Europe adrift

Europe adrift
Brexit is a symptom of the European Union’s internal disarray. In quick succession, the debt crisis, the Ukraine crisis and the migration crisis all challenged centralist visions of ever-deeper integration and soft-power expansion. The political mainstream’s abandonment of traditional values spurred a voter revolt toward populist movements. This turn inward comes as the rules-based order the EU embodies is coming apart globally.

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A drawing that shows rent collection by medieval landlords

Looking for the best tax code

Ballooning modern governments collect an increasing proportion of their countries’ output in taxes, which spreads inefficiency and economic stagnation. The drivers of this process can be neutralized, and the economy-distorting impact of taxation mitigated, with better tax-system design. Among OECD member states, there are examples of sound solutions to emulate.

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