Are free markets history?
Governments are jettisoning the principles that made the world rich. Homeland economics will be tough to restrain. People enjoy spending other people’s money. As government budgets get bigger, the special interests that feed on them will grow in size and influence. It is harder to withdraw protection and handouts than to grant them—particularly with more elderly voters, who have less of a stake in economic growth. Anyone doe-eyed about the arc of history bending towards progress should remember that a century ago Argentina was about as rich as Switzerland.
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