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Rollerdeck Associates Managing Partner Ioannis Kofinis on leading news portal Star.gr

Α Free Market Requires Virtue and Bravery!

The pandemic and the deep economic recession that comes with it are accelerating tectonic changes in the global political and economic system.

Economic models which were only yesterday considered dominant are now strongly contested. The global balance of power is being tested, as traditional military power is proving insufficient in protecting citizens. Almost all international organizations and many national leaderships are proving well short of the circumstances. Several global giant corporations are on their knees and unemployment is galloping.

Consequently, the deck is going to be re-shuffled on a global level. Inevitably, the same will happen in Greece, where uncertainty and opportunities are even greater, as the sweeping emergence of COVID-19 hit the Greek economy at the time when it was taking the first, fragile steps of growth after a ten-year crisis.

The Government has to take bold, strategic decisions to limit the consequences of the global economic crisis, restart the economy and support employment. Decisions that will determine the regulatory framework within which Greek companies will operate for the years ahead. For even if a COVID-19 vaccine or cure is to be found, it will be very difficult to reverse state interventions in the economy at once -although measures are called ‘temporary’- especially in case taxpayers’ money is used bail out private companies.

In this critical time for the country and despite these considerable difficulties, Greek businesses must step forward. Now that the rules of a new reality are being formulated and a “New Deal”, that will redefine all relations between the State, the private sector and society, is very much needed, Greek companies must dare to act on their own and not expect everything from the state.

Greek businesses have to:

Design sustainable solutions and engage in a constant dialogue with the Government to push for the adoption of growth-generating policies, to the benefit of both the economy and society.

Reach a new, honest agreement with their employees, which will harness the country’s invaluable human resources, while realistically protecting employment.

Creatively communicate with citizens, outside of the restrictive framework of the conventional corporate social responsibility, about the role of modern entrepreneurship. Entrepreneurship which invests dynamically, opening new avenues and creating value for all.

The crisis and the reversals it brings will undoubtedly give rise to new business leaders. Those who will inspire and show the way, leading by example. Rightfully, they will be the ones to enjoy the greatest benefits of the explosive growth cycle that will follow the current period of recession.

Α Free Market Requires Virtue and Bravery!

Read the original article at https://www.star.gr/eidiseis/oikonomia/503452/giannhs-kofinhs-thelei-areth-kai-tolmh-h-eleytherh-oikonomia