Early currency in Greece depended on monetary systems established in other countries. Previously, money transactions were completed through the use of Turkish coins and other foreign currencies, such as the Spanish distilo (Lazaretou 2005). There was no official Greek currency when the country was created in 1827. Like most countries, Greece depended on gold and silver as mediums for transactions; however, the national monetary system was dependent on the bimetallic system of France. Sophia Lazaretou states that, “the legal tender was the silver phoenix, the first currency of the modern Greek state” (p. 332). Greece established the country’s first modern currency in 1829. However, the government did not yet have the financial backing to support …show more content…
One of the reasons for the currency switch was the weight exchange between the phoenix and the drachma (Lazaretou 2005). The silver phoenix was underweight which led to the switch to the heavier drachma. The phoenix was originally created because of the overweight Spanish distilo, but the resulting coin was too light. Therefore, the drachma was made to replace both currencies as a perfect medium. However, a limited number of drachmas were made and put into circulation which brought back a reliance on foreign currencies. As a result, the coin became known as a ‘ghost currency’ and was solely used as an accountability unit for foreign currencies. Greece’s various currencies did not provide much purchasing power but this was changed once the country made the switch to the …show more content…
Dellas and Tavlas state that, “Greece’s entry was widely expected to mark a transformation in the country’s economic destiny” (p. 491). The euro’s value was considerably higher than the existing Greek drachma which provided a needed economic boost to the country’s economy. The country had been hit with high inflation rates, low growth rates, high fiscal deficits, and a series of exchange rate crises. Therefore, the euro was expected to produce a regularly rising inflation rate and lower interest rates that would lead to more private investment and economic growth. The value of the new euro was based on the average purchasing power throughout the currency zone (Morris 2015). The euro gave Greece the ability to borrow based on a currency overvalued relative to the country’s ability to pay. Most countries base currency on the amount of available backing power in the banks; however, the centralized euro allows the country to spend based on the average eurozone’s backing power. This allows Greece to enjoy a higher purchasing power than it previously was able to provide. “In the years immediately prior to and immediately after Greece’s entry into the Eurozone, nominal and real interest rates came down, sharply contributing to high real growth rates” (Dellas & Tavlas 2013). Greece saw a major economic boost as a result of the currency switch. Despite that, other major economic problems
Gold was still the official currency of international trade at the time, but
Without trade partners because of their currency, and by condemning new ideas that could advance them as a society, we can see a militarized camp with a sluggish and practically useless economy that is slowly digging its own grave. In Athens, the economic reforms brought on by Solon bolstered the economy, raising the purchasing power of money, encouraging sustainable economic growth. Going even further, he held the view that “if the freedom of each is the concern of all, then the polis must protect everyone against personal enslavement, even to the extent of ransoming (…) Athenians who had already spent many years as slaves in other lands” (Vlastos, 1946).
During the eighteenth century and up until the nineteenth century, Greeks were under the control of the Ottoman Empire. It was during this time that nationalism and the idea that your people should have the best became really popular. Greeks in the Balkans and in Asia Minor decided to revolt against their rulers in March 1821, starting a nine-year war in search for their independence. When other European countries siding with them intervened, the Greeks finally gain their freedom. During the war, people formed opinions on the Greeks: some praised and sympathized with them while others didn’t.
We can trade with our allies to demonstrate that we are actually following our peace treaty. This will increase the economy of our country and afterwards, start rebuilding whole Athens in general. I say we also invest some money in our army and navy so that we could be protected in case of another invasion, its better to same some type of defense than nothing at all. Lets not rebuilt our whole army because I believe if we do so, other countries will think that we have the same motives of expanding the Athenian
The European Union is currently undergoing economic struggles within its countries. Since joining the EU, Greece’s
The geography of Greece influenced the development of ancient Greek government and politics. When describing ancient Greece, “mountainous land” is the phrase one would use because Greece is made up of many mountains. Because of the mountains, it was difficult to commute from place to place. As a result of that, instead of Greece being ruled by one government, it formed many different poleis, which each had their own government Polis is the Greek word for independent city-states. Greeks had a strong connection with their polis, and they strongly identified with them.
Merchants set higher prices and Nero (the Emperor at the time) decreased the value of coins. The metal needed for coins were in other
The Ancient Greek Economy and the Modern Economic Foundations Today 's Date: November 25, 2017 To search type and press enter Advanced Search Home » History » Europe » A Comparison of the French Revolution and American Revolution A Comparison of the French Revolution and American Revolution Posted by Nicole Smith, Dec 7, 2011EuropeComments ClosedPrint Both the American Revolution and French Revolution were the products of Enlightenment ideals that emphasized the idea of natural rights and equality.
Introduction Monarchy, aristocracy, tyranny, oligarchy and democracy were all forms of government found at different times and in different city-states in Ancient Greece. Elements of more than one of these forms also co-existed, however, and the modern connotations of labels such as these are not necessarily the same as those that prevailed in Ancient Greece. In this paper I firstly describe these various forms of government and provide examples of their use in Ancient Greece. I then compare and contrast the models.
They created things WELL that were way before their time. For example, democracy. If that is not an impact Greece has made on our culture, then I don’t know what is. This political system started in Athens, where it started as a Monarch, then grew to an oligarchy, until it finally reached a democracy. The government consisted of an assembly of 6,000 members that were all adult male citezens.
The government in ancient Athens was governed by a radical democratic system from 508-322 B.C. and was very different in its size and how the system allowed all males to participate in the government. The Peloponnesian War effected their government when the oligarchy party overthrew the democracy and replaced it with the modern regime of the Five Thousand. Athenians spent almost 100 year fighting to restore democracy and defeat the Spartans and their allies the Persians. Their style of government goes back even before the Peloponnesian War around the time of 620 B.C. Before the Peloponnesian War, there was a man by the name of Draco. Draco gave the people of Athens a law code of which citizens had to listen to.
in the more advanced areas of Greece, economically and socially speaking” (“Greek Administration”, 1988). The polis was a way of the Greeks finding a way to organize themselves into a society, becoming more civilized. According to Greek Administration, “In its fundamental essence it was never conceived as an extent of territory, although its boundaries could be drawn on a map, but rather as a group of citizens feeling themselves bound together under the rule of law” (“Greek Administration, 1988). In terms that are more familiar to the way we teach history today in our society, the polis is what we would call a city-state, each individual polis being its own city-state, acting almost like a small country. According to Nardo, “Although all Greeks, the residents of the various poleis developed differing local governments and customs as well as different forms of currency” (Nardo, 2007).
With fall of Constantinople in 1453 came the fall of a great empire that soon lost basic political rights under the reign of the Ottoman Empire. Greece after being conquered by the Turkish. The Greek War of Independence reestablished Greece as a singular entity without the oppression of the Ottoman Empire. Much like the nationalism that had been all over Europe the Greeks had a powerful sense of pride in their cultural values and religion; this was called Hellenism. Throughout centuries, the Greeks had attempted several times to gain independence from the Ottoman Empire since their conquer.
There are many different countries in our world and each of them has its own and unique culture. However, there is hardly a state in the world, which has as rich history as Greece has. The thing is, that Ancient Greece is known to be the place where modern European civilization with its values was born. Philosophers of this state created the majority of notions in this science while poets and playwrights of Ancient Greece managed to create the basis for classical literature. There is no use denying the fact that all these achievements became possible due to unite history of this very state.
Regarding economy, the bases old Greece and old Rome was agriculture. Greeks lived on little wheat creating ranches however had poor days due to shameful agribusiness rehearses while Romans had turned towards estates, delivering olive oil and wine. Socially, both the Greek and Roman believed in a hierarchy. Greece isolated their social frameworks into five classes: slaves, freedmen, natives and ladies.