"One key insight is to dispel the myth, pervasive in America and dangerously infective elsewhere, that the private sector does everything well and the public sector does everything poorly. Modern society requires an extensive infrastructure, which does not emerge bottom-up from unregulated markets. This has always been the case, in America as elsewhere, as my recent interview with Daron Acemoglu attests. One reason that the Nordic nations work well might be because they have not—yet—succumbed to the siren’s song of free market fundamentalism."
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