Recent years have seen a strengthening dominance of politics over individual and commercial decision-making. This is readily evident in the growth of regulations and government spending increasing from under 20 per cent of the economy a century ago to around (and over) 50 per cent today.
Within democracies, these developments are due to electorates demanding income redistributions and tolerating increased national debt – oblivious to the adverse effects on their own future living standards.
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