Albania used to be the poorest nation in Europe, a Stalinist backwater where the people had little freedom. As this piece in Forbes points out, however, Albania is now the fastest growing nation in Europe.
How did that happen? Did the Albanian government follow the Obama prescription for “saving or creating jobs” and go on a deficit spending spree? Quite the opposite; the budget has been cut, taxes have been cut, and property rights have been made more secure. As a result, investment is pouring in and living standards are rapidly rising.
The Albanian Prime Minister, Sali Berisha, could give Obama a lesson in economics. Growth occurs when the government gets out of the way of those who want to produce and trade.
