9 Apr , 2018  

There are many advantages to political decentralization as a structural limitation on government power. Imagine a country the size of the United States, but consisting of only five states. Now imagine the same region containing 500 states. All other things being equal, the second situation is likely to be much ...

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Index of Power

30 Mrz , 2018  

The following chart gives a snapshot of the top 20 countries, ranked by their index of power in the world economy. Readers of this blog or my book, The City, will have seen this concept before,[1] but here the information is updated to 2016-17.

Index of Power, 2016-17

Notes: The ...

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Trump’s Trade Wars Threaten US Foreign Investment

18 Mrz , 2018  

There is a lot of buzz about Trump’s recently launched trade wars, but much of this buzz misses the point. The key issue here is not foreign trade, but foreign investment.

Foreign trade contributes relatively little to US corporate profit. The disaggregate data here are patchy, but if we can ...

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