The Whigs of 19th Century Britain were notorious for applying free market economic doctrine beyond the point at which it became invalid, thus causing the Irish potato famine and the gradual hollowing out of British industry, hobbled by unilateral free trade. The controversial sale of Peninsular and Oriental Steam Navigation Company (P&O) to the state […]

The recent Organization for Economic Cooperation and Development report decrying economic performance in Europe was predictably received with gloating by the bulls of Wall Street and the George W. Bush administration. Yet they should not be so quick to gloat; the European economic model is stronger than it appears, and the U.S. model weaker.

The U.S. Treasury reopened the 30 year Treasury bond market Thursday, with the first 30 year bond issue since such issues were suspended in 2001. The issue of $14 billion 4.5 percent bonds due February 2036 was twice covered on a yield of 4.530 percent, with an indirect bid from domestic institutions and foreign central […]

About the only bipartisan cheers in President George W. Bush’s State of the Union address Tuesday came with his claim that the United States was “addicted to oil” and the inevitable proposals thereafter for various state subsidies to new energy research. Yet neither the diagnosis nor the proposed cure make sense, since they bear little […]