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Italy's Problem Is That It Is Stuck in a Previous Cycle
Does Italy have any way out of its current box high levels of zero per capita income growth for now what 18 years? Doesn't it all have to end badly? Or is there a magic escape? It's a really good question. The interesting question I think is to what extent is the Chinese states kind of like Italy writ large? So you can see the same kinds of problems with this massive bloated state sector in China. But I really don't know enough to say I'm not being there.