As unemployment in Europe reaches record high levels my attention was drawn to Brazil which is experiencing record low unemployment. Those in the know put this down to falling productivity combined with protectionist import policies and relatively high hiring and firing costs.

How sustainable this is I don’t know but I do wonder about the true  sustainability of free market globalisation where there can only really be a limited number of temporary winners as competition and excesses of capitalism promote a self defeating race to the bottom.

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