New York Times
July 8, 2011
Someday, one way or another, Greece will exit from its current state of indentured servitude. But what will it do for a living? I often hear assertions that the answer is “nothing” — what can the Greeks export? the critics ask.
In general, my response to such assertions is that they suffer from the fallacy of misplaced concreteness: an economy, even that of a small nation, is a very complex thing, with more possibilities than a casual top-down overview can reveal.
Still, it’s nice to see Kemal Dervis — who actually knows something about the Aegean economy — weighing in with some specific ideas:
As a member of the EU and as a high-income country, despite current difficulties, Greece’s growth cannot be based on being a manufacturing hub for simple products produced with low wages. A high-quality tourism sector will remain central in Greece’s future, strengthened and complemented by more cultural activities, retirement communities from northern Europe and high-quality medical services at advantageous costs. High value- added agriculture will also be important. Greece should work on channelling a greater portion of the revenues generated by shipping to its national economy. It should find niches in the high-technology sector and participate in its worldwide structure. Finally, with considerable potential for wind and solar energy, green technologies can, in the longer run, become a major source of growth.
That sounds plausible. Basically, Dervis is saying location, location, location — and surely that’s right. A spectacular archipelago, in a wonderful climate, that’s part of Europe should offer many opportunities once Greece is no longer being crucified on a cross of euros.
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