The Devolution of Greek Economy - Dissertation Example

?The Devolution of Greek Economy: The Report on the Effects on the Local Population and Rural Areas’ Architecture Industry: The Example of Chios Island Name Institution Contents Introduction 2 Research Question 3 Q.1 Would economic crisis in Greece, be the motive in rehabilitation of abandoned rural areas and its settlements? 3 Significance of the Study 3 Literature Review and Theoretical Framework 4 Recommendations and Suggestions 15 Findings 19 Conclusion 20 Works Cited 22 Student Name Professor Name Paper Date The Devolution of Greek Economy: The Report on the Effects on the Local Population and Rural Areas’ Architecture Industry: The Example of Chios Island Introduction The human nature is bound to see the benefit and interest and change in order to fulfill the immediate needs and wants. The humans have managed to evolve by thinking of new and different things. The ability to innovate had always helped the sons and daughters of Adam to get out of the caves that remained their home for centuries. The human race with the passage of time learned the art and science of building homes and sowing seeds. These activities have assisted the mankind in moving in the direction of industrialization. The industrialization is a trend and is also a force that caused the needs of the masses to be fulfilled over a period of long tenure. The scientific development and growth is done in order to facilitate the achievement of industrialists’ objectives and goals (Oakey, 60). The economy is always known to be controlled by the local corporate sector of the country. There are two significant powers in the world. The first one is called the power of entropy that forces any system to disintegrate over the years and the other one is the strength of evolution that with the help of human effort makes things better and better (Peck, 115). The scientific development and the growth in every other field are repeatedly attributed to the people who dared to think differently (Baron and Tang, 55). The different and unique people have always been defined by the ability to see the world in a different way and method. The evolution has its roots in the ability and power of the people who are blessed with the tendency to see, observe and think. The quality of life on the other hand, is directly related with the local entrepreneur’s ability to translate new product and business ideas into commercialized corporate offerings. The offerings are also not the end in themselves but they have to be made better in order to overcome the traditional power of entropy and disintegration. The disintegration is created by the nature itself in order to keep the humans attempting to evolve and inspire. The economic growth is always caused by the force of inspiration that makes people to think and try to become more than what they are in their current state (Fuglsang, Sundbo and Sorensen, 663). The leaders are famous for playing their due hand in the process of evolution as they are primarily responsible for giving direction and purpose to people. The governments are supposed to provide the services of leadership by fueling the process of development and evolution. The Chios Island is the fifth biggest one in the country of Greece and it has a population of 55,000 but the area remained much neglected in the past as the shipping served the country as a major industry in the past years. However, the tide is turning and Chios Island is finally getting all the attention it needed because it is becoming an agricultural hub of the region. The immigrants are building their homes in the Island so that they can take care of the fields while, keeping their families in the newly developing residential areas. Research Question Following is the research questions of the study: - Q.1 Would economic crisis in Greece, be the motive in rehabilitation of abandoned rural areas and its settlements? Significance of the Study The importance, value and significance of the study exist because it is going to discuss the effects of growing population in the rural areas of the Greece on local architecture industry. The study will also discuss the causes that promoted agriculture in the Greek economy once again and finally, what is needed to be done in order to keep the growth of the featured field steady in the future. Literature Review and Theoretical Framework The evolution has to be sponsored in order to continue. The developed and advanced economies have the power and tendency to support the process of moving forward. The education is also an integral part of the developmental process and therefore, higher literacy rate is going to predict economic and fiscal growth significantly. The nations that are currently being considered developed started the journey of evolution with supporting the education. The education is important because it makes people flexible and collaborative those are the essential attributes needed to survive in the challenging global marketplace (Keating, 257). The key need of industrialist is to find ways and methods that can help him or her in the process of driving down the costs and for that the business professional is always continue to find places where he or she can have cost related advantages. The notion of nationalism that remained the most powerful concept in the past has devolved and now it is considered an obsolete way of thinking. The phenomenon of globalization has changed the cultural outlook of the globe and the countries are operating more like organizations. They are trying to develop their competitive advantages in the global marketplace so that they can earn foreign exchange from other nations. The countries are trading things in which they specialize in order to obtain what they cannot produce efficiently. The era when every nation was trying to be a self sufficient entity is almost gone and in present, the international trade is the ultimate measure of liveliness in the local economy (Vernon, 200). The nations that are trying to uphold their national identities are suffering with painful ramifications such as loneliness in the international economic arena. The nations that were considered underdeveloped and unworthy of attention in the past times, have gained importance in the current world order. The economies of India and China have grown into the production hubs of the multinationals such as Nike, Reebok and even the leading carmakers are having their production outlets in the abovementioned countries. The local currencies of the developing and emergent markets are less valuable than those of advanced ones and because of this reason; the companies outsource their manufacturing concerns because it offers them huge cost advantages. According to modern economic philosophy, the devolution of one sector in the local economy is going to give birth to the boom in another and the same thing is happening in the local setup of Greece as its industries are going down but its agriculture sector is on the rise (Hutchinson, 85). The agriculture sector is growing because people do not have sufficient employment opportunities in urban areas. The government has also failed to keep the industrial revolution going and therefore, the economy has started to show the symptoms of devolution and there is nothing wrong with it because the local population has to make a living and they have to make the most of the existing opportunities that are currently present in the field of agriculture and architecture construction in the rural areas more especially Chios Island. The agriculture decided to bless the much abandoned region because it remained immune from partial industrialization that took place in the postwar period. Additionally, the lands in the areas are identified as the best ones because they remained safe from industrial chemicals and wastes. In the past, sea trade remained a significant sector of the local economy and therefore, the people turned to more lucrative areas of cultivating vegetables, citrus fruits and mastic. The growing of mastic is known to be the historical trade of the indigenous population before shipping became dominant way of making a living in the area. As shipping industry declined which was operating in order to import goods from Philippines, the agriculture revived in response to the change and therefore, architecture works grew in Chios Island because people needed to keep a close eye on their fields. In 1938, E.M.CH Chios Mastic Growers Association was founded and it initially worked to stop industrialization from destroying traditional methods of agriculture. In 1997, the EU documented mastic and a chewing gum made from it as legitimate products and consequently, opened new markets for the farmers. Before that, the local demand of mastic had grown so powerfully that it caused the price level to take a leap of 300%. The growing profits in the field of growing mastic impressed increasing number of people to join agriculture in general and mastic growing as a particular area of work. The period of 1960s has witnessed the greatest trend of industrialization as business community had to work in terms of meeting the local consumer demands of products and services. The war kept the needs and wants of the local population unfulfilled for a long period of time and the economic activity died out as well. The businesses had to fill the needs of local population in order to revitalize the economic activity. The plan worked for the short term but lack of government’s interest has made the process of evolution slow and finally it is initiating to die out because now the economy is reverting towards the agriculture to fulfill the needs and wants (Pyrovetsi and Daoutopoulos, 79). The economic development in the modern era of the 21st century is purely based on nation’s ability to keep its law and order situation intact and steady. The war of 1960s pushed people in the direction of migrating to England and other adjacent areas that were peaceful at that point in time. The people of Greece went looking for the safety and propensity in the nearby geographical areas. The war of 1960s aggravated in the form of civil disturbances and these conditions continued to exist in the late 1980s and finally the initial period of 1990s was a time when Greece developed into an industrialized country. The industrialization continued to the point when overproduction creped in and the production costs went escalating. The escalation of costs caused the local producers to face significant level of losses (Spanos, Zaralis and Lioukas, 142). As a response to the challenging economic condition, the companies started to see for more lucrative business sites and moved to the locations that were having untapped industrial potential. The economy of Greece was not able to attain efficiency in producing industrial products and therefore, the international trade looked like impossibility for the nation to achieve. The lack of governmental support to the business community played a notable role in terms of driving away the foreign direct investment. The investment had been famous for coming in the country once the political leadership takes concrete steps towards improving business environment in the particular economy. The initial measure that the governments have to take in order to improve business outlook in the local market is lowering the interest rates on business loans. The Greek government was not able to offer benefits to the business community because it was recovering from the ill-effects of war that was so prolonged that the government was supposed to rebuild the national infrastructure (Spanos, Zaralis and Lioukas, 150). The infrastructure was to be reconstructed with the help of generating revenue that was done by increasing taxes and that significantly lowered the profit margins of the businesses. The business disinvested and moved to the more favorable environments. The theory of economic specialization was not followed by Greece because it experienced headless economic growth after conclusion of war but the country did not develop a particular industry that could have provided it with the duly needed competitive advantage in the global marketplace. The economies move from agriculture to a well planned industrialization and then the development of service industries follow but in the case of Greece, the country stuck with the incomplete and ineffective industrialization that perished after a few years from its profound initiation (Tsani, 586). The agriculture has the power to help the population in meeting their immediate needs of food and shelter. The devolution was the next logical step because the government does not have the will and resources needed to manage the vast scale challenges of feeding people, fueling industrialization and rebuilding infrastructure. All of the goals are somehow interconnected and they are not been met because of corruption in the local politics in the country. The politicians are always looking fulfill their private goals rather than benefitting the society at large. The English and Irish economies are also interrelated and because of this reason, the spillover effect of poor economic conditions in the England are causing the per-capita incomes of both the countries to drop. The immigrants got to face the worst fate because they do not own anything and they made the significant percentage of the working class that had to leave their jobs as the featured systems began to collapse. The Greek population that left their country in order to find safety and prosperity in the nearby economies is returning home after all (Lianos and Cavounidis, 139). The human want to spend a better life and give an improved living condition to their next generations is the basic and fundamental contributing factor in the process of stimulating immigration once again. However, the social scientists are of the view that the trend will last for a short period of time and a few people will be benefitted from it as well. The argument is based on the fact that the agricultural and rural sectors are experiencing a temporary development phase and the sector will go down as it is expected to experience overproduction and inflation will also kick in early. The remorseful future is going to happen as the country had failed to develop effective and active corporate linkages with the rest of the world. The lack of international relations will make it very hard for the farmers to get rid of their extra production that is always been vended in the international markets in the form of exports. The exports of Greece are rated as poor in quality and their cost advantage becomes irrelevant in the process of making a purchasing decision. The cost advantage should and must be backed up with acceptable level of quality that the products of Greece fail to do. The problem exists in the local production capacity that did not import the latest technology and it also did not research and develop it by itself. The industries fulfilled the local needs and when the time of global business came, the prices were too high to compete in the global market. The overproduction dented the profitability of the companies and they disinvested from the local economy. The industrialization was no doubt effective in terms of meeting the local demand but once it was met then, the time came to go global and at this stage, the country’s business community fell short of the mark because of virtually nonexistent governmental support whereas, the lack of research and development also played its due hand. In this way, the idea of economic development and independence became unattainable (Gereffi, 45). The people had to embrace agriculture and rural lifestyle in order to meet their necessities of life while, the quality of life declined in the country. The overall purpose of the government is to support the idea of economic growth in the local setup and the sources of production should and must be used in order to serve the concerns of indigenous manpower. The Greek government did not fulfill the elementary responsibility and duty of improving the quality of life. The war and following civil disturbance have caused the local population to lose trust in the government’s ability to serve the public. The public then, decide on its own that they are going to do whatever it takes to meet the basic and fundamental needs. The economic theory of Marx states that government must manage the factors of production so that they can be deployed in order to maximize satisfaction of public with their life. The modern economists are recommending the local government to attempt to create international demand of food and other agricultural products in global marketplace. The creation and increment in international demand will help the local producers in exporting their products and the foreign exchange levels will also increase. Then, in turn these foreign exchange reserves can be used in terms of stimulating growth in the industrial sector of the country. In present, the people are coming back to the country and therefore, the nation will not have any problems in finding the labor. The crucial responsibility of managing the economic conditions of the country is still in the incapable hands of the government. The crime rate in the country is dropping due to rise in disposable income but it is not going to last for a long period of time. The government has to forge international trade relations to find suitable marketplaces for agricultural products that will result in improvement of living standards of rural areas. All of the developed and advanced nations such as America, England, and even the Chinese Republic are known to import food items from other countries and therefore, if Greece can control the cost of production then, it will not be a big deal to find suitable markets. The local economy of Greece is running under the tight control of government and the interest and tax rates are also high (Vamvoukas, 1095). The government must lower the rates and stimulate economic activity in the country. In short, the country is in need to follow the relaxed fiscal and monetary policy because right now the fiscal activity has died out and it can only be revitalized through making the money flow more freely in the economy. The governmental offices are supposed to control the corruption that is going for numbers of years now. In summary, it can be established that each and every penny of the local currency must be spent on the betterment of life’s quality in the country. The elections that have taken place in Greece are suspected to be unfair and the existing government’s performance regarding fulfillment of its basic duties remained less than exemplary to say the least (Konstantinova and Timu). The field of agriculture has been the source of hope for the entire nation but its ability to make Greece a contributive citizen of the global community has yet to be seen. The population has spotted an opportunity to better their lives via joining agriculture and many educated people are becoming farmers and because of this reason, the research and development in the respective field can be carried out more easily. The country should introduce modern agricultural mechanics. Furthermore, contemporary pesticides must also be used from eradicating the unwanted insects. Currently, the locals are using traditional means for growing crops and it is fine for meeting local demand. Nevertheless, the country’s products will not stand a chance against others that are producing crops with the help of modern technologies. The economics of modern times is based on one’s ability and tendency to have cost savings. The customers are getting more and more price sensitive and that is why they are going to choose the cost effective products that have acceptable level of quality. The agriculture as a field is considered the most colorful one in its nature as it involves various seasons of plowing and harvesting. These seasonal activities give people a chance to interact and socialize with each other and in this way; the life becomes enriched in the rural areas and the infrastructure development will also be stimulated in the underdeveloped and remote locations as well (Livanos, 483). The population that went for hunting a better life in the neighborhood came to realize that they cannot find a better living than what their home has to offer. The modern way of life was better in financial terms but it caused the people to become isolated and the society was dying right along with the economic activity. Most of the agricultural operations in the country are privatized and established in rural areas and therefore, it can be expected that the sources of production can be used in a better way. The privatized operations are always remained famous for fulfilling the needs of attached people effectively. The institutional power is still in the hands of government and it is primarily responsible for supporting international trade in the country. The governments have been noted to initiate the campaigns that attempted to promote simpler ways of life in the public and all have failed or met a fat dead end because people wanted grow above all. Greece made to the pages of history because its people are the ones who adapted simpler ways of life without the presence of any external force. The trend of agricultural activities has the needed strength to help the population in meeting their elementary needs for a time being. The government has to focus on agriculture and development of rural areas as people are migrating to less developed locations because they offer them earning opportunity. The economic activities in rural areas can be the competitive advantage for the country in the global marketplace. The international economists are of the viewpoint that Greek community never tapped into its agricultural domain and straight forwardly jumped to industrialization that was triggered as a response to overcome the consequences of war (Cohen, 342). The international trade institutions such as WTO are accumulating power in the global economic front. The globalization has set a premium on nations’ ability to collaborate with each other. The concept of global citizenship is a nearing reality and in short period of time, the nationalities and their conflicts will become irrelevant because the challenges that the humanity is facing nowadays are global in nature. However, the most significant one is known by the title of global warming that encapsulates the idea of increasing average temperature of the entire globe. This trend will render earth incapable of supporting life in a few centuries. The internet and other modern communicational means have played a significant hand in terms of making humans see the similarities of problems that all nations have in common (Chaisse and Matsushita, 25). The global challenges of semi-permanent recession and increasing unemployment in all parts of the world are also considered pretty serious by the society of economic experts. The problems and opportunities in the modern era of the 21st century are collective in nature and they have to be solved and availed with the help of international collaboration only. No nation has the power and resources to survive in the isolation. Based on the above argument, it can be inferred that Greece has to become an active and notable member of the international community of nations and this can only be achieved by becoming prominent in the matters of international institutions. The institutions on the other hand, are known to provide special concessions to the nations that are experiencing economic problems and troubles. The Greek economy certainly qualifies because it is a war-hit economy and it is in the process of recovery. The recovery process will nonetheless, be expedited, if the nation’s products will get a fair bit of exposure in the global marketplace. The WTO along UNO has the power and authority to remove duties and export fees in order to give the Greek products much needed break in the global arena of commerce. The local government must also raise voice in order to acquire attention in the global society. The economic and fiscal opportunities are dancing all around Greece in the current times but the lack of dedication towards the notion of development is no doubt the core and elementary reason of Greece’s failure in the recent years (Chaisse and Matsushita, 27). The quality of life has been improving in the country for the past few years but it is mentioned earlier that the trend is temporary and will die out, if not supported by the government. The government is not interested in the development and growth of masses but they are holding their personal and private objectives and goals dearer than its actual job and reason of existing. The people are also in need to have closure about the causalities that took place in the war. The schools and other social places must step forward and farewell the last souls so that their families can more ahead. The focus of agriculture may do the trick as people will have an opportunity to interact with each on a growing basis when the featured line of work becomes a defining industry of Greece. The Greece can also become a main tourist attraction because the industrialization did not the chance to destroy all natural sights whereas; the war-hit zones are supporting pieces of undocumented history. The students of history and tourists may have the opportunity to see the real beauty of Greece and in doing so they may also boost local economy. The Greek economy will in a few annual periods become a privatized setup. The trend is becoming powerful because the government is not doing its much required job in the current times. The taxpayers are getting more and more hopeless as their investment in the government is not giving them attractive returns to say the least. The social inequities are growing at a much faster rate. The population pressure are also increasing because of people are coming back to their home country. The business community is becoming motivated in the direction of saving and keeping what they currently have. The business professionals have to take risks in order to activate the economic cycle in the country. The new product development has to be done but according to Marx’s views, this cannot be achieved without governmental interventions (Cohen, 354). The time when governmental interventions were necessary for economic development is long gone. The international investors are currently investing on the basis of trust and the Greek government’s inadequacies are apparent to the rest of the world. The Marx’s theory of value establishes that a nation should focus of the field where it can create value cheaply. The nation of Greece can do that in the occupation of agriculture which requires the development of rural areas. The private companies have to take charge of the situation. The situation is growing worse as the time is passing and the corporate sector finally has what they can offer to the world. The advertisement is a necessary tool for promoting products and the troubled economy has to promote its agricultural goods and natural scenery of rural areas such as Chios Islands in order to support expansion of tourism industry on the basis of their inexpensiveness. The underdeveloped nations such as Kenya and Utopia will be the names of a few places that can be used as the testing grounds for Greek products (Labrianidis and Hatziprokopiou, 201). The underdeveloped parts of the world do not need high quality items but what do need are less expensive products and Greece can do that after fulfilling the local requirements. In this way, the international economic institutions will also get attracted as the nation will start serving the less fortunate population. The WTO and UNO’s poverty elimination units will mobilize and help the nation in the process of improving upon field of agriculture in rural areas. This development may well mark the initiation of the era when Greece will get out of the war and start the process of real economic development (Sandler and Hartley, 873). The field of agriculture is by all means developing and the population that is returning from nearby areas ultimately has something to direct their attention towards. It is the law of nature that every great thing starts with a small scale and it may be true for Greek agricultural sector that is budding in the rural areas and as a result, supporting growth in architecture industry as well. Recommendations and Suggestions The government of Greece has to step forwards in order to get things straightened up for the agricultural sector that is booming for the time being. The government has to loosen financial policies by lowering the interest rates and it is also required to relax the monetary policy as well. These steps are necessary because they will surely lead to the expansion in the local economy that will in turn lead to enhancement of disposable income for the masses. Additionally, the government is also supposed to develop trade ties with adjacent economies and this can be accomplished through becoming more vocal and prominent at global trade platforms such as WTO and UNO. The international forums are getting more and more important and valuable in terms of policing and managing economic and business activities all over the world. Additionally, the trend of globalization has strengthened their position in the global marketplace even further. The idea of international trade seems impractical without the due involvement of international institutions as world is growingly becoming a society of nations. The nations are also transforming into the organizations that are always looking to develop and polish their competitive advantages in the international marketplace. The developing nations such as China and India have managed to become production hubs for the multinationals that are operating in all parts of the world. The world has finally grown out of the era when nationalism was a defining attribute of human civilization in the past. The notion of nationalism was challenged as the world learned to tolerate each other and the level of global trade buffered the ill-effects of bad blood in the nations. Surprisingly, the nations of America and Russia are doing business in the modern times. The countries like England and Greece are left alone because of their lack flexibility that is importantly needed to survive in the compact version of global village. The effects of war are still hovering over the country and they are no doubt significantly hindering the economic development of the nation as well. The idea of collaborative activity between the corporate and federal sectors is looking like a far cry at this point in time because the former group of people is finding it really hard to trust the bureaucratic system of the nation that has thus far failed to find its footing after the war. The corporate sector is taking on the difficult and daunting task of surviving in the challenging business environment that the global village has on offer for the community. The business community of Greece was looking forward to transforming into an industrialized economy but the plan was disrupted as the war broke out and therefore, the trade got suspended for the indefinite period of time. The war is over and things are expected by the global community to return to normal but it looks like if things are worsening because government is not interested in doing what it is expected to do. The governments all over the world are being known to work for the improvement of life’s quality in the local population. The population of Greece expects the same from its political leadership but it seems that their anticipations are not coming true after all because the government is interested in fulfilling their own private agendas. These agendas are not complementary with those of the public and therefore, there create a conflict of interest between the principles and agents. The responsibility of fulfilling the basic and fundamental needs of the public is performed by the corporate sector of the nation and the greed to earn more and more profit has been known to cause social inequalities to become severe in the featured society. The society is however looking good because the people have recently decided to return to their lands and embrace agriculture once again that trend is causing a significant level of development in rural areas of Chios Island whereas, architecture industry is on the verge of growth because increasing number of homes are required in order to accommodate growth in population. The privatization of the economy is about to take place because people have to make a living and they have decidedly taken a route of crops in order to meet their basic and fundamental needs. The people that are returning back from Ireland and England are also looking to populate their ancestors’ lands. The private business professionals are strongly suggested to introduce Greek products in the international market because the government has no intention to do so in the near future. The Greece is a civilization that has its root in the history and these people have made through thick and thin of times quite bravely. But what they failed to understand is the notion of technology and therefore, they cannot embrace industrialization because it cannot be implemented without an acute level of technological understanding. The agriculture is the ideal field for Greeks because it is still very much free from modern day interventions while, its basic and elementary concepts and tools are comprehendible for a layman. The agriculture is also very demanding and it also requires significant level of courage today. Above all else, the physical strain is tremendous in this line of work and because of this reason; the Greeks are an ideal race for embracing the dying art and science agriculture. The agriculture as a field is considered to be the one that is awfully close to natural systems. The importance and value of water, rain and sunshine is better understood by a farmer because his or her entire investment can be turned into gold or sand depending on the weather alone. The risky field may be the only savior to the dying economy. The youngsters are coming back to join the agriculture because they simply do not have any other thing to do. The fate of a dying economy that is trying to get on its feet with the help of a dying work line depends on the entrepreneurial abilities of the local business professionals. The agricultural products have to be converted into commercialized items in the international market and this has to be done by an industrialist who believes in the power of a seed. Additionally, the growth of agriculture is no doubt going to become a contributing factor in the direction of supporting development in the rural areas as cities are failing to provide the people with much needed bread and butter. The Chios Islands are becoming a powerful entity in the country of Greece because it is housing major proportion of immigrants who repatriated in order to kind a better way of life in the undeveloped rural areas of the country such as Chios Islands (Kondopouloua, Aidona and Hinsbergen, 335). Findings The key findings of the study are as follows: - The population that has left their homes in Greece in order to find peace and better living standards in the nearby economies The war of 1960s played a significant and notable role in stimulating immigration in the featured society The war also hindered economic development of the country The war ended and the mild level of industrialization started to take place in the country but the process was stopped again because the government did not have sufficient level of commitment The tax along with interest rates were off the chart and this trend encouraged the business community to find other sites for production The war also made foreign investors to pull off their investment from the local market The poor literacy rate was also the major contributing cause towards destruction of business environment in the country The local population also failed to understand the value and importance of technology in the modern era of the 21st century The government on the other hand, has not been able to support economic activity that is known to flourish in the relaxed fiscal and monetary policies The government also remained incapable of finding a respectful position for the country in the international arena The involvement of Greece in UNO and WTO remained marginal and shallow over the period of past few years The local business community found other places to do business and abandoned the local market and economy The agriculture sector however, boomed unexpectedly because people who migrated to the adjacent countries started to return to the homeland and rural areas are anticipated to see development in the near future The returnees started to populate their ancestral lands in order to make a living The adjacent economies of England and Ireland were facing economic problems and because of this reason, Greeks decided to return to the home country The problems of mass unemployment and semi-permanent recessions are challenges for the whole world but these issues are more important for the country of Greece currently The idea of economic prosperity can only be converted into a concrete reality by private sector of the country The agricultural field may prove a savior for the country in the long run perspective The theory of economic specialization was not applied by the country Conclusion This paper has reviewed and analyzed the key reasons for Greek economic devolution. The country was no doubt in the early phase of the industrial development when a vicious war hit it in the ages of 1960s. After a few number of years, the war took the form of civil disturbance. The civil disturbance continued in the early 1980s and finally came to an end. By that time, the global world was shaping and the base for globalization was also being plotted. The Greek economy was facing severe labor shortage and therefore, was unable to keep the journey of industrialization steady. The people of the country were living in adjacent nations that until now served them well. The poor fiscal conditions of England and Ireland have pushed Greeks to re-emigrate to the homeland where they are unable to find any jobs in the cities except in the fields of agriculture that were located in the rural areas of the country and there is no doubt that the booming agriculture industry is attracting Greek people from nearby economies but the industry cannot survive and thrive without the support of government and local business community. The current economic conditions of Greece are going to support rehabilitation of rural areas in the local economy. The destiny smiled at mastic growers and that is why, people started to become farmers. As local population grew in number and so did the demand for housing in the area. In this way, developing of agriculture in the area play a significant role in rehabilitation of Chios Island’s architecture industry. The rural areas and nearby historic settlements are no doubt the centers of agricultural activities and therefore, they will be populated by the members of the next generation who are interested in the booming field. Finally, the economic crisis in the cities which is a direct consequence of industrialization’s failure is causing the boom in the field of agriculture. The agricultural activities are housing in the less developed areas of the country such as Chios Islands and therefore, indirectly the crisis in the country is fueling the growth of agriculture which is resulting in the growth of rural areas. In summary, it can be argued that yes, the economic crisis in the cities is supporting developing of rural areas’ Architecture Industry of Greece in general and Chios Islands in particular as the latterly mentioned area remained immune of the partial industrialization and provided the ideal avenue for development of agriculture, repatriates and residential settlements. Ultimately, the study support the fact that economic crisis in urban areas led to the development of rural areas by promoting agriculture in the neglected regions of the country. Works Cited Baron, Robert and Jintong, Tang. "The role of entrepreneurs in firm-level innovation: Joint effects of positive affect, creativity, and environmental dynamism." Journal of Business Venturing 26, 1 (2011): 49–60 Online. Chaisse, Julien and Mitsuo, Matsushita. "Maintaining the WTO's Supremacy in the International Trade Order: A Proposal to Refine and Revise the Role of the Trade Policy Review Mechanism." Journal of Economic Law 16, 1 (2013): 9-36 Online. Cohen, Gerald. "The Labor Theory of Value and the Concept of Exploitation." Philosophy & Public Affairs 8, 4 (1979): 338-360 Online. Fuglsang, Lare, Jon Sundbo and Flemming Sorensen. "Dynamics of experience service innovation: innovation as a guided activity – results from a Danish survey." The Service Industries Journal 31, 5 (2011): 661-677 Online. Gereffi, Gary. "International trade and industrial upgrading in the apparel commodity chain." Journal of International Economics 48, 1 (1999): 37–70 Online. Hutchinson, Joseph. "Erosion and Land Use: The Influence of Agriculture on the Epirus Region of Greece." The Agricultural History Review 17,2 (1969): 85-90 Online. Keating, Michael. "Global best practices, national innovation systems, and tertiary education: a critique of the World Bank's Accelerating Catch–up ." International Journal of Public Policy 8,4 (2012): 251-265 Online. Kondopouloua, Denis, Aidona, Sen, Hinsbergen, Douwe and Koufosd, John. "Rotation history of Chios Island, Greece since the Middle Miocene." Journal of Geodynamics 51,5 (2011): 327–338 Online. Konstantinova, Elizabeth and Andra Timu. "Bloomberg: EU Urges Romania, Bulgaria to Strengthen Fight Against Graft Retrieved from http://www.novinite.com/view_news.php?id=157469#sthash.kDdAMFd3.dpuf." Sofia News Agency on 22 Jan 2014 Online. Labrianidis, Lois and Panos Hatziprokopiou. "Migrant Entrepreneurship in Greece: Diversity of Pathways for Emerging Ethnic Business Communities in Thessaloniki." Journal of International Migration and Integration 11, 2 (2010): 193-217 Online. Lianos, Theodore and Jennifer Cavounidis. "Immigrant Remittances, Stability of Employment and Relative Deprivation." International Migration 48,5 (2010): 118–141 Online. Livanos, Ilias. "The relationship between higher education and labour market in Greece: the weakest link?" Higher Education 60,5 (2010): 473-489 Online. Oakey, Ray. "British University Science Parks and High Technology Small Firms: A Comment on the Potential for Sustained Industrial Growth." International Small Business Journal 4,1 (1985): 58-67 Online. Peck, Scott. The Road Less Traveled: A New Psychology of Love, Traditional Values, and Spiritual Growth. 1979: Simon & Schuster, 2005 Online. Pyrovetsi, Myrto and Daoutopoulos. "Contrasts in conservation attitudes and agricultural practices between farmers operating in wetlands and a plain in Macedonia, Greece." Environmental Conservation 1,1 (1997): 76-82 Online. Sandler, Todd and Keith Hartley. "Economics of Alliances: The Lessons for Collective Action." Journal of Economic Literature 39, 3 (2001): 869-896 Online. Spanos, Yiannis, George Zaralis and Spyros Lioukas. "Strategy and industry effects on profitability: evidence from Greece." Strategic Management Journal 25, 2 (2004): 139–165 Online. Tsani, Stela. "Energy consumption and economic growth: A causality analysis for Greece." Energy Economics 32, 3 (2010): 582–590 Online. Vamvoukas, George. "The twin deficits phenomenon: evidence from Greece." Applied Economics 31, 9 (1999): 1093-110 Online . Vernon, Raymond. "International Investment and International Trade in the Product Cycle." The Quarterly Journal of Economics 80, 2 (1966): 190-207 Online. Read More