Many have been talking about possible international contagion of the financial crisis in Turkey, and Peter Coy touched on the key issues in yesterday’s Bloomberg piece. Recent economic history and theory offer powerful lessons about contagion. Most important is that contagion isn’t automatic, but rather depends crucially on economic policy. And that lesson is fortunately showing up in virtually all the market commentary during the past few days
One of the most challenging tasks a historian faces is to recapture the "future-blindness" of historical actors. Major historical events like the outbreak of World War II or the fall of the Soviet Union seem inevitable in retrospect, but for people in the past the future was just as unknowable and murky as it is now.
The Left Coast is burning. Oregon is fighting 13 wildfires encompassing 185,000 acres. California is battling 19 fires, including tornados of fire called "fire whirls," which have gobbled up 577,000 acres and left eight dead. A good progressive who never lets a crisis go to waste, Governor Jerry Brown told Californians, “With climate change, some scientists are saying that Southern California is literally burning up.”
Harvard economics professor Greg Mankiw quotes from a recent book review by Bill Gates: By the second semester of my freshman year at Harvard, I had started going to classes I wasn’t signed up for, and had pretty much stopped going to any of the classes I was signed up for – except for an introduction to economics class called “Ec 10.” I was fascinated by the subject, and the professor was excellent.
Are many in the mainstream media “enemies of the American people”? President Trump has at times claimed they are, spurring an effort led by the Boston Globe, which today joined more than 350 other newspapers, including the New York Times, the Miami Herald, the Minneapolis StarTribune, the Houston Chronicle, and the Denver Post in blasting Trump’s rhetoric.
Poverty is a thing to be abolished. We should all rally around this central point. No one should go without food and water as long as it’s within our individual power to prevent it. This raises the immediate question of what is the most effective means of eliminating poverty.