"Moderation, which consists in indifference about little things, and in a prudent and well-proportioned zeal about things of importance, can proceed from nothing but true knowledge, which has its foundation in self-acquaintance." ~ Plato
If Plato (428-348 BC), the great Greek "Philosopher King" himself, were living today, he would likely cite the current financial crisis in Greece as a stark example of why philosophers should be kings.
In his best known writing, The Republic, Plato theorized a society divided into three classes of people: rulers, soldiers, and tradespeople. The rulers (kings) were philosophers because of their altruistic nature and their promotion of the greater good as opposed to perpetual self-promotion and physical world pursuits. Plato argues, "Pleasures which are approved of by the lover of wisdom and reason are the truest." Of course, Plato does not include pursuits of money, material wealth or social status as "pleasures."Politicians are highly susceptible to the human tendency to corruption of power; therefore, ruling should be left to philosophers, the most just and the least susceptible to corruption.
"Excess generally causes reaction, and produces a change in the opposite direction." ~ Plato
The general boom and bust cycles of financial markets are largely a function of human nature. Greed and lust for power are simply unavoidable. Even the practice of moderation, central to the teachings of Plato, his mentor Socrates and Plato's contemporary, Aristotle, while a high virtue, would not prevent the inevitability of financial crises, which are manifestations of unstoppable human nature. Moderation would likely slow the boom and bust cycles of financial markets, and perhaps make the peaks and troughs less severe; however, moderation would still produce a deceptive complacency, which is an environment ripe for greed.
"One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors." ~ Plato
Born to aristocracy and an influential family, and having been well-educated, Plato could have easily been a politician, a highly desirable social position in ancient Greece. His disillusionment from politics, however, was sealed by witnessing the death of his beloved mentor, Socrates, who was forced to denounce his philosophies or drink the deadly hemlock. Fortunately, for the generations of the world to follow him, Plato, instead of becoming a politician, became a philosopher and teacher and founded the first institution of higher learning in the Western world, the Academy, in Athens.
In conclusion, if Plato were alive today, he would not likely condemn the people of Greece or even their Prime Minister, George Papandreou, but rather use this financial crisis as a teachable moment -- to teach and remind his pupils and the world that human nature is inevitable and can be quite destructive; however, it is up to each individual to seek their own truth by virtue of the greatest of all forms of knowledge -- the highest returning investment -- self-knowledge.
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