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December 04, 2017

Comments

Tom Grey

Partly excellent, partly Bah!
"After WW2 came what Perez calls a golden age of broad economic growth and prosperity." Maybe in the USA, but in China, especially, but also other countries there was the Cultural Revolution and The Great Leap Forward, murdering millions. See great note about China recently:
http://conversableeconomist.blogspot.sk/2017/12/do-you-rejoice-for-china.html

This is already doing far more Full Global Development, and the failure to note it as such makes me suspicious there is a bigger desire for more gov't power, rather than better lives for millions.

" the public sector has to lead the way back after the major bubble collapses."
This is NOT my reading of history, not at all. And when I look at Cuba or, more recently Venezuela and even Detroit or Puerto Rico, what I see is the public sector being far more part of the problem than part of the solution. Hoover's more activist gov't in 1930-32 failed, and FDR, with similar big-gov't spending, also failed 1933-1940. Until WW II provided lots of employment.

Hong Kong & Singapore had less gov't interference in their economies, and good results. In China's catch-up economy for the last 30 years, the gov't HAS been taking a strong role which has been positive; tho neither democratic nor without a huge increase in gov't leader wealth and corruption.

The 2008 financial crisis, where the US gov't leaders bailed out the super rich from their rocket-scientist based (bad) risk adjusted failed MBS investments. "Capitalism" can't work if those who make bad investments get bailed out from the gov't -- this bailout was based exactly on words like the ones above, since it "was a concerted effort by many government and business leaders to create a unified, prosperous, long-lasting recovery". So they said.

The results, not words, should be most closely examined. Trump, whom the over-rich elite call a demagogue, seems to be having far better job-creating results than Obama did or HR Clinton would have been expected to.

I sure like low cost ICT.
Sustainable growth is measurable - thru profit. Non-subsidized companies willing and able to make profits. More home ownership for married households is also important, as is the undiscussed need to increase marriages and birth rates from married couples rather than singles.

Finally, "Consensus-building" is pretty inconsistent in the real world with "bold measures". Sort of like asking or expecting big gov't socialism to work.

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