipments and contributes not less than 6% to the country’s GDP, organized minorities of politicians, labor unions, professional associations, etc., do everything in their power to keep Greece in the role of a global beggar. The aim of this paper is to document that the model of ocean shipping, in which Greeks dominate for centuries, offers by far the most promising growth model, because it can get us quickly out of the impasse we find ourselves presently. Correspondence: Professor George C. Bitros, Emeritus Athens University of Economics and Business 80 Patision Street, 6 Floor, Athens 104 34, Greece Tel: +30 210 8203740 Fax: +30 210 8203301, E-mail: [email protected]