The real competitiveness trap

Throughout the developed world, you hear the same anxious story. From Brussels to Washington, political and business leaders warn that our economies have grown uncompetitive because wages are too high and regulation too burdensome. Make labor cheaper and deregulate, we are told, and private investment will abound. This diagnosis may sound like common sense to some. But we now have ample evidence and real-world experience to know that it is dead wrong.

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