America and the World

I n the former Soviet empire, the collapse of Communism created an opportunity for the victims of one failed utopian ideology to find another. The evaporating Soviet system left an ideological vacuum that was quickly filled as legions of Western advisers arrived to help translate the goals of political democracy and a market economy into […]

Laissez faire was planned. —Karl Polanyi, The Great Transformation,1944 T he collapse of Communism in Eastern Europe demonstrated the failure of a command economy. The subsequent crash in output and employment induced by “shock therapy” has suggested the limits of laissez faire. Rather than replace the excesses of communism with excesses of capitalism, it is […]

The trade problem is much bigger than the treaty.

If not, he will be their slave.

The Japanese economic system violates many of the basic principles of the Adam Smithian economics. Instead of crying “foul”, maybe we need to learn how and why Japan’s model works.

In the wake of the Gulf War, now is the moment to create a new framework for oil—and for international economic security.