Economic situation

Structural reforms and degrees of economic freedom

Every time a country is financially troubled, those who have to reluctantly chip in for its rescue are quick to prescribe “structural reforms” as the cure to all ailments. The problem however is that neither can they spell out what these reforms consist of, beyond vague statements on tax or labour market reform, nor how … Continued

Globalization in reverse?

The second half of the past century witnessed what seemed to be the unstoppable march of globalization. However, contrary to all expectations, global trade has recently lost steam and even reversed: Source: WTO In our view, the reason for this slowdown lies in asymmetric interests at both an international and domestic level. Firstly, on trade … Continued