Destructive Creation; Austerity  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 401 no. 8759 (Nov. 2011), page 6-8.
Topik: Politics; Economic Reform
Fulltext: Destructive creation.pdf (45.81KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.69 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Next to quelling the crisis, the single most important task facing Europe's economies is to grow, because only then will they eventually be able to pay off their debts. In order to do that, they need to improve their competitiveness. And the best route to improved competitiveness is to streamline the public sector and overhaul the markets for labour and services. Yet Europe has failed for many years to accomplish just such structural reforms. The economic logic for change is unanswerable. But the politics is grim. Across Europe, business is held back by bureaucracy. Powerful interest groups are protected at the expense of everyone else. How might reform work? Again, consider Spain. Reform there should stand a good chance. The country has done well out of EU membership. After it joined in 1986, incomes caught up with the rest of the union. Its large exporters have remained an island of efficiency, as competitive as any in Europe. Spain recently signalled its commitment to the euro zone by writing a cap on future deficits into the constitution.

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