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Milton Friedman's classic 'The Case for Flexible Exchange Rates' was published in 1953, but its inception dates back to 1950 when the author was a consultant to the U.S. Economic [...]

Earlier History It would probably be best for me to concentrate on the recent British debate. Not only do I know it best, but I do not think that the [...]

Ethical individualism is defended against communitarian attacks. Topics include the opposition of liberals and communitarians, the academic debate, metaphysical anti-individualism, a biological perspective, defensible individualism, self-realisation, political economy, economic individualism, a rule utilitarian approach, information requirements, business culture, the true 'bottom line,' and methodological individualism.

Finance Minister Gordon Brown has opted to tackle the UK's poverty and unemployment problems in his 1998 Budget presentation in March, instead of belaboring the pound sterling's slide in conjunction with the European Monetary Union dilemma. A look at Brown's budget reveals increased focus on the labor market, with emphasis on the welfare to work program as well as reforms in social security contributions and low paid workers benefit, as key measures. Despite positive reviews, objections abound, the most valid of which concerns the issue of minimum wage.

Pessimism about Europe is fashionable among foreign policy circles in the United States. The West as a whole is certain to decline in relative economic strength--and quite likely in relative [...]

The Asian economic crisis was caused by over investment which caused overcapacity, together with the requirements of dept payment to the IMF. New strategies are needed to overcome the crisis, including devaluing Asian currencies. The IMF and the U.S. Treasury need to develop rescue strategies to help countries in crisis to prevent the problem spreading to other countries and affecting the world economy. The IMF should be more open if it has concerns about any country's situation and be prepared to publish its recommendations.

When asked to write about the global implications of a serious dollar collapse, I accepted with alacrity as a refreshing change from the usual question about if and when such [...]

The recovery of the pound sterling from the low levels of 1994-1995 has raised speculations about sterling being a rival to the Deutsche Mark. The sterling has fallen from 12 DM to the pound to 2 DM since 1960, and the British inflation rate is 2 3/4 %. Chancellor Kenneth Clarke is inhibited in his interest rate policy for the fear of rising inflation. A possible Labor government of Tony Blair will be more favourable to EMU membership and face up to the undesired currency appreciation and interest rate cuts.

A favorite game at this stage of the business cycle is to ask 'Where will growth come from?' The American version is to ask where the extra demand will come [...]