Extradite Lugovoi? What were the British thinking…

When will the children grow up? Britain and Russia have been squaring up like surly adolescents. The Cold War is over, but both sides are addicted to Cold War games which have no purpose except to show that their testosterone is pumping powerfully. The present quarrel started last November with the assassination by polonium poisoning … Continue reading Extradite Lugovoi? What were the British thinking…

Prime Ministers and Presidents

Almost all countries require their political leaders to relinquish power before they are ready to. Different political systems have different exit requirements. Tony Blair, who stepped down yesterday after ten years as British prime minister, was under no constitutional obligation to leave. Formally, a British prime minister exercises power on behalf of the Queen, who … Continue reading Prime Ministers and Presidents

What are the chances of another world depression?

What are the chances of another world depression? Even to ask the question might seem mischievous. Everything is going marvellously well. We have discovered the secret of everlasting growth. Don’t ruin it with inconvenient scepticism. Yet in 2001, after the Wall Street bubble burst (and only four years after the global 1998 crisis, which severely … Continue reading What are the chances of another world depression?

Winning a Gamble with Communism

By Force of Thought: Irregular Memoirs of an Intellectual Journey by János Kornai MIT Press, 461 pp., $40.00 The Hungarian János Kornai is the most famous, and certainly the most influential, economist to have emerged from postwar Communist Europe.[1] His reputation is based on three books, Overcentralization, Economics of Shortage, and The Socialist System, which … Continue reading Winning a Gamble with Communism