Morality, institutions and the wealth of nations: Some lessons from ancient Greece

The character and the morality of citizens are important for prosperity because they go hand in hand with the great institutions of private property, democracy, and free markets. We establish this result by reference to the city-states of Athens and Sparta during the period 490-338 BC. Consequently, we conclude, countries in search of policies to escape from the trap of poverty should not only try to emulate the institutions of economically advanced countries but furthermore they should set up educational systems to infuse into the value systems of their citizens' compatible “ethos”.