We Americans save very little while borrowing a lot from abroad. Should we worry? Not necessarily. By Mohamed A. El-Erian and Michael Spence.

The Sarbanes-Oxley Act was bad legislation in even more ways than you might suppose. By Clark S. Judge.

There’s a silver lining to the alternative minimum tax: tweak it the right way, and you can establish a flat tax. By David R. Henderson.

Now that race-based school assignment has run aground in the Supreme Court, here’s a better idea: let parents choose the schools their kids attend. By Paul E. Peterson.

If it’s a free market, why does the U.S. health care system keep its patients in the dark about costs? By Scott W. Atlas.

Despite the environmental benefits of getting more milk from fewer cows, the very idea of enhancing milk genetically has activists all afroth. By Henry I. Miller.

Should Republicans court Hispanic voters? Only if they want to survive. By Clint Bolick.

Look at the biggest antipoverty success story of recent years—welfare reform—and you might see the makings of a solution to illegal immigration. By Jeffery M. Jones.

Bill Gates's efforts to help the poor are praiseworthy, but his real success at worldwide wealth creation is Microsoft itself. By Robert J. Barro.

Nicolas Sarkozy needs new models for his country. He need only gaze across the Rhine. Why France should become more like Germany. By Melvyn B. Krauss.

How to get along with the 1.2 billion people behind the world's soon-to-be largest economy. By Alvin Rabushka.

One country that tried to heal divisions only made them deeper, as Hoover senior fellow Paul Sniderman discovered. By John Crace.

Transcripts of power sturggles in the Politburo, unseen for more than 70 years, are about to be published. Paul R. Gregory on a major historical find.