The past two decades have been all about the BRICS: a group of five countries (Brazil, Russia, India, China, and South Africa) that soared to economic superstardom and gradually won geopolitical influence. But now, with their economies slowing down, those days seem to be over. What’s more, by some measures, the BRICS have squandered their years of plenty.

It's a good debate to have, and in some ways, it seems like there's no reason why the U.S. shouldn't borrow from Finland or any other Nordic country -- we're richer and just as committed to improving education and health, after all. Here's the difference: Finland's welfare system was hardwired into its economic development strategy, and it hasn't been seriously challenged by any major political group since.