Protectionism comes at a cost

The Greeks have finally acknowledged the necessity of liberalizing their markets and have realized that protective measures do little more than safeguard the interests of the few at the expense of the many. But although the need to liberate the markets is becoming more widely accepted, the government appears to be avoiding the implementation of measures that would protect the income of citizens. The concessions made to protesting port workers and employees of the bakery sector merely prove that labor unions can count on the government’s fear of the political cost of any radical changes. The problem, however, is that perpetuating protectionism is a burden on many. And this, ultimately, translates into a far greater political cost.