Globalization on Trial: Globalization, Capitalism, and Greece

Authors

  • Arthur Chung

Abstract

“If we cannot pay today, we can pay tomorrow.” Is debt our friend? This research project investigates contemporary globalization led by a neoliberal economic system. Taking modern-day Greece as a case study, the author examines the relationship between consumerism and consumer debt. Greece has always been held accountable for its national debt, and must endure fierce austerity measures to receive its bailout funds. Using a collection of real-world statistics, interviews, and video captured during the Greek riots (2012), the author shares feedback from both Greeks and non-Greeks with respect to the Greek debt crisis. The dilemma in Greece illustrates the devastating effects of consumerism, and how the accrual of debt within financial capitalism is a tragedy waiting to unfold, because globalization will accelerate and spread debt crises. The global community could learn from Greece’s debt plight.

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