The notion that state capitalism (an economic system “in which the state functions as the leading economic actor and uses markets primarily for political gain”) is a new form of capitalism emerging in the global arena has been recently advanced by several authors. This paper explores the problem of the nature of this system in the light of these claims to novelty.
As the 100th anniversary of the 1913 Federal Reserve Act approaches, we assess whether the nation’s experiment with the Federal Reserve has been a success or a failure. Drawing on a wide range of recent empirical research, we ﬁnd the following: (1) The Fed’s full history (1914 to present) has been characterized by more rather than fewer symptoms of monetary and macroeconomic instability than the decades leading to the Fed’s establishment. (2) While the Fed’s performance has undoubtedly improved since World War II, even its postwar performance has not clearly surpassed that of its undoubtedly ﬂawed predecessor, the National Banking system, before World War I. (3) Some proposed alternative arrangements might plausibly do better than the Fed as presently constituted. We conclude that the need for a systematic exploration of alternatives to the established monetary system is as pressing today as it was a century ago.
Hurricane Katrina hit the Gulf Coast on 29 August 2005, leaving a great deal of destruction, pain, and uncertainty in its wake. Post-disaster community rebound is a collective action problem where every individual’s decision to rebuild is impacted by the likelihood that others in the community will rebuild.
The field of corporate governance has long considered the costs of the separation of ownership from control in publicly traded corporations and the regulatory and market structures designed to limit those costs.
Maryland should end the SAC and instead adopt a strict mathematical rule to limit spending based on the sum of the increase in population and inflation. Such a TEL must work with other institutional reforms in order to effectively meet the goal of limiting spending as intended by the designers of Maryland’s Spending and Affordability Committee.
There has been no shortage of attention devoted to cybersecurity, with a wide range of experts warning of potential doomsday scenarios should the government not act to better secure the Internet. But this is not the first time we have been warned of impending dangers; indeed, there are many parallels between present portrayals of cyberthreats and the portrayal of Iraq prior to 2003, or the perceived bomber gap in the late 1950s.
The growth of knowledge literature acknowledges the importance of the institutional context of science for the discovery of knowledge. This chapter argues that in addition to the institutions that connect experts, the institutional context that exists between experts and their subjects importantly influences the relevance of the knowledge that experts discover.
In The Art of Not Being Governed (2009), Scott revises the state generated narratives of the hill people of Zomia which describes them as an aboriginal population that have simply failed to become more civilized. As an alternative, Scott views hill peoples as state-repelling societies or even anti-state societies. As we suggest in this article, by at least implicitly employing a rational choice framework, Scott is able to make sense why people would attempt to avoid being state subjects by taking to the hills as well as why their descendants have remained in the hills.
Camille Paglia joins Tyler Cowen for a conversation on the brilliance of Bowie, lamb vindaloo, her lifestyle of observation, why writers need real jobs, Star Wars, Harold Bloom, Amelia Earhart, Edmund Spenser, Brazil, and why she is most definitely not a cultural conservative.
In this book, Adam Thierer argues that if the former disposition, “the precautionary principle,” trumps the latter, “permissionless innovation,” the result will be fewer services, lower-quality goods, higher prices, diminished economic growth, and a decline in the overall standard of living.