Over time, the welfare state has become dysfunctional in a surprising way. But in a way it became a victim of its own success: It became so successful at prolonging life, that it becomes financially unsustainable, unless you make major changes to things like retirement ages.
Interpretation
The welfare state, initially successful, has become unsustainable due to increased life expectancy.
Niall Ferguson's quote reflects on the irony of the welfare state's evolution. Originally designed to support citizens, its significant success in prolonging life has led to financial strains that challenge its sustainability. As people live longer, the costs associated with pensions and healthcare have escalated, necessitating reevaluation and major changes in policies, such as adjusting retirement ages, to ensure the system can continue to function without collapsing under its own success.
In practice
Discussing the future of social services in a political debate.
It's all very well for us to sit here in the west with our high incomes and cushy lives, and say it's immoral to violate the sovereignty of another state. But if the effect of that is to bring people in that country economic and political freedom, to raise their standard of living, to increase their life expectancy, then don't rule it out.
If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.
Civilisation is partly about restraining the male of the species from engaging in the violence of the hunter-gatherer period. But it doesn't take an awful lot to unleash it.
For 500 years the West patented six killer applications that set it apart. The first to download them was Japan. Over the last century, one Asian country after another has downloaded these killer apps- competition, modern science, the rule of law and private property rights, modern medicine, the consumer society and the work ethic. Those six things are the secret sauce of Western civilization.
The West may collapse very suddenly. Complex civilizations do that, because they operate, most of the time, on the edge of chaos.
Today, the average Korean works a thousand hours more a year than the average German. A thousand. ... That is the end of the Great Divergence.
I do not want to foresee the future. I am concerned with taking care of the present. God has given me no control over the moment following.
Memory is the only afterlife I have ever believed in. But the forgetting inside us cannot be stopped. We are programmed to betray.
There can be no greater gift than that of giving one’s time and energy to help others without expecting anything in return.
I was born good but had grown progressively worse every year. Scout
Almost anything that you pay close, direct attention to becomes interesting.
The bad fortune of the good turns their faces up to heaven; the good fortune of the bad bows their heads down to the earth.
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