Abstract
Since the early 1980s, nearly all states have undergone radical changes in the way in which they conduct their economic policies. Capital controls have been lifted, tax rates have been simplified and harmonized, pressure has been exerted to minimize the size of the government’s budget deficit, and price stability has obtained a new status in the policy pantheon. Even social democratic countries — which have been able to maintain very high employment levels throughout the postwar period — have undergone radical changes in their policy mixes. The result has been that these countries, like most in Europe, have experienced postwar record high unemployment levels.
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