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A Southern Winds Manifesto: Why We Need a New Story
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My often spoke of a time when the world seemed poised for relentless progress, even here, in South American Argentina. It was an era when democracy and capitalism appeared to cooperate in harmony, promising a future where everyone’s wealth, rights, and freedoms would flourish. From the aftermath of the Second World War until the late 1970s, , and the share of income captured by the top 1% declined. The rising tide genuinely seemed to lift all boats.
So, what brought this seemingly unstoppable growth?
Firstly, the rise of social democracy played a pivotal role. The cataclysmic events of the Depression and the Second World War shattered the wealth and power of the elite, paving the way for the . With a more equitable distribution of wealth, increased state spending, and a strong social safety net, those previously living in poverty saw economic security and general spending power increase in what seemed like a self-sustaining cycle of growth. These were the my grandfather spoke of, from 1945 to 1975.