Skip to content

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…

Read More

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…

Read More

The Left Case against Open Borders

Before “Build the wall!” there was “Tear down this wall!” In his famous 1987 speech, Ronald Reagan demanded that the “scar” of the Berlin Wall be removed and insisted that the offending restriction of movement it represented amounted to nothing less than a “question of freedom for all mankind.” He went on to say that…

Read More

Hamilton’s Revolutionary Financial System

At George Washington’s invitation, Hamilton eagerly accepted office as the nation’s first treasury secretary. Though only 34 years old, he had long considered the severe economic and financial problems facing the country…

Read More

Investor Protection, National Sovereignty, and the Rule of Law

As a candidate, Donald Trump promised to renegotiate—or else repudiate—the North American Free Trade Agreement (nafta), which liberalized trade and other economic activity between the United States, Canada, and Mexico. This fall, his administration began formal talks toward redrafting the Clinton-era trade deal, which is nearly a quarter century old. The nafta renegotiations have been…

Read More

China, America, and “Nationalism”

“Fire and fury” were expected at the annual CLSA conference in Hong Kong in September. Stephen Bannon was to deliver a frontal assault on China—on Chinese soil—and advance the proposition that the United States and China are, or should be, engaged in an epic struggle for world domination in the twenty-first century, according to the…

Read More

U.S. Policy towards Africa under Trump

This paper explores the possible policy and institutional changes affecting South Africa and the Southern African Development Community (SADC) more generally that could occur during the presidency of Donald Trump. The direction that the U.S. government is likely to take after the election…

Read More

The Development Delusion: Foreign Aid and Inequality

During the last decades of the Soviet Union, technocrats in Moscow managed to prop up the failing regime by telling a story. They knew that the economy was falling apart, but they refused to admit it. Instead, they hired propagandists to convince the public that everything was still going according to plan, that the Soviet…

Read More

Germany’s Trade Surplus: Causes and Effects

On January 25, 2015, in a free election, the Greek people exercised their right to decide the destiny of their country. A majority of the Greeks voted against austerity. SYRIZA, an outspoken left-wing party, came to power. Since that day, many European governments, led by Germany, have stubbornly refused to allow the Greek government to…

Read More

A Path Out of the Trade and Savings Trap

Except in Africa and South Asia, the world’s population is aging rapidly. Between 2010 and 2050 the proportion of Americans over 65 will nearly double assuming constant fertility and immigration. By 2034 the Social Security Trust Funds will be depleted. By that time there will be two Americans over 65 for every five Americans of…

Read More

Sorry, PDF downloads are available to subscribers only.
Subscribe Now
Already a subscriber? Log In