Not surprisingly, extensive effort in Britain and America goes into finding tax shelter. the system is "efficient" for the shelter industry, not for the economy.

If Boeing got a big head start on the 707 from multibillion-dollar military contracts to develop an air force transport, is that a sin against free trade?

In a world where technology and capital are highly transferable, there is a real risk that comparative advantage comes to be defined as whose labor force will work for the lowest wage.

For over a century, popular struggles in the democracies have used the nation-state to temper raw capitalism. The power of voters has offset the power of capital. But as national barriers have come down in the name of freer commerce, so has the capacity of governments to manage capitalism in a broad public interest. So the real issue is not "trade" but democratic governance.

If social security depresses savings rates, it is only because it is unfunded.

Though editorialists at The New York Times and The Washington Post still don't get it, most Democrats in Congress finally do: Today's trade disputes are no longer mostly about tariffs, quotas, or free entry of goods. They are about the ground rules for capitalism. Are there to be only property rights? What about the other rights that liberal democracies have fought for since the 1880s?

George Stigler Nobel laureate and a leader of Chicago School was asked why there were no Nobel Prizes awarded in the other social sciences, sociology, psychology, history, etc. "Don't worry", Stigler said, "they have already have a Nobel Prize in ...Literature"