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...