While it may be tempting for the U.S. to import some elements of the Nordic model, how much would that affect the foundation that has made the U.S. such an incredible engine for innovation?ROBINSON: After the financial crisis in the United States, there was a lot of discussion of, “Oh, the U.S. has the wrong model.

And in 1958, it became a democracy, at a time when many Latin American countries were moving in the opposite direction.HAUSMANN: But after, say, August ’81, oil revenue started to decline, OPEC tried to protect prices by cutting production, so we were cutting production. Does Anyone Really Know What Socialism Is? One of Trump’s most formidable Democratic opponent at this point is in fact a long-time registered Independent, Vermont Senator : We now have an economy that is fundamentally broken and grotesquely unfair.Sanders’s momentum is particularly strong among young and progressive voters who think capitalism should be overhauled or, perhaps, replaced entirely. So it was a very fast development.In his research, Salvanes has found that in Norway, parents’ income has almost no effect on their children’s income — a remarkable fact, and uncommon in most places around the world. And you can’t really deny it. “Kjell, how is it to live in a socialist society?” And then I say, “What are you talking about?” We don’t think about it like that.A more appropriate description, remember, would be: a social democracy with a mixed economy.SALVANES: I mean, we have a free-market economy as you have in the U.S. And it remains this enormous engine of innovation.But, Robinson says, that’s not a call for complacency.ROBINSON: Yes, the United States managed to solve pretty well a lot of problems that Latin American countries couldn’t solve. For the average Venezuelan, the economy has gone from very bad to terrible. And school isn’t even a contact sport (usually).Also: is it better to be a thinker, a doer, or a charmer? If you look at the cohort born in the early 30s, you see that income mobility was as low as in the U.S. today. The U.S. should just be like Sweden. They do not call themselves socialist, in general, because most of the production, most of the businesses in the economy, are private, corporate ownership. President Trump and others have blamed this catastrophe on socialism. I mean, my own view is that that still just resonates with a lot of people in this country. And having a balance between states and society is not just a sort of static thing that you achieve and then you feel good about yourself and go home, you know.

Trump’s supporters find this absurd:: All the Democrats running for president want to radically transform this country that has accumulated more wealth, that has advanced the human condition more than any other country in the history of mankind. It relies on private initiative.But how relevant is that history? When Chávez got into power, Venezuela was producing 3.4 million barrels of oil a day. The argument Robinson makes, along with his co-author , is that a given country’s long-term success is dictated primarily by the strength of its institutions: its judicial and legislative systems; its educational and healthcare and social-safety apparatus; a fair and transparent economy; even its culture. So what are you going to do about it?Also: how does a cook become a chef? And then you try to share it.This is of course a huge point, and a huge differentiator from country to country.

And you don’t know how to do it because you’re not in it.Hugo Chavez died, in office, in 2013. And you see it very clearly in the data that investment is much lower in education in those areas. When we started doing research on these topics, we were too focused on political institutions. Venezuela’s own General Assembly declared that Maduro was out and they installed as president the young reformer .

In it, a psychology professor argues that the brain’s greatest attribute is knowing what other...We all know our political system is “broken” — but what if that’s not true? It is profoundly unstable. President Maduro has called Hausmann an “economic hitman.” Which means Hausmann cannot practically return to Venezuela. And it’s very, very difficult because in order to become good at things you were not good at before, you face a chicken-and-egg problem. Unions have all sorts of political consequences in society that may be even more important.

But I suppose working in Latin America, I tend to look at the comparison all the time over the last 200 years, and what you see is that for all its imperfections, of course, the U.S. managed to solve these problems much more effectively than any Latin American country. The fact that you have Ferguson, Missouri, or you have the south side in Chicago, the inability to deal with those problems is part of the architecture of the state. ROBINSON: It’s not some disconnected thing. It also calls to mind the heyday of the former Soviet Union, the mother of all socialist models. Guests include the chief medical officer of the first U.S. firm to go to Phase 3 trials with a vaccine candidate; a former F.D.A. HAUSMANN: As they say, it’s no problem returning, it’s getting back out. The Norwegian government provides a big basket of universal benefits, including healthcare, free college at public universities, parental leave, childcare, unemployment insurance, and more.

Of which Norway has not very much. But that’s because the Swedish state didn’t have to deal with so many problems historically, and it didn’t have to figure out how to colonize this enormous territory and how to avoid kind of centralized tyranny, how to avoid decentralized anarchy, and how to find a balance between all these different competing forces and interests. For example, look at the enormous inequality of the education system. The people I grew up with — I’m from the core of the oil-industry sector— that was very common. How much does it affect our modern society and economy? If you’ve got a lot of that going for you, then striking oil can be a blessing.

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