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A lot of dictatorships have had very free-market policies, while a lot of democracies, such as the Scandinavian countries, have low economic freedom due to high taxes and plenty of regulations. Since real growth is anemic, the central banksmust cause inflation to have any hope of increasing nominal growth and reducing these debt-to-GDP ratios. It is striking, moreover, how frequently opponents of progressive taxation, who were clearly in the majority among the economic and financial elite of Belle?

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