Under Chinese Control, Greek Port Thrives

CNBC ^ | October 10, 2012 | The New York Times

[ExxonPatrolUs]

The cargo volume here is three times the level it was two years ago, before Fu Cheng Qiu was put in charge by his employer, Cosco, a global shipping giant owned by the Chinese government. In a 2010 deal that put 500 million euros ($647 million) into the coffers of Greece’s cash-starved government, Cosco leased half of the port of Piraeus and quickly converted a business that had languished as a Greek state-run enterprise into a hotbed of productivity. The other half of the port is still run by Greece. And the fact that its business lags behind Cosco’s is emblematic of the entrenched labor rules and relatively high wages — for those lucky enough to still have jobs — that have stifled the country’s economic growth. In many ways, the top-to-bottom overhaul that Cosco is imposing is what Greece as a whole must aspire to if it is ever to restore competitiveness to its recession-sapped economy, make a dent in its 24 percent unemployment rate and avoid being dependent on its European neighbors for years to come. (snip)

[knarf]

Say what you will, Asians have a work ethic.

[Democrat_media]

It's not about race.

China was backward 30 years ago, 99% of people living as they did 1000 years ago. So these Asians weren't successful economically because they were under socialism . It was only when they switched to capitalism that China became successful economically. It was only after China allowed PRIVATE busineses to do business in China that china now produces everything.

[JerseyHighlander]

” In many ways, the top-to-bottom overhaul that Cosco is imposing is what Greece as a whole must aspire to if it is ever to restore competitiveness to its recession-sapped economy, make a dent in its 24 percent unemployment rate and avoid being dependent on its European neighbors for years to come.”

I say the opposite result will occur in the short and mid term, increased productivity will increase unemployment in Greece for many years to come still.

[Democrat_media]

It's not about race.It's that capitalism is better than socialism.

China was backward 30 years ago, 99% of people living as they did 1000 years ago. So these Asians weren't successful economically because they were under socialism . It was only when they switched to capitalism that China became successful economically. It was only after China allowed PRIVATE businesses to do business in China that china now produces everything.

[knarf]

I agree.
I state only that, as a culture .. they work hard and long hours and they have all this tradition built into their psyche's.

That's not to say Asians are better or worse ... just that they are a different work ethic/culture.

Capitalism only re-directed what was already there.

I remember AMWAY attempting to tap the China market back in the 90's.

[Democrat_media]

Yeah the North Korean Asians are so productive.

[The Antiyuppie]

Well, that’s what happens when capitalism meets socialism. Of course, these roles are completely reversed from what they were 40 years ago...no one would believe this article if you took it back through a time machine.

[knarf]

[Democrat_media]

Yeah that was China decades ago under socialism. they were as backward then as n korea is now. Asian culture , race has nothing to do with it , it's that capitalism works and socialism doesn't.

now china is rising because of capitalism (Private ownership) .

If you have a constitution that protects individual and property rights and limits government then most nations will succeed no matter the culture or race.