Small States Are Beautiful

Small States Are Beautiful
A map of 9th century European states. Shutterstock
Valentin Schmid
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Modern economics glorifies economies of scale. Bigger is cheaper, more efficient, better. The same principle apparently holds for government. A single big market, streamlined regulations, free movement of labor all add to prosperity. 

Professor Philipp Bagus (courtey of Philipp Bagus)
Professor Philipp Bagus courtey of Philipp Bagus
Valentin Schmid
Valentin Schmid
Author
Valentin Schmid is a former business editor for the Epoch Times. His areas of expertise include global macroeconomic trends and financial markets, China, and Bitcoin. Before joining the paper in 2012, he worked as a portfolio manager for BNP Paribas in Amsterdam, London, Paris, and Hong Kong.