In a costly ideological experiment, Liz Truss’s unprecedentedly short-lived UK premiership showed what happens when full-bore libertarianism is put into practice. It turns out that social order, and markets themselves, need government after all.
CAMBRIDGE – Following the brutal market backlash against her plans for unfunded tax cuts and tens of billions of pounds in additional spending, Liz Truss resigned as British prime minister, succeeded by her Tory rival, Rishi Sunak. The international media is now struggling to make sense of it all, but the task may be impossible. I have been working at it for over a decade and remain, in some ways, perplexed.
CAMBRIDGE – Following the brutal market backlash against her plans for unfunded tax cuts and tens of billions of pounds in additional spending, Liz Truss resigned as British prime minister, succeeded by her Tory rival, Rishi Sunak. The international media is now struggling to make sense of it all, but the task may be impossible. I have been working at it for over a decade and remain, in some ways, perplexed.