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The big thing that happened in the early to mid-90s was the last big discussion about political economy. Roughly speaking we went for endogenous growth, for flexible labour markets and the financial sector, and that was considered modern. The book that I wrote at that time was arguing that the German system – which had worker representation on boards, very strong vocational training, regional banks, very strong federal forms of democratic government – was actually better suited to globalisation because it preserved knowledge, trust, institutions, skills … Now, I think the results of our experiment are in and we really got it wrong. (en) |
