Democracy and Economy: An Inseparable Relationship from Ancient Times to Today 1527534049, 9781527534049

273 82 3MB

English Pages [348] Year 2019

Report DMCA / Copyright

DOWNLOAD FILE

Polecaj historie

Democracy and Economy: An Inseparable Relationship from Ancient Times to Today
 1527534049, 9781527534049

Table of contents :
Dedications
Table of Contents
List of Illustrations, Tables and Diagrams
Acknowledgements
Introduction
Part I
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Part II
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Epilogue
Annex 1
Annex 2
References
Index

Citation preview

Democracy and Economy



Democracy and Economy: An Inseparable Relationship from Ancient Times to Today By

Emmanouil Marios N. Economou and Nicholas C. Kyriazis

Democracy and Economy: An Inseparable Relationship from Ancient Times to Today By Emmanouil Marios N. Economou and Nicholas C. Kyriazis This book first published 2019 Cambridge Scholars Publishing Lady Stephenson Library, Newcastle upon Tyne, NE6 2PA, UK British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Copyright © 2019 by Emmanouil Marios N. Economou and Nicholas C. Kyriazis All rights for this book reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owner. ISBN (10): 1-5275-3404-9 ISBN (13): 978-1-5275-3404-9

To my mother, Agoritsa for the unwavering support she has provided me during this laborious but multifaceted research journey, and to my father's memoryNikolaos  ²(PPDQRXLO0DULRV1(FRQRPRX    To the memory of my mother Artemis and my father Kostas, who inspired me to pursue worthy causes ²1LFKRODV&.\ULD]LV     9RORV *UHHFH -DQXDU\       

7$%/(2)&217(176    /LVWRI,OOXVWUDWLRQV7DEOHVDQG'LDJUDPV[L  $FNQRZOHGJHPHQWV[LLL  ,QWURGXFWLRQ 7KH2EYLRXV7KDW,V1RW6R2EYLRXV  3DUW,7KH'HPRFUDWLFMacrocultureDQGWKH%LUWKRI'HPRFUDF\  &KDSWHU 7KH'HVWUXFWLRQRIWKH0\FHQDHDQ:RUOG7KDW%ULQJV)RUWK&UHDWLRQ 'HPRFUDF\DQG:DU 7KHLQKDELWDQWVEHFRPHVROGLHUVGHIHQGHUVRIWKHKRPHODQG 7KHhoplitesWUDQVIRUPLQWRFLWL]HQVDQGGHPRFUDWV 'HPRFUDF\DQG:DULQDFWLRQ0DUDWKRQ%&( 7KHthetesEHFRPHRDUVPHQDQGDFTXLUHSROLWLFDOULJKWV  &KDSWHU 'HPRFUDF\5HOLJLRQ$WKOHWLFVDQG3ROLWLFV 7KH3DUOLDPHQWRIWKH*RGV $WKOHWLFHTXDOLW\ 7KHILUVWVWHSVRIGHPRFUDF\ 'HPRFUDF\DQGHGXFDWLRQ 7KHUROHRIWKHinitiator  &KDSWHU 0DFURFXOWXUH3ROLWLFV+XPDQDQG3URSHUW\5LJKWVIURPWKH$UFKDLF WRWKH&ODVVLFDODQG+HOOHQLVWLF3HULRGV 3ROLWLFDODQGKXPDQULJKWV 7KH6RFLDO&RQWUDFW 3URSHUW\ULJKWVSURWHFWLRQIURPWKH+RPHULF(UDWRWKH$UFKDLF 3HULRG 3URSHUW\ULJKWVSURWHFWLRQGXULQJWKH&ODVVLFDODQG+HOOHQLVWLF 3HULRGV 

YLLL

7DEOHRI&RQWHQWV 

&KDSWHU +RZWKH$WKHQLDQ(FRQRP\)XQFWLRQHG *HQHUDOFKDUDFWHULVWLFV 7KH$WKHQLDQVHVWDEOLVKWKHILUVWPRGHUQHFRQRP\ 0L[HGHFRQRP\ZLWKWKHVWDWHDVSULQFLSDOHPSOR\HU 7KHVWUXFWXUHRIWKHHFRQRP\ &RQFOXVLRQVEDVHGRQWKHLQVWLWXWLRQDORUJDQLVDWLRQ RIWKH$WKHQLDQHFRQRP\ 7KHIXWXUHRIPRQH\LQPRGHUQHFRQRPLHV6RPHOHVVRQV IURPWKH$WKHQLDQ'HPRFUDF\ 7KHIXWXUHRIEXGJHWVWKH$WKHQLDQVDQGWKH$XVWUDOLDQV 7KH$WKHQLDQDQGPRGHUQGHPRFUDFLHV  &KDSWHU 7KH*UHHNV&UHDWHWKH)LUVW)HGHUDWLRQV 7KHSROLWLFDOWKHRU\EHKLQGIHGHUDWLRQV 7KH$HWROLDQµSURWRIHGHUDWLRQ¶ 'HPRFUDWLVDWLRQDQGFRKHVLRQ &RPSDULVRQEHWZHHQDQFLHQWDQGPRGHUQIHGHUDWLRQV  3DUW,,7KH5HELUWKRI'HPRFUDF\LQ3RVW0HGLHYDO(XURSHDQGWKH 5HVWRIWKH:RUOG  &KDSWHU 7KH*UDGXDO5HYLYDORI'HPRFUDF\IURPWKH/DWH0LGGOH$JHVXQWLO 7RGD\ 7KH6ZLVVUHGLVFRYHUGLUHFWGHPRFUDF\ 7KHVWDWXVRISURSHUW\ULJKWVSURWHFWLRQLQ(QJODQGGXULQJWKH/DWH 0LGGOH$JHV   7KH0DJQD&DUWDDVWKHVWDUWLQJSRLQWWRZDUGSROLWLFDOOLEHUDOLVP DQGGHPRFUDF\ 'HPRFUDWLFPDFURFXOWXUHDQGWKHULVHRIWKH(QJOLVK3DUOLDPHQW 6RFLDOXSKHDYDOVLQ(QJODQGDQG(XURSHQHZIRUPVRIGHPRFUDWLF H[SUHVVLRQ 7KHVRFLDOVWUXFWXUHRI(QJOLVKPLOLWDU\XQLWVRQODQG6LPLODULWLHV DQGGLIIHUHQFHVZLWKWKH*UHHNhoplite phalanx 7KH*ORULRXV5HYROXWLRQRI&RQVWLWXWLRQDOULJKWVSURWHFWLRQ RILQGLYLGXDOOLEHUWLHVDQGSURSHUW\ULJKWVDQGWKHURDGWRZDUG DPDUNHWHFRQRP\  

'HPRFUDF\DQG(FRQRP\

L[

&KDSWHU 7KH8QLWHG3URYLQFHV7KH)LUVW0RGHUQ0DULWLPH3URWR'HPRFUDWLF )HGHUDWLRQ 7KH8QLWHG3URYLQFHVDIHGHUDWLRQDPRGHUQHFRQRP\ DQGDQRGGIRUPRIGHPRFUDF\ 7KH'XWFKµWXUQWRWKHVHDV¶QRGDOWHFKQRORJLFDOLQQRYDWLRQV DQGWKHµ)LQDQFLDO5HYROXWLRQ¶  &KDSWHU (QJODQGDQGWKH8QLWHG3URYLQFHV0DULWLPH'HPRFUDWLF'ZDUIVDJDLQVW &RQWLQHQWDO,PSHULDO*LDQWV 7KHµWXUQWRWKHVHDV¶DQGWKHHPHUJHQFHRIFRPPHUFH DQHZPDULWLPHFXOWXUH (QJODQG¶VSea Dogs 7KH'XWFKSea Beggars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roposition 13

[

7DEOHRI&RQWHQWV 

7KH6WDWHRI&DOLIRUQLD 6WDWHFRPSHWLWLRQ  (SLORJXH 'HPRFUDF\LQ7LPHVRI&ULVLV  $QQH[ 7KH7KHRUHWLFDO)UDPHZRUNRIWKH&RQFHSWRI0DFURFXOWXUH  $QQH[ 7KH'HJUHHRI'HPRFUDWLVDWLRQDQG(FRQRPLF'HYHORSPHQW  5HIHUHQFHV  ,QGH[ 

/,672),//8675$7,2167$%/(6 $1'',$*5$06   

,OOXVWUDWLRQV ,PDJH7KH'HQGUDDUPRXU ,PDJH5HSUHVHQWDWLRQRIDEDWWOHIRUPDWLRQRIDKRSOLWHSKDODQ[IURPWKH &KLJLYDVHIRXQGLQWKH,WDOLDQFLW\RI&HVHQD ,PDJH7KHOlympiasUHSOLFDRIDQDQFLHQWWULUHPH ,PDJH$Q$WKHQLDQtetradrachm IRXUGUDFKPDV LQFLUFXODWLRQEHWZHHQ %&( ,PDJH$Q$HWROLDQtetradrachmDIHGHUDOFRLQca. %&( ,PDJH(QJOLVKORQJERZPHQDWWKH%DWWOHRI$JLQFRXUW ,PDJH5HSOLFDRI6LU)UDQFLV'UDNH¶VIDPRXVJDOOHRQWKH*ROGHQ+LQG

7DEOHV 7DEOH  &RQYHUVLRQ DQG GLIIXVLRQ RI QHZ YDOXHV DQG VWDQGDUGV IURP WKH PLOLWDU\DUHQDLQWRWKDWRISROLWLFV 7DEOH7KHEXGJHWRIWKH$WKHQLDQVWDWHca. %&( 7DEOH&RPSDUDWLYHDQDO\VLVRIWKHLQVWLWXWLRQDOVWUXFWXUHRIWKH$HWROLDQ IHGHUDOVWDWHLQUHODWLRQZLWKWKH86$&DQDGDDQGWKH(8 7DEOH&RPSDUDWLYHDQDO\VLVEHWZHHQWKH$HWROLDQIHGHUDWLRQ&DQDGD DQGWKH(8EDVHGRQWZRFULWHULDGHPRFUDWLVDWLRQDQGFRKHVLRQ 7DEOH&RPSDULVRQRIDQFLHQWDQGPRGHUQIHGHUDWLRQVXQGHU µ'HPRFUDWLVDWLRQ¶FULWHULD 7DEOH7KHEDVLFSROLWLFDOSULQFLSOHVRIWKH0DJQD&DUWDDQGWKHLULPSDFW RQVRFLHW\ 7DEOH6LPLODULWLHVDQGGLIIHUHQFHVEHWZHHQWKH*UHHNphalanxDQGWKH (QJOLVKlongbowmenGXULQJWKHSHULRG 7DEOH7KHEDVLFQHZLQVWLWXWLRQVRIWKH*ORULRXV5HYROXWLRQDQGWKHBill of Rights 7DEOH,QGLFDWLRQRIWKHVWUHQJWKRIWKH8QLWHG3URYLQFHV¶QDY\GXULQJ WKHSHULRG 7DEOH(QJOLVKQDYDOSRZHUIURP LQWHUPVRIWKHVL]HRIWKH ZDUIOHHW 

[LL

/LVWRI,OOXVWUDWLRQV7DEOHVDQG'LDJUDPV 

7DEOH7KH(QJOLVKFRORQLHVLQ1RUWK$PHULFD 7DEOH1HZODXQFKLQJVRIZDUVKLSVIURP WRQQH GLVSODFHPHQW  7DEOH6L]H LQQXPEHURIVKLSV RIQDYDOVWUHQJWKLQ(XURSH 7DEOH&KDUDFWHULVWLFLQVWDQFHVRIGHPRFUDWLFUHJLPHVIDFLQJQRQ GHPRFUDWLFJHRSROLWLFDOULYDOVRYHUWLPH 7DEOH/HYHORIGHPRFUDWLVDWLRQLQVHOHFWHGFRXQWULHV 7DEOH7UHHGLDJUDPDQGSUREDELOLWLHV 7DEOH7KHFRUUHODWLRQEHWZHHQGHPRFUDF\SROLWLFDOVWDELOLW\DQG HFRQRPLFGHYHORSPHQW

'LDJUDPV 'LDJUDP  (QJOLVK QDYDO SRZHU IURP  WR  LQ WHUPV RI QDYDO VWUHQJWK  'LDJUDP1XPEHURILQLWLDWLYHVSHUGHFDGHLQWKH86$ 'LDJUDP1XPEHURIORFDOLQLWLDWLYHVLQIRXUFRXQWLHVRI&DOLIRUQLD /RV $QJHOHV2UDQJH5LYHUVLGHDQG6DQ%HUQDUGLQR  'LDJUDP1XPEHURIVWDWHLQLWLDWLYHVSHUGHFDGHDQGFRQWULEXWLRQRIWKUHH :HVWHUQVWDWHV 'LDJUDP,QWHJUDWLRQRIYDULRXVPDFURFXOWXUDOYDOXHVDQGHOHPHQWVLQWRD XQLILHGZKROH 'LDJUDP7UDQVLWLRQRIDQROGPDFURFXOWXUDOUHJLPHWRDQHZRQH

    



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lW)UDQNIXUW .HYLQ)HDWKHUVWRQH /RQGRQ 6FKRRO RI (FRQRPLFV  'DYLG 3ULWFKDUG 8QLYHUVLW\ RI 4XHHQVODQG  9LQFHQW *DEULHOVHQ 8QLYHUVLW\ RI &RSHQKDJHQ  &RVVLPR 3HUURWD /HFFH 8QLYHUVLW\  $QQHWH *RGGDUW YDQ GHU .URRQ /XGZLJ YRQ 0LVHV ,QVWLWXWH  *XQQDU +HLQVRKQ 8QLYHUVLWl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



,1752'8&7,21 7+(2%9,2867+$7,6127622%9,286    :H KDYH RIWHQ KHDUG SROLWLFLDQV GHFODUH WKDW µ'HPRFUDF\ LV QRW D EOLQG DOOH\¶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µJROGHQFHQWXU\¶RIDQFLHQWGHPRFUDF\DQGFRQWLQXHGLQWKH*UHHNZRUOG LQVRPHDUHDVXQWLOZHOOLQWRWKHQGFHQWXU\%&(DQGWKH5RPDQFRQTXHVW ,Q5RPHXQWLOWKHHQGRIWKHQGFHQWXU\DQGWKHEHJLQQLQJRIWKHVWFHQWXU\ %&( WKHUH H[LVWHG D PL[HG IRUP RI JRYHUQPHQW ZLWK VRPH HOHPHQWV RI GHPRFUDF\ IRU H[DPSOH WKHUH ZDV WKH tribunes populi, HOHFWHG E\ WKH FLWL]HQV EXW D 6HQDWH DV ZHOO FRPSULVHG RI DULVWRFUDWV 7KLV LV ZK\ WKH 5RPDQWHUPres publica WKHµSXEOLFWKLQJ¶IURPZKLFKGHULYHWKHZRUGV UHSXEOLFrépubliqueHWF LVQRWHTXLYDOHQWWRWKH*UHHNWHUPGHPRFUDF\ demoskratos SRZHU WR WKH SHRSOH  $IWHU WKH QG FHQWXU\ %&( DOPRVW ILIWHHQ KXQGUHG \HDUV SDVVHG EHIRUH D GHPRFUDWLF IRUP RI JRYHUQPHQW UHDSSHDUHGLQWKHRULJLQDOWKUHHFDQWRQVRI6ZLW]HUODQG8UL6FKZ\]DQG 8QWHUZDOGHQLQ (YHU\ZKHUHDQGDWDOOWLPHVGHPRFUDF\ZDVYXOQHUDEOHDQGHQFRXQWHUHG HQHPLHV DLPLQJ WR GHVWUR\ LW  ROLJDUFKV W\UDQWV NLQJV DQG HPSHURUV HQHPLHVZLWKLQDQGZLWKRXW7KHUHH[LVWHGDQGVWLOOGRSHRSOHZKRGRQRW

 6HHDPRQJRWKHUV5RELQVRQ  0DFNLO  %HFNDQG)XQNH  

DQGRXURZQSDSHUV .\ULD]LV3DSDUULJRSRXORVDQG(FRQRPRX.\ULD]LVDQG (FRQRPRX D E (FRQRQRX .\ULD]LV DQG 0HWD[DV  (FRQRPRX DQG .\ULD]LVDEFDE 



,QWURGXFWLRQ 

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¶V 5HLJQ RI 7HUURU WKH &RQVXOV 1DSROHRQ¶V LPSHULDOLVP   WKH UHVWRUDWLRQ RI WKH PRQDUFK\DQGWKHIDLOHGUHYROXWLRQRI,WZDVWKHUHYROXWLRQRI WKDWEURXJKWEDFNGHPRFUDF\EXWRQO\IRUDPHUHWKUHH\HDUVEHIRUHEHLQJ UHMHFWHGE\1DSROHRQ,,,ZKRUHLJQHGDVHPSHURUIURPWR 'HIHDW E\ 3UXVVLD IROORZHG WKHQ WKH 3DULV &RPPXQH DQG ILQDOO\ WKH UHVWRUDWLRQRIGHPRFUDF\LQRQO\WREHLQWHUUXSWHGDJDLQE\IRXU\HDUV RI*HUPDQRFFXSDWLRQGXULQJ:RUOG:DU,, -XQH$XJXVW ,Q WRWDO )UDQFH FDQ FRXQW OHVV WKDQ  \HDUV RI GHPRFUDF\ FRPSDUHG WR DURXQG  \HDUV RI WKDW RI DQFLHQW $WKHQV IURP  WR  %&( LQWHUUXSWHG RQO\ E\ WKH \HDUORQJ UHLJQ RI WKH 7KLUW\ 7\UDQWV DW WKH EHJLQQLQJRIWKHUGFHQWXU\%&(ZLWKGHPRFUDF\WKHQUHWXUQLQJZLWKVRPH LQWHUXSWLRQVDQGODVWLQJXSXQWLOWKH5RPDQFRQTXHVW  ,Q PDQ\ DQFLHQW *UHHN FLW\VWDWHV DQG FRXQWULHV VXFK DV WKRVH RI 7KHVVDO\(SLUXVDQG0DFHGRQLDGHPRFUDF\DOPRVWQHYHUWKULYHG,QRWKHU FLWLHV VXFK DV 6\UDFXVH LW IXQFWLRQHG LQ VKRUW VSXUWV LH GXULQJ WKH 3HORSRQQHVLDQ:DU DVLQWHUOXGHVEHWZHHQW\UDQQLHVVXFKDVWKRVHRI*HORQ DQG'LRQ\VLXV,DQG,,DQGODWHURI$JDWKRFOHV,Q&\SUXVWKHFLW\VWDWHV ZHUHUXOHGE\NLQJV2QO\WRZDUGWKHHQGRIWKHWKDQGWKHEHJLQQLQJRI WKH VW FHQWXULHV KDYH ZH VHHQ GHPRFUDWLF UHJLPHV RXWQXPEHU RWKHUV WKRXJK PDQ\ GR QRW HQMR\ WKH VDPH OHYHO RI GHPRFUDF\ ± FRPSDUH IRU H[DPSOHKRZGHPRFUDF\IXQFWLRQVLQ6ZLW]HUODQGZLWKKRZLWIXQFWLRQVLQ 5XVVLDRU7XUNH\ ,VGHPRFUDF\WKHEHVWIRUPRIJRYHUQPHQW",IVREDVHGRQZKDWFULWHULD" )RUWKHFLWL]HQVRIWRGD\¶VGHPRFUDFLHVDSRVLWLYHDQVZHUVHHPVREYLRXV +RZHYHUIRUPRVWRIKLVWRU\GHPRFUDF\KDVEHHQFRQVLGHUHGWREHDVRUU\ IRUPRIJRYHUQPHQWDSROLWLFDODEHUUDWLRQDQGDJDLQVWDUHOLJLRXVDQGFLYLO

  ,Q 0DFHGRQLD GXULQJ WKH ODVW TXDUWHU RI WKH WK FHQWXU\ %&( WKH IHGHUDWLRQ RI &KDONLGLDQVZDVHVWDEOLVKHGSUREDEO\EHLQJDQROLJDUFKLFUHJLPHZKLFKE\WKHQH[W FHQWXU\ KDG EHFRPH D GHPRFUDWLF VWDWH XQGHU WKH )HGHUDWLRQ RI WKH &KDONLGHDQV =DKUQW ,Q(SLUXVGXULQJWKHSHULRG%&(WKH&RXQFLORIWKH (SLURWHVDOVRDIRUPRIIHGHUDWHGVWDWHDSSHDUVWRKDYHIXQFWLRQHGRQDGHPRFUDWLF EDVLV &URVV 

7KH2EYLRXV7KDW,V1RW6R2EYLRXV 



RUGHUWKDWVRXJKWNLQJVDQGHPSHURUVDVOHDGHUVUHSUHVHQWDWLYHRIWKHLUJRG RUJRGV RQHDUWKDQGQRWDQVZHUDEOHWRWKHODZVRIPHQ7KHPRWWRDieu et mon Droit *RGDQGP\5LJKW XQGHUVFRUHVWKDWDWWLWXGHZLWKSUHFLVLRQ (YHQDWWKHSHDNRIWKH$WKHQLDQ'HPRFUDF\LQWKHWKFHQWXU\%&(PRVW SKLORVRSKHUV SROLWLFDOVFLHQWLVWVLQWRGD\¶VWHUPLQRORJ\ GLVOLNHGGHPRFUDF\ FRQVLGHULQJLWDUHJLPHRIWKHµEDG¶WKHµXQZRUWK\¶DQGWKHµXQHGXFDWHG¶ 7KHLGHDOLVWIRUPVRIJRYHUQPHQWWKH\SURSRVHGZLWKWKHPRVWZHOONQRZQ WKDWRI3ODWR¶V The Republic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