France is proposing 2 austerity budgets to keep its coveted AAA credit rating. Italy is forming a new government. Though a member of the group of 7, it is being monitored by the IMF. In Greece there’s been political turmoil for months. A new government is being ushered in amid public sector wages being cut.
Germany alone is on track to balance its budget by 2016. What is different?
England is the technical home of modern capitalism. But almost simultaneously it developed in Germany and the United States — and by the way, also Japan. Those four countries have the stock markets that are followed in the history books. That is why it’s so hard for other countries to adopt the same kind of capitalism. It’s indigenous only in those places.