The present paper demonstrates that certain early monetary developments observed in the West since the Peloponnesian War about 400 B.C., but also in China can only e explained with the help of three economic theories called "Gresham's Law”, “Thiers' Law” and “The Monetary Approach to the...

Starting from a discussion of Schumpeter's analysis of the relationships of capitalism, socialism and democracy, it is shown that, in a complex society, democracy is only compatible with a decentralized market economy with safe property rights. But in time democracy shows a tendency to weaken...

Books reviewed in this article: S. N. Afriat - The Market. Equilibrium, Stability, Mythology. Hazel Bateman, Geoffrey Kingston and John Piggott - Forced Saving: Mandating Private Retirement Incomes. Jagdish Bhagwati (ed.) - Going Alone - The Case for Relaxed Reciprocity in Freeing Trade. Boeri...

A difference is made between open and hidden or veiled government bankruptcies. The latter are happening if budget deficits are covered by substantial money creation leading to inflation. In this case non-indexed government debt loses its value and is inflated away. This path is not open, if the...

Books reviewed: Bhagwati, Jagdish The Winds of the Hundred Days Costanza, Robert, John Cumberland, Herman Daly, Robert Goodland und Richard Norgaard Einfuhrung in die Okologische Okonomik Fogel, Robert William The Fourth Great Awakening and the Future of Egalitarianism Frey, Bruno S. Inspiring...

This volume confronts an important historical hypothesis with empirical evidence from selected periods of history. The hypothesis in question states that competition among political and legal organisations in developing rules has been a crucial condition for liberty, innovation and growth in the...

We propose an alternative to the Constitutional Treaty drafted by the European Convention. Our proposal effectively limits the domain of government at the Union level. It takes the incentives of the European public actors into account. We propose a second chamber of European Parliament composed...

Terrorism is becoming a weapon of ever increasing importance to reach certain ends, given the potential of mass destruction available to leading international powers and the rise of one superpower dominating the international system. In most cases terrorism is driven by an ideology comprising a...