by Vaclav Klaus
October 02, 2013
The economic system in Europe at the beginning of the 21st century is not a free market economy, but a “social-market economy” with a very heavy load of environmentalism in it. Such a system is not tenable; it cannot function in the long run at all, and it cannot function efficiently in the short run. Europe’s sluggish economic growth—currently even stagnation, high unemployment, and increasing indebtedness—are the inevitable (and expected) outcomes. Europe needs Hayek and his merciless analysis of the over regulated, controlled, centrally administered European economic system and of the slippery road to serfdom that we have already embarked on. And I hope that American students, too, will come to understand this new “fatal” conceit.