Reviewing President Carter's economic policy after his first few months in office, Professor Wertheimer assumes a critical attitude particularly towards Carter's energy package and anti-inflation policies which, in his opinion, show serious flaws, limitations and lack of imagination.

American commentators have criticized European leaders for failing to deal firmly and swiftly with the eurozone's sovereign debt crisis. These commentators forget the lessons of American history. The United States experienced a similar crisis following the financial panic of 1837. Eight states...