The commentary first thing Monday morning was how Asian markets had risen on the back of the Greek election results. Hong Kong, Tokyo, Mumbai, were all trading up on relief that the euro as it currently stands had been given a stay of execution, because the party with the most votes back in Athens was “pro-austerity.”

That fact reflects globalization and inter-connections in financial markets as much as anything, as well as the importance of the euro to world economic stability. The Greek economy represents less than 2 percent of the EU economy, hardly a significant share of world output, and yet developments there are influencing events around the world. The heirs to the creators of modern civil society should be proud.

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