Switzerland has more than what it's known for: chocolate, watches and army knives. In fact, this small central european country on a mountain enjoys one of the highest GDP per capita in the world, low unemployment, low inflation and an enviable social political stability. Being small and having little natural resource don't stop Switzerland from becoming the centers of international banking, world-class pharmaceutical and biotechnology research and the synonym of high quality products. I would like to start a research project to study why Switzerland is so successful both economically and socially.
In John Fund's article about Switzerland's economy, he cited several important factors that contributes to the success of this economy: (1) a highly skilled and ethical workforce; (2) an effective financial system; (3) an attractive investment environment; (4) a stable individualistic society owed to a highly democratic political structure.
Switzerland's highly skilled workforce is owed to the world-class and accessible education system. I need to gather more data on this topic. A typical problem for a highly education workforce, which a lot of western countries are suffering, is high wages. To fully employ this workforce while maintaining high real wage, the productivity of the workforce must be justifiably high. Switzerland's idea-based industry can generate high profit-margin, high growth products that sustain the standard of living of this country.
Businesses find Switzerland a trouble-free heaven to operate in, thanks to its respect for the rule of law, an efficiently working judicial system, and high levels of transparency and accountability within public institutions. Flexible labor markets and excellent infrastructure facilities are two healthy features of the business environmen
We've all heard about Swiss banks, especially for its reputation on secrecy of client's information. Professional and independent banking service and a stable currency, attracts deposits worldwide. Additionally, states in the country has a great degree of freedom to tailor their tax policy attract business.
The nation has a high degree of personal freedom, linked to a decentralized government in which voters are the ultimate sovereign through an elaborate system of direct democracy—citizens can both propose their own laws and challenge any action of the government.
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