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' … a fascinating new book … Tanzi and Schuknecht argue, persuasively, that until the 1960s the rise in spending seems to have brought a big increase in public welfare, but that the extra spending mandated in the 1960s and 1970s, the age of greatest confidence in government, brought no further benefits.' Financial Times
'The authors argue that the state in most Western countries is far larger than it needs to be to achieve its economic or social objectives. Employing a simple, but logical, methodology, they make a surprisingly persuasive case that we have gained little or nothing in terms of improved economic or social (including redistributive) outcomes from the huge expansion of the state that took place after World War II. Moreover, they argue that it is not only desirable but feasible to reduce the share of the state from an average (for 17 OECD countries) of 46 percent of GDP in 1996 to something closer to the 28 percent that prevailed in the same countries in 1960. Although the arguments and conclusions of this book will no doubt be controversial, they cast important new light on the past and future of one of the most important phenomena of recent times - the growth of the state. The book should be read, and read widely.' Richard M. Bird, University of Toronto
'This excellent book documents the growth of government spending during the 20th century, its economic costs, and its disappointing failure in raising social welfare. Moreover, the authors - well-known public finance experts - argue convincingly in favor of government reduction, pointing out specific state reforms to reduce government size and raise social well-being. Although this brilliant volume is addressed to a general audience, it is rich in new statistical evidence and well grounded in modern theory. It should be mandatory reading for fiscal experts, policy makers, and the interested public at large.' Klaus Schmidt-Hebbel, Central Bank of Chile
'Widely regarded as the classic international study on the subject.' David B. Smith, Chief Economist, Williams de Broë
'The authors argue that the state in most Western countries is far larger than it needs to be to achieve its economic or social objectives. Employing a simple, but logical, methodology, they make a surprisingly persuasive case that we have gained little or nothing in terms of improved economic or social (including redistributive) outcomes from the huge expansion of the state that took place after World War II. Moreover, they argue that it is not only desirable but feasible to reduce the share of the state from an average (for 17 OECD countries) of 46 percent of GDP in 1996 to something closer to the 28 percent that prevailed in the same countries in 1960. Although the arguments and conclusions of this book will no doubt be controversial, they cast important new light on the past and future of one of the most important phenomena of recent times - the growth of the state. The book should be read, and read widely.' Richard M. Bird, University of Toronto
'This excellent book documents the growth of government spending during the 20th century, its economic costs, and its disappointing failure in raising social welfare. Moreover, the authors - well-known public finance experts - argue convincingly in favor of government reduction, pointing out specific state reforms to reduce government size and raise social well-being. Although this brilliant volume is addressed to a general audience, it is rich in new statistical evidence and well grounded in modern theory. It should be mandatory reading for fiscal experts, policy makers, and the interested public at large.' Klaus Schmidt-Hebbel, Central Bank of Chile
'Widely regarded as the classic international study on the subject.' David B. Smith, Chief Economist, Williams de Broë
Product Description
This book discusses the changing role of government finance in the twentieth century. It documents the enormous increase in government spending throughout the 1900s across all industrialized countries. However, the authors find that the growth of the welfare state over the past thirty-five years has not brought about much additional social and economic welfare. This suggests that public spending in industrialized countries could be much smaller than today without sacrificing important policy objectives. For this to happen, governments need to refocus their role on setting the 'rules of the game', and the study provides a blueprint for institutional and expenditure policy reform. After a detailed account of reform experiences in several countries and the public debate regarding government reform, the study closes with an outlook on the future role of the state, which is crucial in that globalization may require and people want much 'leaner' but not 'meaner' states.
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First Sentence
Economists' and society's views of the role of the state in the economy have changed remarkably over the past two centuries. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
Economists' and society's views of the role of the state in the economy have changed remarkably over the past two centuries. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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6 of 6 people found the following review helpful
A "Must Read" for Anyone Interested in Fiscal Policy
3 Sep 2003
Format:Paperback
For the first time in four decades comes a fiscal history aimed at the masses. "Vito Tanzi and Ludger Schuknecht have directed their analysis and their provocative hypotheses to a general audience, all the while detailing interesting numbers for the most part by comparing the average percentage of gross domestic product (GDP) attributed to government of seventeen wealthy countries -- the United States, the United Kingdom, Germany, Switzerland, and so forth -- from the 1870s until today. Their finding that government's share in GDP has quadrupled in that time immediately catches the reader's attention, and they delve sufficiently deep into data of key subperiods to draw some interesting and unusual references. Unlike previous analysts, Tanzi and Schuknecht place a great deal of weight on ideological factors in conditioning public choice, but they are wholly aware of the more garden-variety factors such as "Baumol's cost disease" and Wagner's law."
"Probably the most intersting point made in the book is that although government's growth relative to the economy as a whole has been dramatic since the late Victorian era, the fraction of GDP absorbed by government has almost stopped growing since 1980 both in the United States and in other wealthy OECD countries."
Tanzi and Schuknecht "seem to be familiar with the entire range of the analytic literature, though none of the "techy" modelings underlying this literature are revealed in any detail. This sort of exposition is probably wise because such inclusions would cause the nontechnical reader's eyes to glaze over and are unnecessary for those already anointed. Tanzi and Schuknecht do develop the theoretical notions intuitively, however, which is more important, and their bibliography will be particularly helpful for the neophyte scholar. Their index is quite comprehensive, and both lay and professional readers might start their study there after a quick reading of the initial and final chapters."
Tanzi and Shuknecht wonderful explication of fiscal policy should make "Public Spending in the 20th Century" a "must read" book for anyone interested in the growth of government. "The wealth of descriptive data and the authors' fresh and lively style make this book very readable...A copy of Tanzi and Schuknecht's work should be on the desk of all policymakers who believe...that the institutions of fiscal choice really matter."
Very thorough
5 July 2011
Format:Paperback|Amazon Verified Purchase
Thorough investigation by Tanzi. Really opens your eyes to the dangers facing states and governments in the not too distant future. Comprehensive presentation of points i feel.
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