Ahead of the crisis public investment in the advanced economies had fallen to levels that put it below that in low income countries as a share of GDP! IMF Fiscal Monitor. https://t.co/C6jbA8P26k pic.twitter.com/thhRstdv8U— Adam Tooze (@adam_tooze) April 20, 2020
From Jeffrey Sachs (in the New Yorker):
Nobody here has viewed government as actually very functional for a long time, and not because it couldn’t be. It has been increasingly designed to fail. Specifically, it’s been designed to respond to powerful lobbies that want deregulation or tax cuts or some special privileges rather than to function in a normal way.
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