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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 MoreWithin days after he seized power in the 1961 military coup d’état in South Korea, Major General Park Chung-hee ordered the arrest of fifty-one of the country’s leading businessmen. The head of Samsung, the largest chaebol (family-owned conglomerate), who had been travelling in Japan, was immediately placed under house arrest when he returned to Korea.…
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 MoreOn a great many metrics, a strong and innovative financial services sector contributes significantly to growth, jobs, and productivity in the wider economy. For example, it is well established that measures of financial depth—such as the size of the banking sector, the market capitalization of stock markets, and the scale of corporate debt markets—have an…
Read MoreIt sounds like an absurd riddle, or perhaps a kindergarten-level math problem: the median male full-time worker earned $314 per week in 1979, while his counterpart at the median in 2018 earned $1,026; who was better off? In fact, the question proves fiendishly difficult, even as its answer lies at the heart of understanding America’s economic progress…
Read MoreIt is hard to think of another book of the same genre, less still one recently published, that provides such a clear and accurate guide to what economics should be about and how it should be employed to analyze actual economies…
Read MoreTen years ago, Brazil was a left-wing success story. The Workers’ Party’s generous cash-transfer programs for poor families, bankrolled by buoyant commodity prices and constructed on a preexisting foundation of fiscal discipline, helped to lift millions out of poverty. Constitutional order was maintained. The economy grew, and arrangements were reached between the reigning patronage party…
Read MoreFor a brief moment, just before the end of Michel Houellebecq’s latest novel Sérotonine, a ray of hope seems to galvanize its protagonist. For a short while he seems to recover his lust for life. Having languished for years without a sense of purpose…
Read MoreThe coordination of development within city clusters in the People’s Republic of China (PRC) is a striking case for organizing institutions, planning, infrastructure, and economic development across many local administrative boundaries in very large urban regions, some as large as European countries. To benefit from the many efficiencies that could be reaped from such coordination,…
Read MoreSince 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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