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Category: Financial Services

The Real Class War

Since at least 2016, the divide between the “working class” and the “elite” has been considered a defining issue in American (and Western) politics. This divide has been defined in occupational terms (“blue collar” versus “information workers”), geographic terms (rural and exurban regions versus major urban cores), and meritocratic terms (non-college-educated versus those with elite…

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Will Shifting Party Coalitions Change Policy Priorities?

America’s two major political parties appear to be in the process of swapping their historic coalition constituents. With that shift, many of our assumptions about what it means to be a Democrat or a Republican are coming apart at the seams. The most significant development seen in recent polling data is the exodus of college-educated…

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America’s Drift toward Feudalism

America’s emergence in the eighteenth and nineteenth centuries represented a dramatic break from the past. The United States came on the scene with only vestiges of the old European feudal order—mostly in the plantation economy of the Deep South. There was no hereditary nobility, no national church, and, thanks to George Washington’s modesty, no royal…

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Commodity Financialization (and Why It Matters)

In December 2018, a leading European bank sent its customers investing tips for the next year. To navigate “an increasingly challenging investment environment,” the bank advised, “The latter stages of the economic cycle have historically been one of the better times to invest in commodities. Overall demand tends to stay high while inventories run low.” Until recently, commodities interested mostly those who produced, traded, or consumed them…

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Tax Sovereignty in the Age of Global Capital

In 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:…

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Disruptive Innovation in America and China

The concept of disruptive innovation arose from the study of innovation in companies, but it can also be applied to nations. In this essay I will use some of the concepts of disruptive innovation to analyze the dynamics of national innovation and growth in America and China.1 The United States is supposed to be the…

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Trivial Pursuit

It would not be possible in the space of even a lengthy review to do justice to either the scope or the style of Brooks and Papo­la’s cine­matic achievement. I can only share some of what I saw. After a brief credit sequence we meet “Arthur,” which is what I will call the Brooks-esque character in the film. (I am going to assume we are not quite meant to identify him with the real-life Brooks, who cannot possibly be as stupid and sinister by turns as this guy…

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The Financialization of the American Elite

On 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…

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Squaring the Circular Economy

Phillips 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…

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