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 as Bermuda, Monaco, and the Cayman Islands
But here’s a video, produced by the folks at The Fund for American Studies, that identifies an even more impressive economic miracle.
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 growth can 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.