The Rise of Radical Socialism
The best thing that could happen to Europe right now is:
- an orderly retreat from the common currency;
- a massive program for well-organized, phased-in privatizations of large government programs, coupled with appropriate deregulations; and
- substantial tax cuts proportionate to the spending cuts resulting from privatization.
Such a program would generate GDP growth and job creation of a sort Europe has not seen since at least the rebuilding of the continent after World War II. Sadly, it does not look like Europe is heading in the libertarian direction. On the contrary, the next wave in the continent’s political life is radical socialism.
That is the only thing more worrying for Europe’s future than a continuation of statist austerity. Radical socialism means restoring government spending to the promises that were made when the welfare states were built, as well as raising taxes accordingly to pay for those spending programs.
Put simply, the radical socialists are trying to…
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