By George C. Bitros, Anastasios D Karayiannis

Developments around the millennia recommend that, although democracies and loose marketplace economies are constantly challenged by way of crises and disturbances, akin to ordinary mess ups, wars, or technological revolutions, within the international locations the place they take roots civil liberties deepen and according to capita prosperity raises. to confirm this declare analytically, the authors emphasize the rules that make loose markets a sine qua non situation for democracy and research the character of the connection among loose industry associations and monetary progress. by means of reading the working rules, results and demanding situations skilled through modern democracies, many classes are drawn in regards to how governments may still act with a view to keep away from the pitfalls inherently linked to consultant democracy. to demonstrate the hazards of deviating from those rules, the authors follow their findings to the Greek democracy and economic system because the moment international War.

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To highlight this point, we shall consider now his views on three very important issues. 1 Smith’s Views on Education Smith categorised education into primary and special or vocational. He posited that primary education is accompanied by significant external economies, which benefit all of society, whereas special or vocational education provides benefits that accrue to the individuals who are educated in the various professions. Drawing on these stipulations, he recommended that: • The state should provide free basic education to the children from families that do not have the financial means to do so.

9) built upon the idea of limiting the power of rulers even further by arguing that citizens have certain unalienable rights or “natural rights” that those in power must respect and protect. 7 Locke and Rousseau clearly had the model of Athenian democracy in mind. Moreover, due to the difficulty of implementing the Athenian model under the prevailing circumstances, they chose, instead, to limit the power of rulers by establishing constitutional barriers to their tendency to become autonomous and to satisfy their personal interests, rather than those of the citizens they represent.

4 The Causes of the Wealth of Nations The rise of the ideology of the free market economy in Western countries and the successful assertion of individual rights by citizens in the USA and France in the late eighteenth century led researchers to study the advantages of social organisations, much like those seen in ancient Athens, namely, the model of direct democracy with a free market economy. The first fundamental contribution in this regard was made by Smith (1776). According to his analysis Smith (1776, 26, 84–6), the driving force in the free market economy is the self-interest of individuals.

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