Like Argentina and Venezuela, Greece's economy is plagued not just by institutional problems, but by a pervasive anti-capitalism that continually cripples the ability of individual Greeks to build wealth and a solid economy.
The Greek government has spent freely for many years to enrich itself and its special interests at the expense of taxpayers. And now, it is not the Greek politicians who will suffer, but the taxpayers who face a future of unending debt payments.
Both Republicans and Democrats think they can tinker their way to creating an economy with less inequality. Both sides miss the point, and ignore the central role of government fiat money in the problem.
Many claim that great advances in technology come primarily through government spending on research. In fact, government tech spending crowds out other innovations while favoring certain interest groups at everyone else's expense.
Many economists have many theories about why economic growth in many advanced economies is stagnating. Some seem to think it’s irreversible, but a good look at creeping government regulation might offer a few hints as to the true cause.
It's much easier to calculate the direct cost of a tax than the many indirect costs of a government regulation. Nevertheless, government regulations remain some of the biggest millstones around the neck of human progress and ingenuity.
Government loans often feature lower interest rates than what can be found in the private sector. But this is only because these cheap loans are taxpayer subsidized. Meanwhile, the government bans many private loans that risky borrowers need most.
Keynesians believe that more government spending leads to more economic growth, but in addition to crowding out productive enterprises, government spending necessitates the transfer of wealth from the productive class to the government class.