New Zealand: Wool & Welfare

The most complete welfare state in the more or less capitalistic world is having economic trouble. Protest marchers with banners ("We Demand Guaranteed Employment") were out demonstrating in cities and towns throughout New Zealand last week. So far, only some 6,600 people (out of a labor base of 1,000,000) are looking for work, but to New Zealanders, who had known no unemployment for decades, this was a matter for deep concern. Union leaders darkly predicted that there would be 20,000 jobless before long.

The artificially high wool price that New Zealand maintains with...

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