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A particularly interesting case is that of Germany and France, which in 1945 found themselves with public debts of around two years’ worth (200 percent) of GDP, levels even higher than Greece or Italy today. By the early 1950s those debts had fallen to less than 30 percent of GDP. Obviously, such a…

Partly due to intensified competition between countries, national governments have focused more and more on the most mobile taxpayers (highly skilled and globalized workers, owners of capital) at the expense of groups perceived as captive (the working and middle classes). This pertains to a whole s…

The saddest thing about the European crisis is the determination of today’s leaders to present their policies as the only ones possible, and the fear they feel when any political shock looks likely to disturb this happy equilibrium.