Societies in which the official unemployment rate stands at 10% or more for generations are societies in which government economic management has failed. So, for 20 years it has seemed to me that Western Europe’s underlying political equilibrium – corporatist bargaining and ample social insurance, on the one hand, and tight monetary policies, on the other – must crack.
连续好几代人的官方失业率都维持在10%或更高的社会是政府的经济管理失败的社会。因此，似乎西欧20年以来根本的政治平衡—一边是社团主义者的讨价还价和充足的社会保障，另一边使紧缩的货币政策—必然破裂。