Where the USA’s economic success come from?

Where the USA’s economic success come from?

An Amazing Story of Economic Success

I’ve written before about the remarkable vitality of Hong Kong and Singapore, two jurisdictions that deserve praise for small government and free markets.

Monaco T

Pretending to be a jet-setter in Monaco

I have also praised Switzerland because of policies such as genuine federalism and financial privacy, and it goes without saying that I admire tax havens such asBermuda, Monaco, and the Cayman Islands

I’m a big fan of Estonia, which has made big strides thanks to the flat tax and other free market reforms.

Australia also is one of my favorite nations, in part because of its privatized Social Security system.

Even Canada and Sweden have earned my praise for recent economic reforms.

But here’s a video, produced by the folks at The Fund for American Studies, that identifies an even more impressive economic miracle.

How Nations Succeed: What’s the Secret to Ending Poverty?

Published on May 1, 2013

http://www.TFAS.org/HowNationsSucceed Find out how one nation rose from poverty to unprecedented wealth in just a few generations in this eye-opening web video from The Fund for American Studies. The video raises the question: Will the United States continue to progress and innovate, or will big government stifle economic growth and innovation? Narrated by economist Michael Cox, the video comes during a time of economic uncertainty and calls on viewers like you to decide which path is best for the country.

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I did guess the country in the video, but only a few seconds before the narrator spilled the beans. My excuse is that I watched early on Sunday morning, when civilized people should still be asleep.

But allow me to atone for my slowness by adding a very important point about growth. The country in the video became successful because it enjoyed a very long period of decent growth. But that has recently changed for the worse.

And things got worse when statists were in power, as even the Washington Post has acknowledged.

The lesson to be learned is that even small differences in growthcan make a big difference over time.

By some measures, Hong Kong and Singapore are now richer than the United States. The simple reason is that those jurisdictions have been enjoying 5 percent-plus growth for decades while the United States economy has struggled to achieve 3 percent growth.

Then again, the United States is more prosperous than most European nations, though that may be an example of damning with faint praise.

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