Trade is the oldest and most important economic nexus among nations. Indeed, trade along with war ha been central to the evolution of international relations.

Trade is the oldest and most important economic nexus among nations. Indeed, trade along with war ha been central to the evolution of international relations.

Liberal economists conceive of societies as black boxes connected by exchange rates; as long as exchange rates are correct, what goes on inside the black box is regarded as not very important.

Among the many factors that make a return to halcyon days of the first decades of the postwar era virtually impossible is the decline of clearly defined political leadership.

The economic success of the Reagan Administration was largely dependent upon the pyramiding of massive debt and the siphoning of capital from the rest of the world.

A prolonged and massive increase in aggregate wealth per capita has taken place over several centuries.

In short, the elimination of the financial legacy of Reaganomics could force the United States to make some exceptionally difficult choices indeed.