The Myth of Accidental War
As the rhetoric and warlike maneuvers of the U.S. and North Korea accelerate, the media are increasingly considering the prospect of “accidental” war between the […]
Slipping Toward War with North Korea
This week American media are finally recognizing the most likely path to armed escalation of the North Korean nuclear standoff, which I have blogged about […]
Sanctions Inefficacy
Economic sanctions are a major form of leverage to promote diplomatic rather than military solutions to international problems, according to the liberal theory of international […]
The North Korean Nuclear Quandary
The North Korean development of nuclear weapons seems to be an intractable problem. A military solution is widely rejected across the political spectrum from right-wing […]
Dynamic Political Economy
I have criticized many fundamental conceptual errors of mainstream economics throughout this blog, but many of them converge on its failure to conceive the role […]
Preventive War
Gen. H. R. McMaster, national security adviser to President Donald Trump, noted a few days ago that the U.S. has plans for “preventive war” against […]
China, Prometheus Unbound
In the 1970s, many students studied an economic history book by David Landes, Prometheus Unbound, about how the technological revolution swept Europe, North America, and […]
Democratic and Republican Government
Contrary to what the title might suggest, this article is not primarily about the two main U.S. political parties, but about what their names mean […]
Bullish Leverage
Last week I discussed the trade-off between risk and return, but also suggested the relationship is not as simple as is commonly understood. This week […]
Risk and Return
It’s commonly understood that there is a trade-off between risk and return in both personal and corporate finance. In other words, if you want higher […]
Liquidity Crunch: Panic or Squeeze?
Every economic crisis begins with a tightening of credit, but the popular label for this is a liquidity crunch, in part because economists since Keynes […]
The Stock-Bond Trade-Off
Stocks (equity) and bonds (debt) are the two major long-term financial assets that investors typically hold. It is common knowledge among investors that the prices […]
Stock Crash Looming
If you tire of debates over “fake news,” I advise you look more closely at the business press. There is still fakery there, but it […]
Robot Capitalism
Originally posted on World Policy Institute blog on April 27, 2017 – Robot Capitalism. Robots taking over is a staple of science fiction, including in […]
Congressional Anarchy
Previously I have argued that modern “conservatism” is sliding toward anarchism globally, with the U.S. leading the trend. There are many harbingers of this, but among the most […]
Power in Capitalism
Last week I promised to discuss more about the details of U.S.-China bargaining, but since relatively little has happened despite the meeting of Chinese President Xi […]