The days of the great debate between communism and capitalism ended in 1989 with the fall of the Berlin Wall. Even our more anaemic domestic debates between welfare state Labour and free enterprise Conservatives became small beer as both parties pitched for the centre ground. But the recession has pushed sharp economic disagreements back onto the agenda.rnOn the one hand, the American administration has sharply increased deficit spending, raising the US deficit to 13 per cent of GDP, and sent US public debt up toward 100 per cent of GDP. UK measures will raise the deficit to 12 per cent of GDP and the public debt ratio to 80 per cent. Similar steps have been taken in Japan (where the public debt ratio will approach 200 per cent).
展开▼
