by Jim Rose in applied price theory, applied welfare economics, currency unions, economic growth, economics of bureaucracy, economics of regulation, Euro crisis, health and safety, income redistribution, industrial organisation, labour economics, law and economics, minimum wage, occupational regulation, property rights, Public Choice, rentseeking, survivor principle, unions, welfare reform Tags: cost of doing business, Eurosclerosis, Greece, Italy, PIGS, Portugal, Spain

Figure 1: Doing Business rankings, PIGS, 2014

Source: World Bank Doing Business 2015.

All in all, Italy and Greece are a dog of a place to enforce a contract. The long-suffering taxpayer is better off paying taxes in Greece than in Italy! Not surprisingly, trading across borders is the greatest strength in doing business in the PIGS. The European Union does have some benefits.

Figure 2: Doing Business rankings, Greece and Italy, 2014

Source: World Bank Doing Business 2015.

All in all, Italy and Greece are equally bad places to do business and Italy is much worse when it comes to taxes. About the only saving graces of Italy is the registration of property and the protection of minority interests in companies.

Figure 3: Doing Business rankings, Spain and Portugal, 2014

Source: World Bank Doing Business 2015.

Spain and in particular Portugal are much better places to do business than Italy and Greece.