A Prosperous New Year?
The rising strength of China and Brazil, of India and the Civets, is based on hard work and free enterprise. Economies which have been kept poor by too much state control and by bad government in past decades, are being progressively liberated. As this occurs, so more businesses are set up, more jobs created, more people are better educated. A virtuous circle has been created.
The declining relative strength of the west, especially of Europe, is based on the opposite process. There is growing government interference in every aspect of economic life. The top down Euro scheme, little wanted by the German and French people, let alone the British, is doing untold damage to economic prospects. It is proving to be the ultimate ill judged intervention by the political classes, the final expression of governing power that is damaging families, businesses and job prospects.
With bleary eyes I didn't recognise the CIVETS to mean "Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa" but once that matter was rectified I think John Redwood encapsulates the takehome message for 2012.