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Antonis Kamaras: The tragedy and last minute triumph of the Greek commons

The tragedy of the commons ‘denotes a situation where individuals acting independently and rationally according to each’s self-interest behave contrary to the best interests of the whole group by depleting some common resource’. This article will make two points. First, that Greece coming so close to exit from the Eurozone, reflects typical ‘tragedy of the commons’ dynamics. Second, that the near certainty of euro exit, catalyzed by the resounding ‘no’ of the referendum and the referendum-induced imposition of capital controls, has potentially transformed a tragedy to a last  minute triumph of the ‘Greek commons’.

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