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California Capitalism

14 1 3
13.02.2020

BERKELEY – Despite multiplying policy challenges, the United States is crippled by political polarization and consumed with rancorous partisan arguments (often on Twitter and without facts). The resulting paralysis at the federal level means that progressive federalism and initiatives by individual states will be the main channels for policymaking in 2020, and likely beyond.

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    Once again, California, the world’s fifth-largest economy, is leading the way. The state is developing its own distinctive political economy, “California Capitalism,” through fiscal responsibility, innovation, and cross-sector partnerships to foster inclusive, sustainable, long-term growth.

    Since its last employment peak before the 2008 financial crisis, California has added more than two million payroll jobs, the unemployment rate has fallen to a record low of 3.9%, and average per capita income has increased almost 25%. Since the........

    © Project Syndicate