Since June 9, Hong Kong—one of the world’s most vibrant commercial and cultural centers—has been repeatedly paralyzed by mass demonstrations to defend that city’s dwindling freedoms. The protests quickly escalated, from hundreds of thousands of people in the streets to an estimated turnout of two million (over a quarter of the entire population), and they have evolved and persisted for over two fraught months.
Financial market volatility has skyrocketed in recent days. The Standard and Poors 500 Index, which consists of the 500 largest, publicly traded corporations, lost 6 percent of its value in May. This was followed by an 8 percent rise in June, but the index was down about 5 percent through August 16 from its July peak. Other stock market indexes recorded similar patterns.
The Trump administration is trying to institute a dose of free market reform that promises to disrupt American health care. In a flurry of pro-consumer moves, improving price transparency has been at the center of the administration's plan to reduce the cost of health care through competition.
[Subscription Required] It is not easy to predict where financial stresses that require alleviation by the IMF will emerge next, or what form the mitigation strategies will take. Almost certainly, though, after a period of extremely easy liquidity and associated leveraging in financial markets, the call on IMF advice and resources will be greater than in the past. Its support will have to take new forms. It will also have to sell economic-policy packages to a governing body from an increasingly multipolar world.
Author and economist Tyler Cowen of George Mason University talks about his book, Big Business, with EconTalk host Russ Roberts. Cowen argues that big corporations in America are underrated and under-appreciated. He even defends the financial sector while adding some caveats along the way. This is a lively and contrarian look at a timely issue.
We need to solve climate change, but we also need to make sure that the cure isn’t more painful than the disease. Abandoning fossil fuels as quickly as possible, as many environmental activists demand, would slow the growth that has lifted billions of people out of poverty.
Michael Henderson, Research Director, Public Policy Research Lab at the Manship School of Mass Communication, joins Paul E. Peterson to discuss how the 2019 Education Next Poll came together, including methodology and how the sample builds in experiments to best gauge the public's opinion on schools. The 2019 EdNext Poll will be released on Aug. 20, 2019, and available at educationnext.org.
Last week Raghu Rajan and I coauthored an article for the Financial Times. We argued that the IMF should no longer continue the tradition that the Managing Director of the International Monetary Fund be a European. Instead, it should “break the mould by appointing the best possible candidate to the job, regardless of nationality,” and “hold an open competition” for the position.
One main component of Franklin Roosevelt’s New Deal was the National Industrial Recovery Act (NIRA), which cartelized hundreds of American industries. If FDR’s goal was, as the name of the act implies, to help industries recovered from the depth of the what would later be known as the Great Depression, the NIRA never made sense. When you cartelize an industry, you cut output and raise prices. With output being so low, you make the situation worse, not better.
Below is a quote from a news item in the Washington Post by Casey Quackenbush, August 15, 2019. It’s titled “A Run on Gas Masks: Hong Kong protestors circumvent crackdown on protective gear” and is quoted in Liz Wolfe, “Hong Kong’s Market Is Providing Gas Masks and Protective Gear Despite Government Crackdown,” Reason.com, August 16, 2019.
When I wrote a review of the excellent Socialism Sucks by Bob Lawson and Ben Powell, I quoted a passage from it that they attributed to Bernie Sanders. It did sound extreme, even for Bernie, and I should have checked.
There are no easy answers to the Kashmir dilemma. This is because all independence movements have a strange and complicated relationship with the principle of sovereignty. This strange and complicated relationship stems from the two conflicting feelings that it creates — loss and victory.
You might have heard about the controversy generated by a draft of the state’s proposed ethnic studies curriculum, which has managed to draw criticism from educational leaders, Jewish groups, Armenians, Greeks, Hindus and Koreans (to name a few), according to the Los Angeles Times.