By R. Hannesson
Why is it that govt debt within the constructed international has risen to global warfare proportions in a time of peace? this may mostly be attributed to governments retaining welfare charges past what tax sales permit. yet will those governments chorus from doing what's precious for fiscal progress for worry of wasting their citizens?
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Extra info for Debt, Democracy and the Welfare State: Are Modern Democracies Living on Borrowed Time and Money?
3 Lloyd George, then chancellor of the exchequer, traveled to Germany in the summer of 1908 to study the German social insurance system. There is little doubt that British politicians and industrialists promoted social insurance in the Bismarckian fashion in response to the challenge arising from the general enfranchising of men in 1885 and the rise of the labor movement. According to the historian Bentley B. Gilbert, “[S]ome manufacturers ... 4 “National insurance was the Liberal response to the threat of socialism.
No one presumably goes into these businesses unless expecting to earn what it would be possible to earn in an alternative occupation. Theaters and concert halls are often owned and operated by private firms, but the high and rising cost of the performances typically brings forward government support of various kinds, without which these institutions would likely wither and die. Maybe we can do without actors and musicians on stage (after all, we have television and video), but what about education and health services?
Debt began to be accumulated in the late 1970s and has continued in that vein after that, with few exceptions. The debt buildup accelerated after the financial crisis in 2008. The United States also departs from the typical rich country scenario. Economic growth was not much higher in the 1950s and 1960s than in later years. Government expenditure has increased substantially since 1950, from about 20 percent of GDP to more than 40 percent in recent years, even if it has fallen in some subperiods.
Debt, Democracy and the Welfare State: Are Modern Democracies Living on Borrowed Time and Money? by R. Hannesson