by Edward Chancellor* China’s economy has long defied the doom-mongers. In place of their ominous critique, a more constructive view of economic management in the People’s Republic has surfaced. Beijing, we are told, has found the right balance between state and market forces, and is best positioned to exploit exciting new technologies, such as big … Continue reading China’s Great Wall of Debt, Dinny McMahon, Houghton Mifflin Harcourt, 288 pp.
Politics
The Japanese Shinkin Banks Turn Away from the Regional Economy
by Taiki Murai and Gunther Schnabl Similar to the credit unions in the US, the goal of the Japanese Shinkin banks is the promotion of the sound development of the regional economy. The members of these non-profit cooperatives are small- and medium-sized enterprises as well as natural persons from the respective regions of Japan. The … Continue reading The Japanese Shinkin Banks Turn Away from the Regional Economy
The European Central Bank Drives the Political Polarization in Europe
by Sebastian Müller and Gunther Schnabl Massive losses for Germany’s former catch-all parties (CDU/CSU and SPD) and record gains for the far-right Alternative for Germany (AfD) have caused turmoil in Germany’s political landscape. The tumbling leaders Angela Merkel and Martin Schulz keep affirming that good policies were simply not explained sufficiently. They blame globalization and … Continue reading The European Central Bank Drives the Political Polarization in Europe
A Critical Appraisal of Network Unbundling
High-speed broadband networks are key to the growth of digital markets as well as most modern forms of communication, and have been subject to far-reaching regulation in many countries. In this piece, we’ll review the rationale behind a cornerstone of the prevailing regulatory paradigm: forced access to incumbent operators’ network infrastructure by alternative operators on … Continue reading A Critical Appraisal of Network Unbundling
The Venezuelan Crisis and the Political Costs of Reforms
by Pablo Duarte* Venezuela is in deep political and economic crisis. According to Reuters – quoting a leaked document from the Venezuelan Central Bank – output fell 19% and prices increased 800% during 2016. Even though the “Socialism of the 21st Century”, the political program initiated by former President Hugo Chavez, has been losing support … Continue reading The Venezuelan Crisis and the Political Costs of Reforms
The Socialism of the 21st Century is on its Way out!?
by Andrea L. Tapia-Hoffmann* Rafael Correa was inaugurated as President of Ecuador in 2007. He joined forces with Chavez to promote the idea of a so-called "Socialism of the 21st Century" in Latin America. After Chavez’s death in 2013, Correa became the self-proclaimed leader of the movement. Because the new socialism has led to severe … Continue reading The Socialism of the 21st Century is on its Way out!?
The System of Liberty
by Jerry O’Driscoll I have just completed George Smith’s The System of Liberty: Themes in the History of Classical Liberalism. I recommend it highly to all. It is a tour de force, and an essential read for all those interested in classical liberal ideas. Many of the debates today on the political right have their … Continue reading The System of Liberty
Congress Should Grow a Pair
by Roger Koppl I was thinking of the NSA scandal while jogging through Rome’s Park of the Aqueducts this morning. I guess it was that setting that made me think of our new computer-geek overlords as a virtual Praetorian Guard. Augustus created the original Praetorian Guard about 27 BCE to protect the emperor. It quickly … Continue reading Congress Should Grow a Pair
Income Inequality Matters
by Roger Koppl Income inequality matters. Let me say that again so you know I meant it: Income inequality matters. This statement may be surprising coming from a self-described “Austrian” economist and a “liberal” in the good old-fashioned pro-market sense. It shouldn’t be. It should be one of our issues. The surprise should be that we … Continue reading Income Inequality Matters
THE WILL OF THE PEOPLE
by Mario Rizzo Some people rest the case for representative democracy on the idea that its decisions express the “will of the people.” Those who believe this have never thought deeply about what they are saying. I am inclined, in response to these believers, to use my favorite paraphrase of Ludwig Wittgenstein, “You can mouth … Continue reading THE WILL OF THE PEOPLE
Protests and Reason
by Chidem Kurdas In the past week mass protests erupted in different parts of the world. The reasons were diverse. In the Middle East, demonstrations spread across the region following the killing of American diplomats in Libya over an anti-Muslim film. In China, crowds attacked Japanese shops and offices, over the two countries’ competing claims on … Continue reading Protests and Reason
Wisconsin Policy Lab
by Chidem Kurdas Paul Ryan is said to be influenced by Milton Friedman, Friedrich von Hayek and Ayn Rand. One might add that as the representative for Wisconsin's first congressional district, he is from a state that has often been in the vanguard of policy thinking. That he came up with specific proposals for Medicare and … Continue reading Wisconsin Policy Lab
Mitt Romney is Not a Tax Idiot
by Mario Rizzo Let us begin with a famous quotation from Judge Learned Hand in a decision affirmed by the Supreme Court: Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic … Continue reading Mitt Romney is Not a Tax Idiot
