Who watches the watchmen? In order to examine the role of the governance separation of powers principle in economics, we developed a theoretical model of a structurally failed market with and without political pressure. We conclude that if the executive branch is dedicated to its public duty,...

The collapse in trade and contraction of output that occurred during 2008-09 was comparable to, and in many countries more severe than, the Great Depression of 1930, but did not give rise to the rampant protectionism that followed the Great Crash. Theory suggests several hypotheses for why it...

This paper examines the European Union's changing perspective on globalization, reflecting a shift from its traditionally open, rules-based trade policy. The rise of internal protectionist measures, coupled with increasing economic insularity in the US and China, are challenging this policy. The...