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Trade, Antitrust, and Restoring Domestic Competition

Will 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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Uber’s Path of Destruction

Since it began operations in 2010, Uber has grown to the point where it now collects over $45 billion in gross passenger revenue, and it has seized a major share of the urban car service market. But the widespread belief that it is a highly innovative and successful company has no basis in economic reality. An examination of Uber’s economics suggests that it has no hope of ever earning sustainable urban car service profits in competitive markets…

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Financing Advanced Manufacturing: Why VCs Aren’t the Answer

In 2013, a group of MIT researchers published a study examining the business trajectory of 150 start-up firms that grew out of technology developed at the university. These were production-related “hardware” firms that actually manufactured things. The firms were able to attract early stage venture capital (VC) funding. They were also able to find the…

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Automation Anxiety in an Age of Stagnation

A cursory glance at Google Trends reveals that interest in robot­ics and automation was far less intense throughout the last decade than interest in proposed solutions to the problems that these tech­nologies are supposedly creating, especially universal basic in­come (UBI). Automation—the process of applying technology and organ­ization to do more with less, with robotics being…

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Rethinking the Knowledge Economy

A new practice of production has emerged in all the major economies of the world. The simplest and most telling of its many names is the knowledge economy. It holds the promise of changing, to our benefit, some of the most deep-seated and universal regularities of economic life and of dramatically enhancing productivity and growth.…

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Losing Momentum: A Warning from the Fracturing British Left

In mid-November 2018, Alexandra Ocasio-Cortez issued a rallying cry that was not given sufficient attention. She called on left-wing activists to take over the Democratic Party. Her chief of staff Saikat Chakrabarti went one step further, openly calling on left-wingers to primary sitting Democrats. Together with YouTube personalities Cenk Uyger and Kyle Kulinski, Chakrabarti is…

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Solidarity under a Song: What Strikes in China Tell Us

Early one Monday morning in 2010, Tan Guocheng came to his shift at Honda’s Nanhai factory in Guangdong Province. Tan was a twenty-four-year-old migrant worker from Hunan, a neighboring province, and the factory manufactured automobile parts. But…

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Right-Wing Marxists and Left-Wing Nationalists

On the shelf of academics’ memoir-manifestos, there will never be more than one Allan Bloom. Someone forgot to tell F. H. Buckley. Which is a shame because Buckley (unrelated to that Buckley) can be interesting. But the contours of his navel are not. The Republican Workers Party…

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Share Buybacks and the Contradictions of “Shareholder Capitalism”

In the jargon of finance, America is suffering from a capital allocation problem. The country seems incapable of making the necessary investments to fuel future productivity and growth, or to ensure widespread prosperity. At the government level, public spending on basic research and development as well as infrastructure investment has declined significantly over the past…

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Corporate Power and the Self-Destruction of Neoliberalism

Since the mid-1970s, the majority of economic power in the Western world has fallen into the hands of business and finance. At that time—facing the enormous challenges of oil price explosions, inflation, and unemployment—the governments of most countries virtually surrendered, and left it to global corporations to search for solutions. Margret Thatcher, Ronald Reagan, and…

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