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"Our welfare spending is probably the highest in the world. It is only “laissez-faire” in the sense that we have ... a very large charitable sector as well."
Economic PolicyProgressivismSocialismWorld History
An enduring progressive myth is that thanks to Western technologies and compassionate NGOs, American agricultural scientists saved the developing world via the Green Revolution. Not surprisingly, the truth is found elsewhere.
Money and Banks
Congress tells the Fed to maximize employment and also have low inflation. But in reality the Fed usually chooses to ignore inflation and instead "stimulate" employment with inflation.
The academic and political buzzword today is "decolonialization," but what happens when good laws are discarded on the flimsy basis that they were established during a colonial era?
Jacob Soll believes that a truly successful economy must embody at least some of the economic regulation developed by Jean-Baptiste Colbert, the French finance minister under Louis XIV.
The reality of socialism is that it politicizes life entirely. How that is supposed to improve quality of life remains a mystery.
Central BanksFinancial MarketsStrategy
Most government intervention into currency exchange rates create more problems than they solve. Japan's lost decades are a prime example of what can happen.
Adherents of the famous Phillips curve believe there is a permanent tradeoff between inflation and unemployment. This is mistaken.