Reengineering Government

By Jean Pisani-Ferry. Since the financial crisis erupted in 2008, governments in advanced countries have been under significant pressure. In many countries, tax receipts abruptly collapsed when the economy contracted, income dwindled, and real-estate transactions came to a halt. The fall in tax revenues was in most cases sudden, deep, and lasting. Governments had no choice but to raise taxes or to adjust to leaner times.
Read more on Project Syndicate's website. More...