Greece in a Utopian Economic Paradigm Essay

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Updated: Dec 2nd, 2023

Introduction

Greece is a European country located in the Southeast part of the continent. Many have described Greece as one of the most developed nations in the world. The country is ranked position 34 in the world as far as economy is concerned. In addition, the country’s population is found to enjoy fairly good standards of living.

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The term ‘utopia’ is used to describe an ideal society. The idea of a utopian society has, however, been viewed by scholars as unrealistic. Paradigm, on the other hand, is a term used to refer to a line of thought or concepts. Leaders across the world use the ideas held in relation to a utopian society to put in place the necessary plans to improve the lives of the people.

The title of this paper, Greece in a Utopian Economic Paradigm, alludes to a fictional description of the country. The writer describes the idea of Greece as an ideal economy. Like many other countries, Greece has several economic challenges, the most common one being the debt crisis.

Over-borrowing by the country has forced the government to spend beyond its means (Cohen & Coates 2012). The situation has raised questions on the country’s ability to pay its debts, a situation that would render the country bankrupt.

Greece in a Utopian Economic Paradigm

How to do a Bankruptcy

To introduce a new era in Greece, scholars argue that the current system has to be bankrupted first. Bankruptcy is a situation where the country is unable to service its existing debts. Bankruptcy, in most instances, is brought about by poor management of resources, as well as the misappropriation of government funds (Marx 1959).

In such a situation, money is owned by the people and the government is left poor. The government lacks the money to pay its debts. To bankrupt Greece, a number of measures will be put in place.

Increasing the rate of borrowing in relation to the gross domestic product can lead to bankruptcy in Greece (Marx 1959). In a situation where the rate of borrowing is much higher than that of the growth in gross domestic product, a country is likely to lack the capability to pay its debts.

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The situation is brought about by the fact that the government is generating little income, making it hard for the entity to run its local affairs and, at the same time, pay its debts. In addition, the accumulation of debts increases the period within which the country stays indebted to others.

Over- expenditure among government agencies is another possible means of bankrupting Greece. An increase in spending requires the government to borrow in order to service its ongoing projects (Marx 2008). Continuous spending drains the cash available in the government reserves. When the reserves are exhausted, the government is forced to borrow to ensure the completion of the ongoing projects.

Greece’s involvements in costly activities, such as military operations, will further worsen the economic situation in the country. The reason is that the expenses incurred in the purchase of armour, as well as the remuneration of soldiers, will reduce the government reserves. Such activities have also been found to be of no short-term economic importance to a country. A lot of property may be destroyed in the process, yet the activities portend no economic returns to the country.

High cost of infrastructure can also contribute to bankruptcy in Greece. By increasing the cost of putting up the necessary infrastructure needed for the generation of revenue, the country suffers a shortage in the amount of cash realised. The small amount of revenue generated goes into the servicing of local affairs, such as the recurrent expenditure, usually involving the remuneration of state officers and civil servants.

High costs of putting in place efficient infrastructure also hinder the setting up of new sources of revenue (Cohen & Coates 2012). Furthermore, other forms of infrastructure, such as roads, subways, and railways, slow down the movement of goods and services.

The development affects the normal means of conducting business. Interferences with infrastructural development in terms of information and communication technology also hinder the flow of ideas, an important tool in the generation of income.

The above instances cause a deficit in the exploitation of a country’s economic potential. To keep the affairs of the country running, the government of Greece will embark on borrowing externally. Matters will become worse considering that the economic activities undertaken are not productive enough. As a result of accumulation of loans, the country will eventually become bankrupt.

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The Social Aspect of this Communist- Based System

There is a close link between utopia and communism. The latter refers to a system where the society tends to be classless. Means of production are owned by all the members of the society. Communal ownership allows for equal exploitation of resources among community members. As a result, equality will prevail in a utopian Greece. Property in the country will be owned by all members of the community.

According to Karl Marx, a communist society is free of social problems. The social problems in this case include unemployment, resource scarcity, and alienation in the labour market. In such a society, extremities in living standards are eliminated.

It becomes difficult to get an extremely wealthy individual, while another individual in the same society is languishing in extreme poverty. Allocation of resources in such a society is done depending on the individual’s needs and abilities. Such a society is so ideal, yet unrealistic.

Manifestos emerging from such a utopian economy are aimed at improving the lives of individuals living in that community. One of the manifestos pledged in a utopian society promotes equity. Due to the communal ownership of the means of production, all members of the society are allowed to exploit the available resources in that community.

Communal ownership of the means of production ensures that no individual person or a group of persons has full control over the resources. In a utopian Greek economy, each individual will be in a position to contribute to the national wealth.

The talents and skills of all individuals will be utilised for the good of the nation. The government of Greece will not be required to borrow externally to finance internal affairs. Revenue generated from the working population will go a long way in settling the debts (Marx 2008).

Eradication of poverty is also an important element in the new system’s manifesto. Through the communal ownership of property policy, the rights of production will be taken away from the wealthy few and transferred to all the members of the society. As a result of this utopian system, all individuals in the country will be provided with opportunities to engage in economically viable activities. Status quo will not be maintained anymore.

Social classes are likely to fall apart and wealth will flow into ‘every man’s pocket’ (Marx 1959). Greece, in a utopian economic paradigm, will see citizens engaging more in activities to serve the interests of others, as opposed to serving their own interests.

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The system will be run by honest and rather modest men as opposed to the previous system ran by radical and dishonest men, whose only aim was to ensure economic prosperity at whatever cost. The new communist system will be more interested in ensuring that the welfare of the entire Greece population is enhanced. The wealth of the country is shared among all the citizens of Greece.

The provision of basic needs to the entire Greece population is another key element in the manifesto of the new utopian system. Since the new system is not a capitalist one, the cost of services is not inflated upwards. On the contrary, the costs are moderated to ensure that each and every citizen can afford to pay for the services.

The system ensures that citizens gain access to all the essential services, such as water, medical services, sewer systems, and security (Cohen & Coates 2012). As a result, the occurrence of social evils, such as insecurities, is likely to reduce since each and every individual has enough.

The government spearheading the new system is required to conduct symposiums aimed at educating the citizens on matters pertaining to the changes likely to be encountered upon the introduction of the system (Marx 1959). As already indicated in this paper, utopia is more of a line of thoughts, as opposed to a reality.

As such, education on economic psychology needs to be provided to the people for them to be in a position to create a mental picture of Greece in a utopian economic paradigm. Through the provision of this education, individuals are likely to understand the economic, social, as well as political benefits likely to come with the utopian system.

Greece in a utopian economic paradigm will also see to it that all individuals engage in meaningful economic activities. The system ensures that all individuals are employed in the various industries in the society. Most of these employment opportunities will come as a result of the exploitation of resources found at the community level (Marx 2008).

The aspect of self employment is also likely to be more popular in Greece, since individuals will have a chance to use their skills and knowledge to generate income. There will be no monopolies controlling markets and the exploitation of resources. Production rights will be taken away from monopolies and given to the communities in the new system.

A new Bank of Gold is likely to curb the effects of inflation in the country. The Bank of Gold will ensure that gold is used as a means of storing wealth in Greece. The situation is unlike in the previous system where paper money was used as a store of wealth. Since gold is rare, its use as a medium of exchange will significantly increase the value of money (Cohen & Coates 2012).

As a result of the extremely high cost of gold, citizens will purchase many goods and services using considerably small amounts of gold. As a result, the goods and services will become more affordable to the people of Greece.

The Political Aspects and Government Structures Associated with the New System

In a political utopia, a government attempts to establish a society that can be considered as perfect. The government of Greece, in a utopian economic paradigm, will strive towards perfecting the way of life of the Greek people. As a result of the decrease in the factors affecting the people of Greece negatively, peace is likely to prevail in the new system (Marx 1959).

The government’s introduction of the Bank of Gold will be a major milestone towards the realisation of a political utopia. It is argued that the amount of money circulating in a society is enough to serve the needs of the members of that society. Though critics argue that gold is scarce and may be inadequate as a means of exchange, I am of the view that what matters is the purchasing power of the little gold that is available.

A government that uses gold as a means of exchange will be in a position to offer better services to its citizens compared to a government using paper money. The citizens will also be in a better position to purchase the goods and services in the market. A gold system has reduced chances of being affected by inflation since it is easier to control the circulation of gold in a country due to its scarcity compared to paper money.

To avoid the occurrence of shocks in the economy, it is important for the government to allow for the completion of all the existing contracts before introducing the new system. Companies and individuals will, as a result, readily accept the introduction of the new system. The introduction will not affect their ongoing projects.

The introduction of a Bank of Gold will be viewed as an initiative by the government to improve the welfare of the people, rather than complicating it. The Bank of Gold’s system will be gradually introduced among the people, causing as minimal interruptions to the economic system as possible. The government’s careful introduction of the new system will ensure that individuals remain in the same financial position as they were prior to the initiation of the project (Marx 2008).

No individual will be said to have gained or lost financially as a result of the transition. The government of Greece must, however, adequately educate the public on the manner in which it is going to roll out the program and the benefits that are likely to result from the system.

For instance, the citizens should understand that the gold system will help in the reduction of inflation, thus significantly reducing the cost of goods and services. All individuals will, as a result, be in a position to purchase goods and services, making Greece an ideal society.

With the introduction of the utopian economy in Greece, the government will be required to come up with appropriate currencies, usually in form of gold coins. The government will then be required to roll out a gold transfer initiative from government holding to private ownership. The gold deposit for each and every individual in the Bank of Gold should be directly proportional to their savings prior to the introduction of the new system.

Maintaining these standards will prevent discriminatory distribution of wealth. With the introduction of communism, each and every individual is at a position to generate income. As such, gold can be used as a store of wealth for all (Cohen & Coates 2012). Equality will also be ensured in the process, since the communal ownership of resources enables each and every individual to earn a livelihood.

The mining and refining of gold will ensure a stable supply of the currency in the economy. Mining and refining activities can also be easily controlled to monitor the circulation of gold in the economy. Gold coins are difficult to mould, hence their production is only likely to be carried out when needed.

The Economic Aspect of the New System

Greece in a utopian economic paradigm will see the establishment of a system where the economy is ideal and free from harsh economic conditions. In a utopian economy, people engage in those activities that they derive joy from. For this reason, people are more passionate about their careers and occupations. The individuals work as if the job is their responsibility as opposed to a source of income.

The quality of labour provided is also likely to improve, making the country more productive. The work done is for the good of the society. The proceeds from the work done are used in developing the local community. The development is in line with the communist spirit, where the resources found in a particular community are exploited for the good of the society.

The government will have to come up with appropriate measures to bring about economic prosperity in a country (Marx 2008). First, there will be need for the total abolition of money. The setting up of the Bank of Gold will make gold the commodity of exchange. The citizens will pay for the goods and services provided to them in the country in form of gold. The abolition of money will free the society from economic problems, the most common one being inflation.

The use of paper money as medium of exchange is associated with various negative impacts to the economy and the community as a whole. The impacts include, among others, fluctuations in the prices of goods and services and inequities in the distribution of wealth. Inflation caused by the use of paper money increases the cost of goods and services.

In such cases, a lot of paper money is in circulation and, as a result, people are more willing to pay for goods and services. The prices of commodities are pushed up to cater for the rising demand. The establishment of the Bank of Gold will help curb this problem since the supply of gold can be easily monitored (Cohen & Coates 2012).

Furthermore, scarcity of gold increases its purchasing power and, consequently, that of the citizens. It considerably lowers the cost of commodities, making them available to all members of the society. Ensuring that all members of the society can afford goods and services leads to equality.

To facilitate the exchange process, the Bank of Gold will prepare currencies that will be used in the purchasing of goods and services. In this case, gold coins will be prepared in different denominations to facilitate trading (Cohen & Coates 2012). Gold will also be used to pay for labour provided by the citizens. The communist system proposed in the utopian economy of Greece will also cater for those who do not have the means of production necessary for the generation of income.

Communism ensures that the needs of all the members of the society are catered for. The wealth of the nation will be shared equally among the members of the society on the basis of the person’s needs. To achieve this, people from areas where there is plenty in terms of resources are required to make contributions to the national kitty. Individuals from the areas affected by scarcity of resources will benefit from the national kitty.

The relatively low prices of goods and services in a utopian economy will also go a long way in promoting equity among the members of the society. The reason for this is that all individuals will be in a position to acquire basic services in the society. In addition, the Bank of Gold ensures that the amount of gold circulating in the society does not affect the economy negatively. The bank achieves this by regulating the amount of gold deposits.

Conclusion

There are several benefits and costs associated with Greece in a utopian economic paradigm. The introduction of a utopian economy in Greece will ensure that the country is considered as an ideal society in the world.

Strategies proposed in the utopian economy will go a long way in safeguarding the wellbeing of the citizens. The utopian system will also see the introduction of communism, whereby social and economic evils, such as corruption, are averted.

The system is, however, characterised by a number of shortcomings. For example, it is just an imaginary economy, which is described by many as unrealistic. Solving some of the problems in the society will lead to the emergence of new ones. As such, there is no one time that an economy can be considered as ideal.

References

Cohen, S & Coates, K 1982, Selected writings on the state and the transition to socialism, M.E. Sharpe, New York.

Marx, K 1959, Basic writings on politics and philosophy, Doubleday, New York.

Marx, K 2008, The revolutionary ideas of Karl Marx, Alex Callinicos, New York.

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IvyPanda. (2023) 'Greece in a Utopian Economic Paradigm'. 2 December.

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IvyPanda. 2023. "Greece in a Utopian Economic Paradigm." December 2, 2023. https://ivypanda.com/essays/greece-in-a-utopian-economic-paradigm-essay/.

1. IvyPanda. "Greece in a Utopian Economic Paradigm." December 2, 2023. https://ivypanda.com/essays/greece-in-a-utopian-economic-paradigm-essay/.


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IvyPanda. "Greece in a Utopian Economic Paradigm." December 2, 2023. https://ivypanda.com/essays/greece-in-a-utopian-economic-paradigm-essay/.

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