Russia in Global Affairs

The most important lesson to be learnt from the Greek crisis is the understanding that a never-ending socioeconomic crisis can also be possible in a modern European country. The Greek example shows that at a certain stage of a socioeconomic crisis the possibility of a positive development disappears even in mature democracies.

Economic history provides many examples that undermine Weber’s postulate that economies based on the Protestant ethic are more productive. And the lessons of the global financial crisis of 1997-1998 refute the view that economies based on Confucian values (above all, the moral need for a high degree of family and personal savings) are more successful and stable.