In Britain we are now glumly entering the age of austerity and everyone expects unemployment to go on rising. This has been the case in the past: even when the economy starts to grow, there is a painfully long lag before unemployment starts to fall. But not in Switzerland is different. There, unemployment is already falling. Since January, it has fallen from an already low 4.5 per cent to 3.8 per cent, half the UK rate.
If you go to Zurich and ask why there are so comparatively few people out of work, you have a good chance of being told: ‘employment is picking up fast because it is cheap to sack people’. It is a classic paradox and not the only one to be found in this part of the world.
In recent years, British policy wonks have looked at how things are done in America. Meanwhile the left has long had a warm feeling about Sweden — usually unsullied by much research into the country.
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