Excessive government deficits
With the rise of China and other countries, the West has lost a significant measure of its competitiveness. This is increasingly holding back economic growth. It should now be clear that the West has only one effective response to all this. This is to ensure that all manner of products are invented and manufactured in the West which the rest of the world lacks the capacity to produce. Productivity must also be significantly increased. Numerous reports have been written on this subject, including by Mario Draghi, but they all essentially boil down to the same thing: much more must be spent on improving the training of the workforce, on research and development, and on upgrading infrastructure. Entrepreneurs must also be given...
