Although Israel is stronger than ever, the permanent existential threat the Jewish State has had to endure is still present. The stakes are particularly high, both for Israel and its allies in the wider world. Benjamin Netanyahu offers known solutions to current challenges, answers that proved to be right in the past thirteen years. This November might well be the month of the return of Israel’s longest serving prime minister.

The main tenets of Erhard’s programme still apply today. Lax fiscal policy and monetary stimulus do not result in long-term, sustainable economic growth. Prosperity is ultimately a result of increasing productivity. Low taxes, low inflation, monetary rigour and the uninterrupted operation of the free market are essential in order to achieve success.

The issue of fiscal sustainability will determine both the economic and geopolitical future of the Western civilization. The status quo of welfare states might be a huge impediment to that.

Through the adoption of the welfare state, or its more extreme form, the entitlement state, western economies took up huge financial liabilities which might hold serious questions for economic policy in the upcoming decades.