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The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

- Zanny Minton Beddoes
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Author:
Zanny Minton Beddoes
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Growth
Discipline
World
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The former West Germany was a semi-sovereign political pygmy, protected by America's military might and with barely any foreign policy of its own. As a result, the country has no machinery or tradition of strategic thinking, and most Germans are loth to see their government take the lead.

Classic English liberalism of the sort that 'The Economist' was founded to champion and still espouses is about open societies and free markets.

The impact of a minimum wage depends on how high it is to average wages. If you have too high a minimum wage, it will hurt job creation, and you will have negative job effects.

Regional currencies will prove the best route to reconciling the economic imperatives of increasing international capital mobility with the political realities of the nation-state.

Developing countries have much to gain from capital mobility: the ability to tap external sources of finance, greater financial efficiency from deeper stock and bond markets, and technology transfer and know-how from foreign direct investment.

Governments need to lay out a credible path to reducing their deficits in the medium term, but without excessively enfeebling an already weak recovery. That means raising retirement ages and overhauling pensions; putting in place the budget rules and institutions that will curb future profligacy; and favouring spending cuts over tax increases.

I care about waking up to the true issues of the 21st century: inequality, diversity, and the impact of tech.

America should do more to fix the still-festering housing crisis and overhaul its training schemes so that high joblessness does not become entrenched. Hunkering down for austerity is not enough. The rich world needs a strategy for growth.

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The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.

The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.