Islamic finance and structured products are two of the most successful financial market innovations of the last 30 years. They have also become intertwined in the dealing rooms of the large western banks that treat Islamic finance as a kind of fixed income structured product. As a result, the...

Efficiency requires legislative political institutions. There are many ways efficiency can be promoted, and so an ongoing legislative institution is necessary to resolve this choice in a politically sustainable and economically flexible way. This poses serious problems for classical liberal...

This article argues that capital flight of real investment presents governments with a quadrilemma. First, governments can tailor their policies to attract investors – but this is incompatible with a whole range of alternative policy choices. Second, they can simply accept capital flight –...