Since its foundation in 1949, the People’s Republic of China has engaged with corporatism as a model for organizing societal interests. China’s corporatist elements, misunderstood as they often are by foreign observers, help to explain its economic successes and political resiliency. Across a variety of different forms of corporatism—some heavy-handed, some too decentralized—China has managed…
Read MoreAsk voters about American politics, and they typically respond that it is ever more polarized, fragmented, divisive, and hyperpartisan. A recent report indicated that 78 percent of voters are unhappy with increasing partisan divisions. Beyond the issue of polarization, there is also a problem of performance. Satisfaction with American political institutions is decreasing. The dominant…
Read MoreIn the 2020 election cycle, corporate America seems under attack from all directions. Elizabeth Warren and Mark Zuckerberg are in a war of words; Bernie Sanders has proposed codetermination, partial employee ownership, and other major corporate governance reforms; Joe Biden has called for insurance company executives to be jailed; and Donald Trump regularly attacks Jeff…
Read More“Freedom of speech doesn’t mean freedom from consequences.” Our current moment of corporate wokeness and “extremely online” pearl-clutching has made this phrase something of a cliché. In its most sympathetic rendering, it means that a free exchange of ideas allows everyone to decide who they wish to associate with…
Read MoreThe story of upward redistribution over the last four decades is overwhelmingly a story of money going to high-end wage-earners. While there has been a shift in income from wages to corporate profits in this century, it appears that this shift is being reversed in the tight labor market of the last four years. That…
Read MoreIn January 2019, Representative Alexandria Ocasio-Cortez found a perhaps unexpected vein of popular support when she proposed raising the top marginal tax rate from 37 percent to 70 percent for those with annual incomes of over $10 million.1 Polling conducted by the Hill and HarrisX soon revealed that 59 percent of Americans supported this idea:…
Read MoreOn October 1, 2018, the newly christened Klarman Hall opened to much acclaim on the campus of Harvard Business School. The stunning $120 million building houses a conference center as well as a gleaming auditorium built around a 32-million-pixel, 1,250-square-foot video wall and a state-of-the-art, modular design that seats up to a thousand attendees. To mark the opening, the school held a daylong series of speeches and lectures, headlined by the building’s namesake and one of the school’s wealthiest living graduates, billionaire investor Seth Klarman…
Read MorePhillips and Rozworski are at their best in analyzing the scale and scope of central planning in economies dominated by large corporations. In doing so, they demonstrate the inadequacy of ideological debates premised on the opposition between “free markets” and a “command economy.” People’s Republic of Walmart also scores points against the dwindling band…
Read MoreThe biases that private interests can introduce into politics have always been a key concern for democratic theory. Lobbying in particular has come into the focus of social science research since the beginning of the twentieth century. After a century of study, there is a general consensus that the freedom of political participation creates an…
Read MoreWill more restrictive trade policies harm the U.S. economy by shielding domestic businesses against competition? That’s what standard economic theory holds, insisting that pressure from foreign rivals is needed for U.S.-based businesses to continue to innovate, to create the highest quality goods, and to sell them for the lowest possible prices. Although this theory has…
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