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

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 … 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 … 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 … Continue reading Why Reinvent the Monetary Wheel?

LONDON – Not so long ago, there were two competing explanations of unemployment. The first was the Keynesian theory of deficient demand, which holds that workers become unemployed “involuntarily” when their community lacks the money to buy the goods and services they produce. The second was the view often associated with the Chicago School, according … Continue reading Automation and American Leadership

A review of the policy debates of the post-crisis years suggests that flawed macroeconomic theories were given too much weight for too long. The result has been slower growth, lost economic capacity, and surplus misery for millions of people around the world. Ten years after the 2007-2008 financial crisis, it is worth asking where the … Continue reading The Advanced Economies’ Lost Decade

LONDON – The poisoning of Russian double agent Sergei Skripal and his daughter Yulia at an Italian restaurant in Salisbury has driven an important story off the front pages of the British press. Earlier this month, the former actor and comedian John Ford revealed that for 15 years, from 1995 to 2010, he was employed … Continue reading Is the Press Too Free?

LONDON – February 6, 2018, marked the centenary of the Representation of the People Act, which enfranchised (some) women in Britain for the first time – a reward for women’s work during World War I. In honor of this historic event, statues of two leaders in the struggle for women’s suffrage, Millicent Fawcett and Emmeline … Continue reading The Next Stage of Women’s Emancipation?

LONDON – The tenth anniversary of the start of the Great Recession was the occasion for an elegant essay by the Nobel laureate economist Paul Krugman, who noted how little the debate about the causes and consequences of the crisis have changed over the last decade. Whereas the Great Depression of the 1930s produced Keynesian economics, and … Continue reading How Economics Survived the Economic Crisis