Mend the money machine
The woes of small businesses in Italy and Spain threaten to be the next twist in the euro saga
MONEY, John Stuart Mill said, is just a machine: a tool for doing things, like exchanging goods, that take longer without it. Milton Friedman upped the ante: “Because it is so pervasive, when it gets out of order, it throws a monkey wrench into the operation of all other machines.” In Europe things are even worse. The money machine is so badly out of order it may drive the economies of Italy and Spain into a depression.
This article appeared in the Leaders section of the print edition under the headline "Mend the money machine"
From the May 4th 2013 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Leaders
How “judge-mandering” is eroding trust in America’s judiciary
The assignment of judges to cases should be random, not political
The world’s most improbable success story still needs to evolve
Under Lawrence Wong, the city-state has a new chance to change
What companies can expect if Labour wins Britain’s election
The party that aspires to lead the country is courting business