Some hard questions on political economy

    Perhaps the simplest way to describe the difference is to say that if you’re in business enterprise, you’re exposed to very high risk of failure and bankruptcy, while if you’re in finance capitalism, you’re protected from such risks by means of an astonishing proliferation of machinations and arcane subtleties. What if virtually every variety of debt security were still overvalued? What if, to put it | Read More »

    Some hard questions on political economy

    Perhaps the simplest way to describe the difference is to say that if you’re in business enterprise, you’re exposed to very high risk of failure and bankruptcy, while if you’re in finance capitalism, you’re protected from such risks by means of an astonishing proliferation of machinations and arcane subtleties. What if virtually every variety of debt security were still overvalued? What if, to put it | Read More »

    300 Optimists

    G. K. Chesterton, demonstrating his genius at the art of paradox, once referred to optimism as “morbid.” Since the moment I read that (it appears in the second chapter of The Everlasting Man, I have felt in my bones that it is true, and have accordingly nurtured a healthy repugnance for the braggarts of optimism. But as with many paradoxes, it is difficult to explain | Read More »