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Values and institutions as determinants of entrepreneurship in ancient Athens

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  • BITROS, GEORGE C.
  • KARAYIANNIS, ANASTASSIOS D.

Abstract

This paper shows that in classical Athens, values and institutions encouraged many types of entrepreneurship. Successful entrepreneurs received social and political distinctions, and some entrepreneurial slaves gained their freedom. However, to deter extreme individualism, success in business was judged by the means used to acquire wealth, rather than simply the amount of wealth acquired. The system encouraged those entrepreneurs who were esteemed socially, to work hard, use ethical means, not to consume their wealth conspicuously but to share it with the rest of the people by undertaking public expenditures, and to abide by the laws and ordinances of the city-state.

Suggested Citation

  • Bitros, George C. & Karayiannis, Anastassios D., 2008. "Values and institutions as determinants of entrepreneurship in ancient Athens," Journal of Institutional Economics, Cambridge University Press, vol. 4(2), pages 205-230, August.
    • Handle: RePEc:cup:jinsec:v:4:y:2008:i:02:p:205-230_00
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    Citations

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    Cited by:

    1. Anastassios Karayiannis & Aristides Hatzis, 2012. "Morality, social norms and the rule of law as transaction cost-saving devices: the case of ancient Athens," European Journal of Law and Economics, Springer, vol. 33(3), pages 621-643, June.
    2. Lyttkens, Carl Hampus & Gerding, Henrik, 2015. "Understanding the Politics of Perikles Around 450 BC. The Benefits of an Economic Perspective," Working Papers 2015:13, Lund University, Department of Economics.
    3. McCannon, Bryan C., 2010. "Homicide trials in Classical Athens," International Review of Law and Economics, Elsevier, vol. 30(1), pages 46-51, March.
    4. Arvanitidis Paschalis A. & Kyriazis Nicholas C., 2013. "Democracy and Public Choice in Classical Athens," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 19(2), pages 213-248, August.
    5. Kyriazis, Nicholas & Economou, Emmanouel/Marios/Lazaros, 2012. "Property rights and democratic values in Bronze Age and Archaic Greece," MPRA Paper 42399, University Library of Munich, Germany.
    6. Pitsoulis, Athanassios, 2011. "The egalitarian battlefield: Reflections on the origins of majority rule in archaic Greece," European Journal of Political Economy, Elsevier, vol. 27(1), pages 87-103, March.
    7. McCannon Bryan C., 2012. "The Origin of Democracy in Athens," Review of Law & Economics, De Gruyter, vol. 8(2), pages 531-562, October.
    8. Bryan C. McCannon, 2017. "Who pays taxes? Liturgies and the Antidosis procedure in Ancient Athens," Constitutional Political Economy, Springer, vol. 28(4), pages 407-421, December.
    9. Emmanouil M. L. Economou & Nikolaos A. Kyriazis & Nicholas C. Kyriazis, 2021. "Managing Financial Risks while Performing International Commercial Transactions. Intertemporal Lessons from Athens in Classical Times," JRFM, MDPI, vol. 14(11), pages 1-14, October.
    10. Kyriazis, Nicholas & Metaxas, Theodore, 2013. "The emergence of democracy: a behavioural perspective," MPRA Paper 47146, University Library of Munich, Germany.
    11. George E. Halkos & Nicholas C. Kyriazis & Emmanouil M. L. Economou, 2021. "Plato as a Game Theorist towards an International Trade Policy," JRFM, MDPI, vol. 14(3), pages 1-15, March.
    12. Ljunge, Martin & Stenkula, Mikael, 2021. "Fertile soil for intrapreneurship: impartial institutions and human capital," Journal of Institutional Economics, Cambridge University Press, vol. 17(3), pages 489-508, June.
    13. Bitros, George C. & Karayiannis, Anastassios D., 2010. "Morality, institutions and the wealth of nations: Some lessons from ancient Greece," European Journal of Political Economy, Elsevier, vol. 26(1), pages 68-81, March.
    14. McCannon, Bryan C., 2010. "The median juror and the trial of Socrates," European Journal of Political Economy, Elsevier, vol. 26(4), pages 533-540, December.
    15. Bitros, George C. & Karayiannis, Anastasios D., 2009. "Character, knowledge and skills in ancient Greek education: Lessons for today’s policy makers," MPRA Paper 18012, University Library of Munich, Germany.
    16. Emmanouil-Marios L. Economou & Nicholas C. Kyriazis & Nikolaos A. Kyriazis, 2021. "Money Decentralization under Direct Democracy Procedures. The Case of Classical Athens," JRFM, MDPI, vol. 14(1), pages 1-17, January.
    17. repec:elg:eechap:15325_25 is not listed on IDEAS

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