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Greek Culture After the Financial Crisis and the Covid-19 Crisis

An Economic Analysis

Authors: Prof. Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Publisher: Springer International Publishing

Book Series : The Political Economy of Greek Growth up to 2030

Part of: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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About this book

This book studies the evolution in human thought, action, and behavior as a

result of the 2008 fi nancial crisis and the Covid-19 crisis. Through the presentation

and analysis of data, as recorded for at least a decade, and using the Greek

economy as a case study, the authors examine the changes in social and human

capital, increasingly risk-averse behavior, and changes in people’s general psyche

and economic action in Greek society and economy.

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Table of Contents

Frontmatter

The Basics of Cultural Background

Frontmatter

Chapter 1. Introduction

Abstract

This is an introductory chapter presenting that the book focuses in the analysis of the behaviors of the modern Greek society. For this purpose, there are presented the basic sources of data used in the analysis of the chapters which derive mainly from five sources: (a) National personal interviews with households using a printed questionnaire, (b) the European Social Survey (ESS), (c) the results of the Dianeosis survey “What Greeks believe”, (d) the Global Preference Survey, (e) data from scientific articles regarding personal traits in Greek society and (f) the Standard Eurobarometer.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Chapter 2. Human Needs and Actions

Abstract

This chapter examines the mechanism under which human needs are generated and take place as human actions. This process is a result of two effects; the individuals’ internal characteristics, and the society’s views and cultural background where the individuals live and evolve. That been the case, the chapter examines issues such as the creation of the needs, the personal traits as derivatives of behavior, identity theory, the bipolar pairs of behavior and the complexity of social behavior.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Chapter 3. Behavioral Identity

Abstract

This chapter concerns the notion of identity theory and its reflection on human behavior. Every identity—personal or collective identity of a nation—reflects to specific actions and provides an explanatory framework for decision-making. Therefore, the chapter examines issues such as the theoretical background of personal identity and correspondingly, collective identity, the perception of identity by economic science through social norms and economic models based on utility. Moreover, the delineation of the behavioral identity of Greeks for 2019–2020 is attempted by means of the results from field research.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Chapter 4. The Big Five Personality Characteristics

Abstract

This chapter aims to identify the changes that have been observed in the personality traits of the modern Greeks. All personality traits have two opposite poles, and each person is characterized by a portfolio of personality traits which is more or less comprehended by each personality trait. We can, therefore, claim that each person is characterized by both poles of all personality traits, but what differentiates each person from the others is the degree of convergence in one of the two poles of each trait. The analysis, therefore, concerns the following personality traits for the Greek society: Openness, Conscientiousness, Extraversion, Agreeableness, Neuroticism.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Attitudes and Behaviors

Frontmatter

Chapter 5. Happiness, Life Satisfaction, Health and Political Self-Determination

Abstract

This chapter focuses on presenting a series of concepts related to happiness, life satisfaction, health and political self-determination. Based on the relevant literature, it seems that people’s happiness is associated with all these concepts. Thus, a theoretical analysis is presented for the above concepts, and also a description of the evolution of the attitudes of the Greeks, as well as the combinations of these issues from 2002 to 2020. Also, it is being examined whether the recent crisis (Financial and Covid-19) affected severely or not the level of happiness or not, trying to give answers on how economic evolutions are correlated with happiness and human prosperity in the Greek society.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Chapter 6. Principles and Beliefs

Abstract

Greek society is characterized by a peculiar cultural background that directs its development potential, since, in combination with its correspondingly peculiar institutional background, leads to the perpetuation of a stagnant model of economic development. In Greece, the cultural background has a long-term homocyclic effect. This chapter presents the evolution over time of the attitudes of Greek society related to the principles and beliefs that characterize it. To this end, it presents data on the environment, family and religion, and attitudes about respect, general behavior, customs and discipline. The chapter also describes the attitudes of Greek society regarding generalized trust, social support and individuality.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Chapter 7. Creativity, Incentives and Attitudes to Life

Abstract

The purpose of the chapter is to highlight important aspects and attitudes of human behavior in Greek society. Through them we can outline personal behaviors that shape the way decisions are made, both at individual and collective level. More specifically, the chapter presents aspects for the development of human personality as well as the concept of creativity in order to understand the way the members of Greek society make decisions. In addition, the chapter presents the personal attitudes of Greek society and their evolution over time.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Chapter 8. Social Behaviors

Abstract

This chapter presents the attitudes of Greek society regarding the social attitudes that are developing and how they have evolved over the last two decades. More specifically, the chapter presents the human approach, in the sense that the emphasis is given on the society’s attitudes toward human friendship, human closeness, sociability and ease of borrowing from his/her inner circle. Moreover, it presents the attitudes of the society toward the sense of security and the avoidance of uncertain conditions, with the emphasis given on the attitudes regarding security and the likelihood for the occurrence of terrorist acts in the next 12 months.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Chapter 9. Voting Intention, Rationalism, Welfare State and Happiness

Abstract

The main aim of the chapter is to outline how political beliefs are related to citizens’ views on the role of the state and the conduct of economic policy, rationalism and human happiness. More specifically, the chapter presents the voting intention per political party. In addition, the voting intention is distinguished based on the level of rationality of the voters. Also, the chapter presents the levels of happiness of Greek society based on the voting intention. Citizens’ views on the state and taxation are also reflected in the analysis. Finally, we combine the voting intention with the economic policy.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Attitudes on Economic Policy

Frontmatter

Chapter 10. Economy and Economic Policy

Abstract

This chapter develops issues related to the satisfaction of Greek society with the state of the economy, democracy and the euro, as well as the attitude of Greek society regarding the state interventions and the economic policy implemented in Greece. Specifically, there are issues related to attitudes about whether or not state interventions are good for the economy, whether it is the responsibility of governments to reduce the income gaps and ensure jobs for all, whether the state whether or not it intervenes in the economy, whether the state should boost market demand by raising wages and pensions to increase consumption or whether it should provide incentives to increase investment and exports to create new jobs and whether it is in favor of or against the privatization of public utility companies.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Chapter 11. Public Sector and Investments

Abstract

The size of the Greek public sector is considered by many to be the main culprit for the long-term accumulation of deficits, which led to the debt crisis that the Greek economy was called upon to face over the last decade. As a result, the public sector has been the target of adjustment programs. At the same time, the prolonged period of economic crisis in Greece has had a significant impact on the level of investment in the economy, and there is a strong need to support them for a sustainable recovery effort. This chapter presents the attitudes of Greek society toward the size of the Greek public sector and on issues related to the permanence of civil servants. In addition, the chapter analyzes the attitudes related to foreign investment and the incentives for investment and innovation.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Chapter 12. State, Taxation and State Welfare

Abstract

The interconnection of attitudes, behaviors and cultural background in general with the opinions about taxation is an issue that has not been particularly interlinked in the relevant literature. This chapter presents the views and attitudes on the role of the state, taxation and state welfare. In addition to linking these views to a number of variables (gender, age, education level, income level, social class), the interconnection of these preferences with the level of happiness, the degree of rationality and political self-determination is presented.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Risk Preferences, Loss Aversion and Rationality

Frontmatter

Chapter 13. Rationality and Loss Aversion

Abstract

Loss aversion, as well as the degree of rationality of individuals, are projections of human behavior in decision-making. Elements of human behavior, which at the individual level influence the way the individual makes decisions, are an integral part of the macroeconomic growth models. Different preferences can be associated with apparent differences in economic performance. The chapter analyses the role of needs in the decision-making process and human behavior. In addition, we present the theoretical background of rational behavior as a system of activation of human action. Then, the degree of rationality is linked to the policy of self-positioning, happiness and the state, taxation and social welfare presenting findings of the polls on Greek society.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Chapter 14. The Global Preference Survey: Attitudes Toward Risk, Positive and Negative Reciprocity and Altruism

Abstract

The scope of the chapter is to presents the main attitudes of Greek society and how they are positioned compared to the rest of the world, based on Global Preferences Survey. Most theories of human behavior agree that a set of preferences guide individuals in decision-making. These include risk-taking preferences, positive and negative reciprocity and altruism. The importance of the above attitudes is critical, especially considering that many times we make our decisions and choices depending on the interaction that will result from our actions toward third parties. After all, the heterogeneity of individual preferences is a key feature of any society, making the decision-making process a complex task under conditions of uncertainty.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Social Behavior Hypothesis

Frontmatter

Chapter 15. Τhe Dipoles of Social Behaviors

Abstract

Hofstede’s research came to fill a significant gap in the field of transnational research on values, presenting a set of characteristic values that could be used to measure cultural background. In addition, the GLOBE Study complemented Hofstede’s study by adding additional dimensions that can capture human behavior. Schwartz’s theory of cultural values seeks to determine a relationship between culture and important social phenomena. These cultural values arose after trying to answer various problems that concern societies. The above studies, therefore, conclude by defining some dipoles of cultural values that express the way societies behave. The purpose of this chapter is to highlight the dipoles that concern the studies of Hofstede (Culture’s consequences: International differences in work-related values, Sage, 1980; Cultures and organizations: Software of the mind, McGraw-Hill, 1991; 2010), House et al. (Culture, leadership, and organizations: The GLOBE study of 62 societies, Sage, 2004).

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Chapter 16. Testing the Basic Social Modernization Theories

Abstract

In recent decades, developments have been observed—especially in the developed economies of the Western world—leading to a gradual change in the cultural background of these societies from traditional to post-materialistic values. It is a silent revolution of social attitudes and is based on developments such as generational replacement, increased access to higher education, urbanization, increasing gender equality and increasing ethnic diversity. This is a development that has been observed in Greek society in recent decades, up to the onset of the 2008 crisis. This chapter aims to highlight how this case has evolved since the 2008 crisis and after the emergence of the Covid-19 pandemic. It therefore aims to highlight the question of whether or not the attitudes and values of Greek society were changed during the period under analysis.

Panagiotis E. Petrakis, Kyriaki I. Kafka, Pantelis C. Kostis, Dionysis G. Valsamis

Backmatter

Title: Greek Culture After the Financial Crisis and the Covid-19 Crisis
Authors: Prof. Panagiotis E. Petrakis
Kyriaki I. Kafka
Pantelis C. Kostis
Dionysis G. Valsamis
Copyright Year: 2021
Publisher: Springer International Publishing
Electronic ISBN: 978-3-030-81018-4
Print ISBN: 978-3-030-81017-7
DOI: https://doi.org/10.1007/978-3-030-81018-4