Eurozone – May Industrial Production
12/07/2019 05:35 pm MYT
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In May, industrial production edged up 0.9% from the previous month. This was due to increases in output across all main industrial groupings except for intermediate goods – see table 1. On a year-on-year basis, industrial production fell 0.5 % – see figure 1.

On a month-on-month basis, industrial production rose in all major Eurozone countries. However, on a year-on-year basis, industrial production fell in Germany and Italy– see table 2. Although the Eurozone could benefit from the US-China trade war in the short term, it would also lose out in the longer term.

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After World War II, Western style democracy has been touted as the political system that every country should adopt. Countries that do not practice democracy are labelled as human rights abusers and dictatorial states. Their leaders are described as tyrants and corruptors. However, the success of China and the many problems that have emerged in the Western democracies have cast serious doubts on the supposed superiority of democracy. For democracy to work, it is assumed that citizens are able to make informed and rationale choices all the time. Not only is this assumption not realistic; also, the fact that more people support an idea does not make the idea the right one or the best.

In addition, human beings are easily influenced by emotional rhetoric and people tend to have herding behaviour. Politicians making remarks that promote hatred and exclusivity are dangerous because these remarks can turn into extreme actions that will totally destroy a country. For those who want to read more about the weakness of democracy, “Against Democracy” by professor Jason Brennan and “The China Model: Political Meritocracy and the Limits of Democracy” by professor Daniel Bell are strongly recommended.
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