Dear Spengler,
I just became prime minister of Italy, and our economy has a minor problem: it is disappearing. Only 10 years ago we accounted for almost 5% of world trade, but we are losing market share to Asia, and our share of world trade has fallen to barely half that level. Our family firms are disappearing because Italians lack entrepreneurial spirit. Why, every factory manager still goes home to his mother's for lunch! China can make a slightly inferior but much cheaper version of anything our factories can produce. What should I do?
Romano in Rome
Dear Spengler,
Remember me, the chief executive officer of the world's only hyperpower? Last November you told me to sit tight and not do anything. Since then my approval rating has fallen from 37% to 31%, and things are getting worse by the week. Sounds like you gave me some pretty bad advice. What do you have to say now?
Worried in Washington
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