Greece Must Give up on Socialism, By Apostolos Pittas and Panos Mourdoukoutas​

Athens Stock Exchange. (Photo by Eurokinissi/Giannis Panagopoulos)

By Apostolos Pittas and Panos Mourdoukoutas​

To emerge from depression, Greece must finally give up on socialism. Simply put, socialism does not work. It fails to promote economic development because it is not consistent with the fundamental principles of human behavior. By nature, human beings respond to incentives. However, socialism is a system that ignores incentives, restricts growth, and limits human potential. Its main objective of achieving equality is only met in the sense that everyone becomes equally poor and equally …

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