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Is export-led growth feasible?
Aristos Doxiadis
GREECE: current account, % GDP
Current account
0.00%

-2.00%

-4.00%

-6.00%

-8.00%

-10.00%

-12.00%

-14.00%

-16.00%
1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

Current account

2005

2006

2007

2008

2009

2010

2011

2012
10.00

Current account, % of GDP (OECD)

5.00

0.00

France
Germany

-5.00

Greece
Ireland

-10.00

Italy
Portugal
-15.00

Spain
Turkey
-20.00
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011
Daniel Gros CEPS Commentary 8 May 2013
GREECE: current account components, % GDP
10.00%

5.00%

0.00%

-5.00%

-10.00%

-15.00%

-20.00%

-25.00%
1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

Current account

Current account, Goods

Current account, Income

Current account, Current transfers

2006

2007

2008

2009

Current account, Services

2010

2011

2012
GREECE: current account goods and services, % GDP
10.00%

5.00%

0.00%

-5.00%

-10.00%

-15.00%

-20.00%

-25.00%
1995

1996

1997

1998

1999

Current account, Goods

2000

2001

2002

2003

2004

Current account, Services

2005

2006

2007

2008

2009

2010

Current account, Goods and Services

2011

2012
Talk at Alba Seminar, on export led growth
Explaining rigidities
Crisis-specific factors:
• Credit crunch
• Shipping and tourism issues
Long-term characteristics:
• Small size of firms
• Political economy: tradablesvs non-tradables
Greece, Gross Value Added, Selected Sectors (euro million)

25,000.0

C - Manufacture

20,000.0

D - Electricity, gas, steam
and air conditioning supply

G47 - Retail trade, except of
motor vehicles and
motorcycles
H50 - Water transport

15,000.0

10,000.0

I - Accommodation and food
service activities
5,000.0

Q86 - Human health
activities
0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Labor cost index, hourly basis (2008=100) (Eurostat)
115

110

Euro area (17 countries)

105

EU (27 countries)
Estonia
100

Greece
Spain
France

95

Italy
Latvia
Lithuania

90

Portugal
85

Puzzle: ULC
decreased
much less

80
2010Q2

2010Q3

2010Q4

2011Q1

2011Q2

2011Q3

2011Q4

2012Q1

2012Q2

2012Q3
GEO/INDIC_NA
Belgium
Ireland
Netherlands
Bulgaria
Czech Republic
Austria
Denmark
Sweden
Finland
Poland
Portugal
Romania
Greece
Spain
Italy
France

Exports of
goods and
Imports of goods
services
and services
Trade G&S
84.9
84.1
169.0
84.0
74.8
158.8
76.3
68.0
144.3
58.2
78.7
136.9
64.4
62.1
126.5
59.3
53.5
112.8
54.7
51.6
106.3
53.5
46.8
100.3
46.8
43.1
89.9
39.9
43.9
83.8
32.4
42.5
74.9
30.4
43.5
73.9
24.1
38.6
62.7
26.5
32.3
58.8
28.5
29.3
57.8
26.9
29.1
56.0

Percent of GDP, 2008 (Eurostat)
GEO/INDIC_NA
Belgium
Netherlands
Bulgaria
Czech Republic
Austria
Ireland
Sweden
Poland
Finland
Denmark
Romania
Portugal
Italy
France
Spain
Greece

Exports of
goods

Percent of GDP, 2008 (Eurostat)

Imports of
goods
Trade goods
66.9
68.4
135.3
61.0
53.7
114.7
42.9
67.2
110.1
54.8
54.2
109.0
42.9
43.2
86.1
45.3
32.0
77.3
38.0
34.3
72.3
33.2
38.1
71.3
35.5
31.8
67.3
33.3
33.0
66.3
24.1
37.7
61.8
23.8
36.8
60.6
23.4
23.6
47.0
21.3
24.0
45.3
17.6
25.5
43.1
10.7
31.6
42.3
Greece: Trade/GDP
70.00%

60.00%

50.00%

40.00%

Trade/GDP
30.00%

20.00%

10.00%

0.00%
196019621964196619681970197219741976197819801982198419861988199019921994199619982000200220042006200820102012
Why is Greek trade low ?
Possible explanations
• Barriers to imports (support local production)

• Consumption patterns/lifestyle (tilted to nontradables)
• Non-tradable rents
Talk at Alba Seminar, on export led growth
Size of firms – Greece as outlier
Compared to EU27:
• Largest % of self-employed in total labor force
• Largest % of employees in micro-business in
the NFBE
• Smallest farms
• Smallest % of Labor Force and Value Added in
business of over 250 employees

16
Self-employment * as % of civilian employment, 2007
Turkey

35.1

Mexico

33.9
31.3

Italy

25.7

OECD - Total

15.8

France

9.0

Denmark

8.8

Norway

7.8

United States

7.0

Luxembourg

Bottom
five OECD
countries

GREECE
Korea

Top five
OECD
countries

39.0

5.9

*Including employers and unpaid family members
17
Year 2007
European Union
(27 countries)
Germany
Greece
Spain
Italy
Portugal
Bulgaria
Romania
Turkey

SelfEmployed
15.1%
10.9%
29.3%
16.5%
24.3%
23.5%
11.2%
21.2%
26.9%

Employees
83.1%
88.1%
64.3%
82.3%
73.9%
75.5%
87.6%
66.3%
60.5%

Other*
1.8%
1.0%
6.4%
1.1%
1.8%
1.1%
1.2%
12.6%
12.7%

*Other: mostly unpaid family members
18
Self-employment
distorts macro figures
Share of wages in GDP (2007)
Germany
48.5%

Greece
35.2%

Gr. Operating
Surplus& Mixed
Income

40.0%

53.3%

Taxes on
production & imports

11.5%

11.5%

Compensation of
Employees

19
Greece had the highest % of employed in units of
under 10 people among the 27 EU countries

Source: Eurostat, Statistics in Focus, 31/2008
20
Size of firms: why it matters
(hypotheses)
• Static effect:
– Smaller firms have lower productivity, so less able
to compete internationally (data to be added)

• Dynamic effects:
– Sizeable firms have more flexibility to add labor to
existing plants (fixed vs variable inputs)
– Bigger management structures can multiply plants
and markets faster (lower discovery
costs, leveraging in-house knowhow)
21
Size of firms: why does small persist?
– History: ottoman empire, not feudalism
• No class of dispossessed peasants

– Fragmented land ownership, protected by
democracy
– Small holders resist wage-labour
• Polyergic family strategies

– Regulation: erratic, obstructs growth
• Tax and labor law evasion

– Foreign direct investment discouraged
– Protected business models
22
Distribution of employment:
NT vs T, Large vs SME

Share in total employment, 2007
** employment in firms >20 employees
23
NON-TRADABLE
BIG
>250

SME
<25O

Government
Utilities
Banks
Telecoms
Media
Retail

22.5%
Media
Retail
Shops
Lawyers
Hairdressers

52.2%

TRADABLE
Manufacturing
Airlines
Shipping

2.6%
(6.5%)
Tourism

Tourism
Small manufacture
Agriculture
Workshops
Digital Applications

22.7%

Share in total employment, 2007
24
Notes to Table 4:
Numbers in italics are
from the LFS.
Numbers in shaded cells
are my own
guesstimates. They are
mostly about the split
between large and small
employers in LFS data.
For industry 55.3
(restaurants, etc) I have
assumed that 30%
worked in tradable (i.e.
tourism-related)
establishments.
All other numbers are
from SBS.
(Shifting to Tradables, A.
Doxiadis, 2011)

25
Greece: Ratio of tradables to total

35.00%
33.00%
31.00%
29.00%
27.00%

Gross Value Added

25.00%

Employment (1000 persons)

23.00%
21.00%
19.00%
17.00%
15.00%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Political economy:
Types of political rent
Direct from public purse - legal

• Pensions (special categories
of)
• Public sector salaries and
supplements (clientele
appointments)
• Public procurement
• Privatization hostages
• Farmer’s subsidies *

Indirect
• Protected professions
• Administered prices, etc
Illegal
• Corruption
• Comparative noncompliance*
• Cartel behavior *
* : Applies also to tradables
27
Political economy:
Tradablesvs Non-Tradables
Stylized facts (hypotheses, to be verified):
• Greater political representation of NT
• Higher factor prices/ rents in NT (beyond BalassaSamuelson)

– Salaries and benefits for comparable skills
– Mark-ups (data??)

• Comparatively high ratio of NT/T in GDP (and
faster shift to NT)
• Excess of middle-class jobs in NT
28
Physicians per 1000 population

29
Spending on pharma

30
Nurses per 1000 population

31
Annual compensation per full time equivalent employee
Total - All NACE activities

80.0

Agriculture, forestry and fishing
Mining and quarrying

70.0

Manufacturing
Electricity, gas, steam and air conditioning supply

60.0

Water supply; sewerage, waste management and remediation
activities
Construction

50.0

Wholesale and retail trade; repair of motor vehicles and
motorcycles
Transportation and storage
Accommodation and food service activities

40.0

Information and communication
Financial and insurance activities

30.0

Real estate activities
Professional, scientific and technical activities

20.0

Administrative and support service activities
Public administration and defence; compulsory social security
Education

10.0

Human health and social work activities
Arts, entertainment and recreation

0.0
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Other service activities

Activities of households as employers; undifferentiated goodsand services-producing activities of households for own use
Political economy:
Effects on tradable productivity
(hypotheses)

• Rents in NT => high input costs in T
• Rents in NT => wages rise faster than
productivity in T
• Tax burden
• Regulatory spill-over:
– Work-time regulation

• Entrepreneurship as scarce factor (Baumol)
33
Tradable vs Non-tradable:
technical issues
• Identification of ‘Tradability’ of sectors:
– Ad hoc
– % of international trade/local output
– Classification in literature

• Variability over time

34
Typology of investment and growth
paths

Each path faces different challenges.
35
What constrains growth?

Intersectoral
Incentives
Institutional
barriers
Discovery
costs
Factor costs
and taxes

New
business
Yes

Step growth Smooth
growth
No
No

Yes

Yes

Not much

Yes

Yes

No

n.a.

Yes

Yes
What constrains growth?

Intersectoral
Incentives
Institutional
barriers
Discovery
costs
Factor costs
and taxes

New
business
Yes

Step growth Smooth
growth
No
No

Yes

Yes

Not much

Yes

Yes

No

n.a.

Yes

Yes
What constrains FDI?
FDI
Intersectoral
Incentives

No

Institutional barriers

Yes

Discovery costs

Some

Factor costs and taxes

Yes
Συγκριτικά πλεονεκτιματα:
εξωγενι
Φφςθ, κζςθ, κλθρονομιά
• Τουριςμόσ ✔✔✔
• Γεωργία ✔✔
• Ορυκτά
✔
• Διαμετακόμιςθ ✔

39
Συγκριτικά πλεονεκτιματα:
διαμορφωμζνα
Εγκατεςτθμζνθ βάςθ
• Τρόφιμα
• Φάρμακα
Ανκρώπινο κεφάλαιο
• Επαγγζλματα
• Γλώςςεσ, πολιτιςμικι ευελιξία
Θεςμικά
• Μικρι κλίμακα
40
Συγκριτικά πλεονεκτιματα:
απόντα
• Χρθματικό κεφάλαιο
• Δθμογραφικά

41
Τα νζα ανταγωνιςτικά
πλεονεκτιματα
• Απαιτοφν (κυρίωσ) νζεσ επιχειριςεισ
– extensive margin

• Συνδυάηουν τα ςυγκριτικά με καινοτομία
– τεχνολογικι, κεςμικι, ι άλλθ

• Είναι απρόβλεπτα

42
Παραδείγματα
• Mobile marketing
– Εγχώρια κινθτι τθλεφωνία
– Χαμθλό κεφάλαιο
– Μζτρια τεχνολογικι καινοτομία

• Ξενόγλωςςα βιβλία
– Ανταγωνιςμόσ/ φροντιςτιρια
– Ηλικία

... παρ΄ όλα αυτά, απρόβλεπτα
43
Το μζλλον
Κατά McKinsey (“rising stars”):
• Γενόςθμα φάρμακα
• Ιχκυοκαλλιζργεια
• Διαμετακομιςτικά
• Φροντίδα θλικιωμζνων κ.α.
• Ιατρικόσ τουριςμόσ
• Κλαςικζσ ςπουδζσ
44
Το μζλλον
Κατά τον νεο-κεςμικό ΑΔ:
• Μεςαία ανάπτυξθ
• Ελεφκεροι επαγγελματίεσ
• Ελαφρά καινοτομία
Παραδείγματα
• Taxibeat
• Locish, Dopios
• π-systems
• Fereoikos
45
Μια διαφορετικι μεςαία τάξθ
•
•
•
•

Χωρίσ ςτακερζσ
Ανοιχτζσ προοπτικζσ
Από τουσ νόμουσ ςτισ ςυνζργειεσ
Επιχειρθματίεσ και ςτελζχθ

46

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Talk at Alba Seminar, on export led growth

  • 1. Is export-led growth feasible? Aristos Doxiadis
  • 2. GREECE: current account, % GDP Current account 0.00% -2.00% -4.00% -6.00% -8.00% -10.00% -12.00% -14.00% -16.00% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Current account 2005 2006 2007 2008 2009 2010 2011 2012
  • 3. 10.00 Current account, % of GDP (OECD) 5.00 0.00 France Germany -5.00 Greece Ireland -10.00 Italy Portugal -15.00 Spain Turkey -20.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
  • 4. Daniel Gros CEPS Commentary 8 May 2013
  • 5. GREECE: current account components, % GDP 10.00% 5.00% 0.00% -5.00% -10.00% -15.00% -20.00% -25.00% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Current account Current account, Goods Current account, Income Current account, Current transfers 2006 2007 2008 2009 Current account, Services 2010 2011 2012
  • 6. GREECE: current account goods and services, % GDP 10.00% 5.00% 0.00% -5.00% -10.00% -15.00% -20.00% -25.00% 1995 1996 1997 1998 1999 Current account, Goods 2000 2001 2002 2003 2004 Current account, Services 2005 2006 2007 2008 2009 2010 Current account, Goods and Services 2011 2012
  • 8. Explaining rigidities Crisis-specific factors: • Credit crunch • Shipping and tourism issues Long-term characteristics: • Small size of firms • Political economy: tradablesvs non-tradables
  • 9. Greece, Gross Value Added, Selected Sectors (euro million) 25,000.0 C - Manufacture 20,000.0 D - Electricity, gas, steam and air conditioning supply G47 - Retail trade, except of motor vehicles and motorcycles H50 - Water transport 15,000.0 10,000.0 I - Accommodation and food service activities 5,000.0 Q86 - Human health activities 0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
  • 10. Labor cost index, hourly basis (2008=100) (Eurostat) 115 110 Euro area (17 countries) 105 EU (27 countries) Estonia 100 Greece Spain France 95 Italy Latvia Lithuania 90 Portugal 85 Puzzle: ULC decreased much less 80 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3
  • 11. GEO/INDIC_NA Belgium Ireland Netherlands Bulgaria Czech Republic Austria Denmark Sweden Finland Poland Portugal Romania Greece Spain Italy France Exports of goods and Imports of goods services and services Trade G&S 84.9 84.1 169.0 84.0 74.8 158.8 76.3 68.0 144.3 58.2 78.7 136.9 64.4 62.1 126.5 59.3 53.5 112.8 54.7 51.6 106.3 53.5 46.8 100.3 46.8 43.1 89.9 39.9 43.9 83.8 32.4 42.5 74.9 30.4 43.5 73.9 24.1 38.6 62.7 26.5 32.3 58.8 28.5 29.3 57.8 26.9 29.1 56.0 Percent of GDP, 2008 (Eurostat)
  • 12. GEO/INDIC_NA Belgium Netherlands Bulgaria Czech Republic Austria Ireland Sweden Poland Finland Denmark Romania Portugal Italy France Spain Greece Exports of goods Percent of GDP, 2008 (Eurostat) Imports of goods Trade goods 66.9 68.4 135.3 61.0 53.7 114.7 42.9 67.2 110.1 54.8 54.2 109.0 42.9 43.2 86.1 45.3 32.0 77.3 38.0 34.3 72.3 33.2 38.1 71.3 35.5 31.8 67.3 33.3 33.0 66.3 24.1 37.7 61.8 23.8 36.8 60.6 23.4 23.6 47.0 21.3 24.0 45.3 17.6 25.5 43.1 10.7 31.6 42.3
  • 14. Why is Greek trade low ? Possible explanations • Barriers to imports (support local production) • Consumption patterns/lifestyle (tilted to nontradables) • Non-tradable rents
  • 16. Size of firms – Greece as outlier Compared to EU27: • Largest % of self-employed in total labor force • Largest % of employees in micro-business in the NFBE • Smallest farms • Smallest % of Labor Force and Value Added in business of over 250 employees 16
  • 17. Self-employment * as % of civilian employment, 2007 Turkey 35.1 Mexico 33.9 31.3 Italy 25.7 OECD - Total 15.8 France 9.0 Denmark 8.8 Norway 7.8 United States 7.0 Luxembourg Bottom five OECD countries GREECE Korea Top five OECD countries 39.0 5.9 *Including employers and unpaid family members 17
  • 18. Year 2007 European Union (27 countries) Germany Greece Spain Italy Portugal Bulgaria Romania Turkey SelfEmployed 15.1% 10.9% 29.3% 16.5% 24.3% 23.5% 11.2% 21.2% 26.9% Employees 83.1% 88.1% 64.3% 82.3% 73.9% 75.5% 87.6% 66.3% 60.5% Other* 1.8% 1.0% 6.4% 1.1% 1.8% 1.1% 1.2% 12.6% 12.7% *Other: mostly unpaid family members 18
  • 19. Self-employment distorts macro figures Share of wages in GDP (2007) Germany 48.5% Greece 35.2% Gr. Operating Surplus& Mixed Income 40.0% 53.3% Taxes on production & imports 11.5% 11.5% Compensation of Employees 19
  • 20. Greece had the highest % of employed in units of under 10 people among the 27 EU countries Source: Eurostat, Statistics in Focus, 31/2008 20
  • 21. Size of firms: why it matters (hypotheses) • Static effect: – Smaller firms have lower productivity, so less able to compete internationally (data to be added) • Dynamic effects: – Sizeable firms have more flexibility to add labor to existing plants (fixed vs variable inputs) – Bigger management structures can multiply plants and markets faster (lower discovery costs, leveraging in-house knowhow) 21
  • 22. Size of firms: why does small persist? – History: ottoman empire, not feudalism • No class of dispossessed peasants – Fragmented land ownership, protected by democracy – Small holders resist wage-labour • Polyergic family strategies – Regulation: erratic, obstructs growth • Tax and labor law evasion – Foreign direct investment discouraged – Protected business models 22
  • 23. Distribution of employment: NT vs T, Large vs SME Share in total employment, 2007 ** employment in firms >20 employees 23
  • 25. Notes to Table 4: Numbers in italics are from the LFS. Numbers in shaded cells are my own guesstimates. They are mostly about the split between large and small employers in LFS data. For industry 55.3 (restaurants, etc) I have assumed that 30% worked in tradable (i.e. tourism-related) establishments. All other numbers are from SBS. (Shifting to Tradables, A. Doxiadis, 2011) 25
  • 26. Greece: Ratio of tradables to total 35.00% 33.00% 31.00% 29.00% 27.00% Gross Value Added 25.00% Employment (1000 persons) 23.00% 21.00% 19.00% 17.00% 15.00% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
  • 27. Political economy: Types of political rent Direct from public purse - legal • Pensions (special categories of) • Public sector salaries and supplements (clientele appointments) • Public procurement • Privatization hostages • Farmer’s subsidies * Indirect • Protected professions • Administered prices, etc Illegal • Corruption • Comparative noncompliance* • Cartel behavior * * : Applies also to tradables 27
  • 28. Political economy: Tradablesvs Non-Tradables Stylized facts (hypotheses, to be verified): • Greater political representation of NT • Higher factor prices/ rents in NT (beyond BalassaSamuelson) – Salaries and benefits for comparable skills – Mark-ups (data??) • Comparatively high ratio of NT/T in GDP (and faster shift to NT) • Excess of middle-class jobs in NT 28
  • 29. Physicians per 1000 population 29
  • 31. Nurses per 1000 population 31
  • 32. Annual compensation per full time equivalent employee Total - All NACE activities 80.0 Agriculture, forestry and fishing Mining and quarrying 70.0 Manufacturing Electricity, gas, steam and air conditioning supply 60.0 Water supply; sewerage, waste management and remediation activities Construction 50.0 Wholesale and retail trade; repair of motor vehicles and motorcycles Transportation and storage Accommodation and food service activities 40.0 Information and communication Financial and insurance activities 30.0 Real estate activities Professional, scientific and technical activities 20.0 Administrative and support service activities Public administration and defence; compulsory social security Education 10.0 Human health and social work activities Arts, entertainment and recreation 0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Other service activities Activities of households as employers; undifferentiated goodsand services-producing activities of households for own use
  • 33. Political economy: Effects on tradable productivity (hypotheses) • Rents in NT => high input costs in T • Rents in NT => wages rise faster than productivity in T • Tax burden • Regulatory spill-over: – Work-time regulation • Entrepreneurship as scarce factor (Baumol) 33
  • 34. Tradable vs Non-tradable: technical issues • Identification of ‘Tradability’ of sectors: – Ad hoc – % of international trade/local output – Classification in literature • Variability over time 34
  • 35. Typology of investment and growth paths Each path faces different challenges. 35
  • 36. What constrains growth? Intersectoral Incentives Institutional barriers Discovery costs Factor costs and taxes New business Yes Step growth Smooth growth No No Yes Yes Not much Yes Yes No n.a. Yes Yes
  • 37. What constrains growth? Intersectoral Incentives Institutional barriers Discovery costs Factor costs and taxes New business Yes Step growth Smooth growth No No Yes Yes Not much Yes Yes No n.a. Yes Yes
  • 38. What constrains FDI? FDI Intersectoral Incentives No Institutional barriers Yes Discovery costs Some Factor costs and taxes Yes
  • 39. Συγκριτικά πλεονεκτιματα: εξωγενι Φφςθ, κζςθ, κλθρονομιά • Τουριςμόσ ✔✔✔ • Γεωργία ✔✔ • Ορυκτά ✔ • Διαμετακόμιςθ ✔ 39
  • 40. Συγκριτικά πλεονεκτιματα: διαμορφωμζνα Εγκατεςτθμζνθ βάςθ • Τρόφιμα • Φάρμακα Ανκρώπινο κεφάλαιο • Επαγγζλματα • Γλώςςεσ, πολιτιςμικι ευελιξία Θεςμικά • Μικρι κλίμακα 40
  • 42. Τα νζα ανταγωνιςτικά πλεονεκτιματα • Απαιτοφν (κυρίωσ) νζεσ επιχειριςεισ – extensive margin • Συνδυάηουν τα ςυγκριτικά με καινοτομία – τεχνολογικι, κεςμικι, ι άλλθ • Είναι απρόβλεπτα 42
  • 43. Παραδείγματα • Mobile marketing – Εγχώρια κινθτι τθλεφωνία – Χαμθλό κεφάλαιο – Μζτρια τεχνολογικι καινοτομία • Ξενόγλωςςα βιβλία – Ανταγωνιςμόσ/ φροντιςτιρια – Ηλικία ... παρ΄ όλα αυτά, απρόβλεπτα 43
  • 44. Το μζλλον Κατά McKinsey (“rising stars”): • Γενόςθμα φάρμακα • Ιχκυοκαλλιζργεια • Διαμετακομιςτικά • Φροντίδα θλικιωμζνων κ.α. • Ιατρικόσ τουριςμόσ • Κλαςικζσ ςπουδζσ 44
  • 45. Το μζλλον Κατά τον νεο-κεςμικό ΑΔ: • Μεςαία ανάπτυξθ • Ελεφκεροι επαγγελματίεσ • Ελαφρά καινοτομία Παραδείγματα • Taxibeat • Locish, Dopios • π-systems • Fereoikos 45
  • 46. Μια διαφορετικι μεςαία τάξθ • • • • Χωρίσ ςτακερζσ Ανοιχτζσ προοπτικζσ Από τουσ νόμουσ ςτισ ςυνζργειεσ Επιχειρθματίεσ και ςτελζχθ 46