Despite all the talk of a New Economy and the revolutionary import of the Internet, this article suggests that there is nothing really new under the sun. When Christopher Columbus was building the ships for his expeditions to the East Indies, only the vaguest estimates could be made of their...

Canadian policymakers and regulators have been praised for avoiding many of the policy blunders that, when combined with excessive risk-taking by the banks, nearly brought down the U.S. financial sector. But, as the global economy begins to recover, policymakers everywhere need to find ways to...

Many countries have democracy's forms, but without capitalism's content. Instituting the right to vote while keeping capital markets closed is a prescription for stagnation and preservation of the status quo. It raises hopes but does not bring prosperity. Instead, it perpetuates a powerful...

Governments and the media have often attacked financiers for "speculating" in their countries' currencies, thereby forcing them to make drastic and sometimes painful changes in monetary and fiscal policies. This article argues that such accusations have no basis in economic theory, and that...