Several times this column has wished for a sharp decline in global population, which with the advent of superior robotics could lead all of us to live like 18th Century Whig lords, in lavish parklands manned by robot servitors. Yet I have now learned that the original Whig Supremacy of 1714-60 led to a half […]

The chilling in relations with China since 2017 and the discovery that China may well have been responsible for the release of the COVID-19 virus is forcing the world to accept that the globalization and free trade world of 1991-2015 is no more. Instead, with China an authoritarian Communist society that seeks domination and does […]

Ayn Rand’s “Atlas Shrugged” was published in 1957, yet its atmosphere is that of the late 1930s (when much of it may have been in first draft). Trains are the overwhelmingly dominant means of transportation and coal the main source of energy; everywhere outside the United States is run by dictatorships and the overall impression […]

The world’s central banks are working on issuing digital currencies, where through the “blockchain” they will have knowledge of all transactions. This idea is clearly a gross affront to civil liberties, but it raises the question: why do governments and central banks have the sole right to issue bank notes? Over the last 30 years, […]

Oxfordshire, beautiful rolling land of small villages before 1900, may seem (outside the eponymous University itself) an unlikely seedbed for an economic theory. Yet in its idyllic villages and modest country houses, a theory of political economy developed, quite distinct from the Whiggish view of Adam Smith and William Gladstone that became known as “classical” […]

We are coming up next year on the quarter-millenary of the Ayr Bank crash of 1772 and last year we had the 300th anniversary of the 1720 South Sea Bubble. When looking at these 18th Century disasters I am reminded again and again that the financiers’ failures were very similar to those of 2007-08, or […]

The World Economic Forum, sponsor of the annual Davos meeting, proposes a “Great Reset” of the capitalist system. The People’s Republic of China nominally adheres to the Communism of its founder, Chairman Mao Ze-dong. Yet in practice, the societies each advocates bear a remarkable similarity to each other and share two overriding characteristics: they are […]

Around 1760, the English banking system, which had been concentrated in London, sprouted a plethora of country banks in provincial towns, over 800 by 1813, That produced a unique financial environment, in which both expertise and money were readily available locally for new projects throughout provincial England and Wales. This greatly facilitated the Industrial Revolution, […]

A new McKinsey’s report, featured in the Financial Times, shows that over the past 25 years, the dominance of large companies has increased, as has the share of capital returns in the economy, while wage levels have risen far less than productivity. The FT’s solution to this is more state meddling, with redistributive policies to […]