I would venture a prediction: five or ten years hence, we will conclude that the countries that recovered most strongly and durably from the 2007-09 recession were those whose economies were the most flexible, the most able to seek out new opportunities and to shift resources from dud old sectors to new ones - which means more liberal countries, such as Britain and America. Over-regulated Europe will feel obliged again to shuffle in a liberal direction. Japan got stuck in its 1990s stagnation because its economy proved too rigid. That is the case for liberalism: not that markets are always right, but that they are a system of constant experimentation and adaptation that governments thwart at their countries' peril.
Thursday, August 13, 2009
La ripresa darà ragione alla Thatcher
La predizione di Bill Emmot, sul Times, mi sembra verosimile: