October 23, 2021

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American Renaissance has begun | Business Standard Column




In 1982, the economist Mancur Olson set out to explain a paradox. West Germany and Japan endured widespread devastation during World War II, yet in the years after the war both countries experienced miraculous economic growth. Britain, on the other hand, emerged victorious from the war, with its institutions more intact, and yet it immediately entered a period of slow economic growth that left it lagging other European democracies. What happened?

In his book The Rise and Decline of Nations, Olson concluded that Germany and Japan enjoyed explosive growth precisely because their old …





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