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If a picture is worth a thousand words, what about two pictures?
If a picture is worth a thousand words, what about two pictures? We set them side-by-side in figure 1. Figures 2, 3, and 4 supplement three more pictures.
They encapsulate an eye-catching story of our times. From academics to investment bankers, from governments to New York Times columnists, from philosophers of history to cable news commentators, all Western eyes seem to be focused on a faraway subject, that China is facing a meltdown of its banking system.
Download article (RE_052504.pdf ~338 KB)
Michael S. Bernstam, a research fellow at the Hoover Institution, Stanford University, is an economic demographer who studies the centrality of income redistribution for the taxonomy and evolution of economic systems, long-run economic growth, demographic transition, social revolutions, conflict, and other social changes.
Alvin Rabushka is the David and Joan Traitel Senior Fellow at the Hoover Institution. He is an expert on taxation. His books and articles on the flat tax, with Hoover fellow Robert Hall, have provided the foundation for numerous tax reform bills. His book Taxation in Colonial America was just released by Princeton University Press. His other research areas are economic development in Pacific Rim countries, Israel, and the transition economies of Central and Eastern Europe, notably Russia.