Over the weekend, just ten years ago, the investment firm Lehman Bros collapsed, and the world economy collapsed after it. I feel a little reluctant to add to the torrent of words trying to read the runes of this catastrophe for the better management of affairs in the future.
But, by chance or cunning, a book of mine, called Money and Government: A challenge to mainstream economics, has just been published. This tries to set the collapse of 2008 in a historical context. It has been inspired by John Maynard Keynes, who believed that the collapse of the 1930s needed the response of a new economic theory, and a new, or rather very old, conception of statecraft.
Continue reading “Money and Government: a lecture at the LSE, 17 September 2018”
LONDON – Liberal revulsion at US President Donald Trump’s mendacious and uncouth politics has spilled over into a rigid defense of market-led globalization. To the liberal, free trade in goods and services and free movement of capital and labor are integrally linked to liberal politics. Trump’s “America First” protectionism is inseparable from his diseased politics.
Continue reading “Protectionism for Liberals”
My Lords, it is very cold in this spot at the moment. That is a comment not on the Cross Benches but on the fierceness of the air conditioning—but I shall struggle through.
I have heard with increasing incredulity the efforts of noble Lords in this House, some of them my good friends, to reverse the results of the referendum of 2016. It may have been a mistake to hold a referendum on such a complex issue, but, having asked the question and promised to treat the answer as binding, it seems to me inconceivable that responsible politicians can disregard it. This is the answer to the noble Lord, Lord McNally. David Cameron gave repeated assurances that he would respect the result of the referendum, and I do not think we can ignore that.
Continue reading “Brexit: Preparations and Negotiations”
LONDON – Since June 23, 2016, when 52% of British voters backed withdrawing from the European Union, the “Brexit” debate has been tearing British politics apart. Although the Brexit referendum was non-binding, then-Prime Minister David Cameron’s government, expecting a vote in favor of “Remain,” had promised to honor the result. Britain, late to join the EU, will be the first member state to leave it, with the exit date set for March 2019.
Continue reading “The British History of Brexit”
LONDON – The fixation on the ongoing World Cup, during which an estimated one million foreign football fans, many from Europe and the United States, are expected to converge on Moscow and other Russian cities, risks masking the extent to which Russia and the West have drifted apart. In fact, relations between the two sides nowadays are purely functional; a new Cold War has started.
Continue reading “Putin Family Values”
LONDON – Slumps have always been boom times for monetary experiments, and the economic collapse of 2008-2009 was no different. Underlying this recurrence is the instinctive feeling that economic calamities must have monetary causes, and therefore monetary remedies. There is either too much money, which causes inflation, or too little, which leads to depression. So the aim of monetary reformers –among whom are always a large number of quacks and cranks – has been to “keep money in order” and prevent its gyrations from disturbing the “real” economy of production and trade.
Continue reading “Why Reinvent the Monetary Wheel?”