The biggest surprise in Austrian Reconstruction and the Collapse of Global Finance, 1921-1931 is how timely it is. Many of the same debates about global finance and its influence on the people of Austria, Swiss historian Nathan Marcus of the National Research University’s Higher School of Economics in St. Petersburg writes, were remarkably similar to those of post-2008 Europe.
It is hard to tell a non-deterministic story about the shift from early modern to modern economic practices: the terms we use (‘modernity’, ‘capitalism’, ‘economic’), the questions we ask, and the conclusions we draw are all inevitably weighed down by what we think or know about economic life today.
These days, expenditure on health amounts on average to some 9 per cent of gross domestic product in the prosperous nations of the West. Whether through direct taxation, social security, social health insurance or private means, it’s a substantial amount.