Here is a parlour game of political identification.
Start with country A. It boasts a free-trade policy to make it one of the world’s most open economies. A run of budget surpluses has wiped out its national debt. It has a privatised pensions system and education vouchers that allow the affluent to top up state provision. Fiscal responsibility is enshrined in law.
Now consider country B, a similar-sized emerging economy. It takes pride in an aggressive anti-poverty campaign. The proportion of young people attending university has quadrupled. Public health provision has brought strong gains in life expectancy. The state guarantees a minimum income for the elderly. A publicly owned bank is mitigating the effects of the credit crunch.
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