(November 6, 2019 at 1:46 am)Deesse23 Wrote:I was pointing out that entire world economy experienced abnormally low growth because of 2008 crisis including China.(November 5, 2019 at 9:42 pm)Dmitry1983 Wrote: https://en.wikipedia.org/wiki/Financial_..._2007–2008Linking me the wiki article of the whole fucking financial crisis od 2007-2008?
Quote:I was making a claim that Europe's low growth is caused by extremely expensive social programs. China spends less on social programs and as result it's economy grows faster.(November 5, 2019 at 9:42 pm)Dmitry1983 Wrote: Still much higher than in developed countries....which i never disputed. You were the one making a claim.
Quote:Try to google "Wirtschaftswunder".
Quote:a lasting period of low inflation and rapid industrial growth was overseen by the government led by West German Chancellor Konrad Adenauer and his Minister of Economics, Ludwig Erhard, who went down in history as the "father of the German economic miracle
Quote:In the first free elections following the Nazi era, Erhard stood for election in a Baden-Württemberg district and was elected. He was appointed Minister for Economic Affairs, a position he would hold for the next 14 years; from 1957 to 1963 he was also the second Vice-Chancellor of Germany.
A staunch believer in economic liberalism, Erhard joined the Mont Pelerin Society in 1950, and used this influential body of liberal economic and political thinkers to test his ideas for the reorganization of the West German economy.
Quote:At the same time, the government, following Erhard's advice, cut taxes sharply on moderate incomes. Walter Heller, a young economist with the U.S. occupation forces who was later to become chairman of President Kennedy's Council of Economic Advisers, wrote in 1949 that to "remove the repressive effect of extremely high rates, Military Government Law No. 64 cut a wide swath across the German tax system at the time of the currency reform." Individual income tax rates, in particular, fell dramatically. Previously the tax rate on any income over 6,000 Deutschmark had been 95 percent. After tax reform, this 95 percent rate applied only to annual incomes above 250,000 Deutschmark. For the West German with an annual income of about 2,400 Deutschmark in 1950, the marginal tax rate fell from 85 percent to 18 percent.