M0 (also known as the monetary base or high-powered money), which is equal to the total liabilities of the central bank, that is, cash plus the reserves of private sector banks on deposit at the centr...
Large numbers of under-capitalized banks were a recipe for financial instability, and panics were a regular feature of American economic life - most spectacularly in the Great Depression, when a major...
La UE está muy poblada pero envejece. Su economía es grande pero lenta. Su productividad no es mala, pero está viciada por el ocio excesivo. Es
Just as global networks of communication and transportation had made the mass migrations of the late nineteenth century possible,6 so political networks of populism and nativism sprang into life to re...
John [Ivan] the Terrible,
Jews were emphatically second-class subjects of the Tsar. A Pale of Settlement, outside which Jews were not supposed to reside, had been established by Catherine II in 1791, though it was not precisel...
Its prime cause was the rise and fall of ‘securitized lending’, which allowed banks to originate loans but then repackage and sell them on. And that was only possible because the rise of banks was fol...
It is not the fault of the mirror if it reflects our blemishes as clearly as our beauty.
Inflation has come down partly because many of the items we buy, from clothes to computers, have got cheaper as a result of technological innovation and the relocation of production to low-wage econom...
In a pre-Internet campaign, certainly, he would have struggled to match Clinton,
From Boston to Bordeaux, revolution was in large measure the achievement of networks of wordsmiths, the best of whom were also orators whose shouted words could rally the crowd in the square and incit...
Exchange rates would be fixed, as under the gold standard, but now the anchor - the international reserve currency - would be the dollar rather than gold (though the dollar itself would notionally rem...
Even today, you can still see the empty lots that the riots left in their wake.
Europe’s central banks had nearly all committed themselves to the gold standard by 1908; that meant that they nearly all had to target their gold reserves, raising rates (or otherwise intervening) if...
Elias Canetti once tried to imagine a world in which ‘all weapons [were] abolished and in the next war only biting [was] allowed’. Can we be sure there would be no genocides in such a radically disarm...
El proyecto de modernizar y cristianizar la India había resultado un absoluto fracaso, hasta el punto que terminó por barbarizar a los británicos. Los que realmente tenían que gobernar la India habían...
Drawing on the best modern scholarship, this book seeks to rescue the history of networks from the clutches of the conspiracy theorists, and to show that historical change often can and should be unde...
Considerations on Representative Government (1861) – that they enjoy the benefits of her uniquely advanced culture: first, a better government: more complete security of property; moderate taxes; a mo...
Complexity is not cheap; on the contrary, it is very expensive indeed. The administrative state has found an easy solution to the problem of increasing the volume of public ‘goods’ without making comm...
Because they are all derived from the value of underlying assets, all futures contracts are forms of ‘derivative’.