ABSTRACT
The prevailing trend in economic commentary and research regarding the economic slowdown in the West has been unilateral rather than multilateral. That is, each country is analysed in isolation, usually by its own nationals, and parochial panaceas are proposed in almost complete disregard of the fact that other industrialised countries are beset by broadly similar problems. National parameters are identified as the cause of the malaise. Thus it is argued that public expenditure is sapping economic vitality, high unemployment benefit is increasing voluntary unemployment, the tax system is distorting capital costs in an inflationary environment and depressing investment, trade union reform is necessary, etc., etc. But if, say, public expenditure is to blame in one country, why is it that other countries which seem to be beset by similar difficulties do not have large and growing public sectors? Similar arguments apply to unemployment benefit, trade unionization, and so on.
