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Oliver Sutton

Daniel Hannan On Austrian Economics

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http://blogs.telegra...-doing-so-well/

Socialists been in power for all but four of the last 43 years. Railways and utilities all in public ownership. Strong trade unions and universal health care.

Must be a basket case economy.

Cognitive dissonance for the right wingers.

Austria has most of the attributes we associate with economic sclerosis. It is a classic 'cartel democracy', in which the two big parties – the Reds and the Blacks – scrabble to find public sector positions for their supporters. The economy is run on corporatist lines, with ministers mediating deals between the employers' federation and the trade unions. Taxes are high – 44 per cent of GDP – and the state payroll is swollen, even by EU standards. Employment and social regulations are burdensome: Austria is the third most expensive place in the OECD to hire someone.

And yet – there's no getting around it – the Alpine republic is flourishing. Growth is respectable, unemployment is below five per cent, the quality of life excellent, and income per head the second-highest in the Euro-zone after Luxembourg. What, I ask myself, am I missing

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Guest eight

Austria is another germany isnt it? Benefits from euro in the same way, has experienced wage surpression for the last 10 years and high productivity.

Judging by the amount of media exposure they get I wouldn't be surprised to hear that Red Bull accounts for 50% of the Austrian economy.

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Made funny speech lambasting Labour policy....

Hannan is a smug tw@t, whose job it is to be a burden the UK taxpayer just as is Farage.

MEP is a nice job if you can get it. Pointless, but it pays well.

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The comments suggest that being next to a bunch of ex-communist countries, that Austria has benefited greatly from their economic progress and the open border.

Makes sense. Bratislava is boom time these days and it's just a short hop away from Vienna, now there's no wall in the way.

Aside from Maggie there have been socialists in power here for ~50 years too, btw. :lol:

Edited by EUBanana

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Don't tell me the leftists have found a new data point. Something for them to bring up every time they have been thoroughly beaten in a debate. Look! Look at Norway and Somalia!! You may have conclusively won the argument, but I can point to these two places and wrongly claim that this proves socialism is fantastic. And so on.

Give it up. Socialism has been tried over and over and over again and it always creates misery.

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What, I ask myself, am I missing?

GDP PER CAPITA:

1 Luxembourg 107,206

2 Qatar 99,731

3 Norway 99,462

4 Switzerland 79,033

5 Australia 67,723

6 United Arab Emirates 64,840

7 Denmark 56,202

8 Sweden 55,158

9 Canada 52,232

10 Singapore 51,162

11 United States 49,922

12 Austria 47,083 2012

13 Japan 46,736 2012

14 Netherlands 46,142 2012

15 Finland 46,098 2012

16 Ireland 45,888 2012

17 Kuwait 45,824 2012

18 Belgium 43,686 2012

19 Iceland 41,740 2012

20 Brunei 41,703 2012

21 Germany 41,513 2012

22 France 41,141 2012

23 United Kingdom 38,589 2012

24 New Zealand 38,222 2012

— Hong Kong 36,667 2012

25 Italy 33,115 2012

All socialism is baadd mkayy!

Well in some instances it is, but what the above says to me is that if you are going to deploy an 'ism' it needs to be the one that works for you, not just blindly copying selective polices from your mates over the pond.

Obviously pre 2008 these rankings would have been a lot different, but it clearly shows that decades of NeoLiberalism/crony capitalism hasn't done the UK any favours.

Edited by PopGun

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What I beginning to wonder is, maybe because the German economy was crippled by its overvalued eurozone entry for 10 years, a lot of German investment may have gone to the other German speaking countries, amplifying the economic advantage they had already been gifted by their more advantageous euro entr rates. it seems like the Netherlands may have just been a bubble, so maybe Austria is next. Just speculation of course. There has been a lot of german emmigration to Austria in the last 10 years though.

Incidently, i am really shocked by all the corruption scandals in Austria. i had always used to assume they had a clean system.

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Hannan is a smug tw@t,

Even if he is (which I can neither confirm nor deny), how is this any different from Brown, Bliar, Camoron, Osborne, Hague etc etc?

Edited by Errol

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What I beginning to wonder is, maybe because the German economy was crippled by its overvalued eurozone entry for 10 years, a lot of German investment may have gone to the other German speaking countries, amplifying the economic advantage they had already been gifted by their more advantageous euro entr rates. it seems like the Netherlands may have just been a bubble, so maybe Austria is next. Just speculation of course. There has been a lot of german emmigration to Austria in the last 10 years though.

Incidently, i am really shocked by all the corruption scandals in Austria. i had always used to assume they had a clean system.

Nearly all the scandals have, thankfully, just involved the far right.

That's why their vote collapsed in recent elections.

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And yet 3 of Austrias biggest banks are under pressure , which was why they were downgraded

http://www.economist.com/node/21543158

you're missing ...that its all on tick ...like the rest of us

Hardly.

Household debt as percent of GDP

1999 72%

2010 87%

UK

1999 109%

2010 157%

http://www.oecd-ilibrary.org/sites/factbook-2013-en/03/03/02/index.html?contentType=&itemId=/content/chapter/factbook-2013-28-en&containerItemId=/content/serial/18147364&accessItemIds=&mimeType=text/html

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[/size]

Lot less than the UK if PFIs included.

Deficit only 2.9%.

Such a success to only be going bust at such a low rate, they could take as long as 40 years to go over the cliff :lol::lol::lol:

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Even if he is (which I can neither confirm nor deny), how is this any different from Brown, Bliar, Camoron, Osborne, Hague etc etc?

It isn't as far as having a public position to twaddle and orate from, but his position has no effect on the running of the country, whereas you man does.

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For me that's the crucial point - too much private debt.

The "-ism" doesn't really matter, except in its ability to distribute the profits of the lending and the costs of the borrowing.

+111

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  • 243 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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