It is more than a little ironic that "capital accumulation" once a rather tendentious Marxian view of a supposed capitalist obsession, should have become - of all things - Wall Street's own slogan.

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

We are already well down the road toward a managed-trade regime. It would be far better to acknowledge that reality, and seek a set of reasonable rules, than to pretend that Ricardian trade is the norm and allow mercantilist states to overwhelm U.S. industry and ratchet down wages, in the name of free trade.

Both rich and poor nations have a common stake in policies that put the globe on a sustainable development path. The conflict is less between poor and rich countries than between the broad interests of people and the narrow interests of extractive industries. We need to find our way towards some kind of global regime that reduces emissions of the greenhouse gases, but well-off nations need to transfer the technology to make this possible, rather than viewing this shift as one more opportunity for private industry to profit.

Britain, with the most completely socialized health system in the West, now spends the lowest fraction of GNP on health care of any major nation. There are frequent complaints of excessive waits for elective surgery and other inconveniences, but British citizens live slightly longer than Americans, on average, and our overall health conditions are comparable.

In practice, a good deal of the outcomes produced by the market reflect nothing more than luck - good or bad.

When laissez-faire creates instability, the move to a freer market can be something less than pure gain.