Megachange by Franklin D. Andrews John & John Andrews

Author:Franklin, D., Andrews, John & John Andrews
Language: eng
Format: epub, mobi
Publisher: John Wiley & Sons
Published: 2012-02-17T16:00:00+00:00

The case against fiscal fatalism

Do the public finances really have to reach such a pass? When looking forward it helps to look back as well. Compare government spending today as a share of GDP with where it stood a century ago and you might conclude that it is on an inexorable upward trajectory. But that comparison between the two points in time frightens to deceive. In between, governments have shown that they can get a grip on spending when it threatens to get out of control (see box and Figure 10.2).

FIG 10.2 Hooked on spending

Sources: Vito Tanzi and Ludger Schuknecht; IMF; OECD

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