Given the current reluctance by many politicians to impose taxes or increase debt to pay for...
Given the current reluctance by many politicians to impose taxes or increase debt to pay for public-works projects to support our infrastructure, what might have been the outcome if a similar philosophy had prevailed during the 1800s.
Homework Answers
The similar philosophy of not taking debt for funding of development projects in 1800s, would have made the economy to grow slowly and relatively less developed economy in comparison to the world of today, would be outcome. In 21st century of today, we would be experiencing what were in early 20th century. It would have happened because spending on development today, will give returns in the future so that more jobs are created, demand is increased and economy booms with new opportunity. It fuels the globalization. If their is less or no spending, then no acceleration in economy will take place and globalization will also be slow down. So, we could be behind 70 to 80 years from now if it could happen in 1800s.
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