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WHEN WE ADVOCATE TAX CUTS, SAY THE AUTHORS, WE MUST BE PREPARED TO ADVOCATE CUTS IN GOVERNMENT SPENDING OR BIGGER DEFICITS. CUTS IN SPENDING ARE THE BETTER CHOICE. DEFICITS, IF ALLOWED TO ACCUMULATE, HAVE EVIL CONSEQUENCES: INFLATION, GOVERNMENT BORROWING WHICH MEANS LESS CHANCE FOR PRIVATE FIRMS TO BORROW FOR IMPROVEMENTS AND EXPANSION.

For decades, development economists believed that central planning, not economic freedom, was the key to economic growth in developing countries. In 1956 Gunnar Myrdal, winner of the Nobel Prize in economics in 1974, wrote, ""The special advisers to underdeveloped countries who have taken the time and trouble to acquaint themselves with the problem all recommend central planning as the first condition of progress."" While the argument that socialism is the key to growth in the developing world appears obviously unreasonable today -- given the collapse of command-and-control economies around

Alan Walters: Britains Economic Renaissance. Oxford University Press, New York 1986, 200 Seiten, 29,95 Dollar