Three of the most important recent facts in global macroeconomics -- the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio -- appear as anomalies from the perspective of conventional wisdom...

This book provides a historical understanding of current debates over tax reform and offers a comparative framework for discussing the relationship between fiscal policy and the distribution of income and wealth. Topics covered include the evolution of income taxation since World War II; the...