The British historian Niall Ferguson writes in the liberal-conservative daily Corriere della Sera on possible solutions to the "trilemma" of the economic crisis: "Life's dilemmas are easier than its trilemmas. To choose between two options can be hard, but choosing two out of three can be almost impossible. The 'trilemma' I have in mind is an economic one. It states that a country can have any two of the following, but not all three: openness to international capital flows; a fixed exchange rate; and an independent national monetary policy. ... The Conservatives can pick any two from an open economy, a stable society and political power - but not all three. ... By trying to have it three ways, Conservatives end up being identified with the social disruption globalisation brings in its wake, and particularly the losses of jobs associated with outsourcing, off-shoring and immigration. ... Conservatives should be prepared to embrace social change on what might be called the 'Leopard' principle, after the aphorism in Giuseppe Tomasi di Lampedusa's great novel Il Gattopardo: 'If we want things to remain as they are, things have to change'." (30/03/2009)
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