Neil Reynolds comments on the financial collapse of the European welfare state.
Democracies produced Nazi Germany and Fascist Italy, fulfilling the expectation of Socrates and Machiavelli that democracies end in tyranny. Now democracies are fulfilling the complementary expectation of Nobel laureate economist Milton Friedman that democracies end in bankruptcy. Put a democracy in charge of the Sahara, Mr. Friedman once said, and sand itself will become scarce. Democracies are indeed profligate trustees â€“ or have been for the past 30 or 40 years. Mr. Friedmanâ€™s primary fret, though, was the tendency of democracy to centralize political and economic power in the same hands. Most critiques of democracy reflect this elemental distrust. â€œDemocracy is two wolves and a lamb,â€ Benjamin Franklin reputedly said, â€œvoting on what to have for lunch.â€
A must read article.