The Crisis of Democratic Capitalism by Martin Wolf;

Author:Martin Wolf; [Wolf, Martin]
Language: eng
Format: epub
Publisher: Penguin Random House LLC
Published: 2023-02-07T00:00:00+00:00

The US does have the most productive economy in this group of countries. There are many reasons for this, apart from the modest tax burden: size of the market; entrepreneurial culture; quality of higher-education institutions; and, until recently, openness to the world’s talent. These qualities offset some of its failures, including a relatively poorly educated domestic labor force. The United Nations Development Program has for a long time published a Human Development Index, which weights together gross national income (GNI) per head, life expectancy, and years of education. On this, the US comes 17th, behind most of the countries in figure 47 (the exceptions being South Korea, Spain, and Italy, in that order, with Taiwan excluded for not being a sovereign country). The US is 10th in GNI per head, behind only a few small countries (including oil-rich ones). It is ranked 38th in life expectancy, which is appalling, given its wealth and resources, and 28th in expected years of schooling, which is remarkably poor, too.[133] A low tax ratio seems a poor bargain if it comes with poor health and education services for a sizable portion of the population, as well as high inequality. True, for most of the world the US remains a paradise. But that says more about the rest of the world than about the relative condition of the US among high-income countries.

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