In an interview with ProMarket, CUNY Graduate Center economist Branko Milanovic discussed the differences and similarities between US-style and China-style capitalism and explained why, without major reforms, liberal capitalism could lead to plutocracy.
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A federal program seeks to help borrowers avoid defaulting on their student loans through income-based repayment plans, but many eligible borrowers do not enroll. A new study argues that an electronic pre-filled application process significantly increases the take-up rate.
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David Henderson of the Hoover Institution defends the legacy of Aaron Director, the most enigmatic among the founders of the so-called “Chicago School.” Director, argues Henderson, was not the nihilist Matt Stoller accused him of being.
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The company failed to go public and its founder, Adam Neumann, had to step down. This is good news: ordinary investors refused to put money in a firm that is purely loss-making and killed Jamie Dimon and Masayoshi Son’s plans.
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The President’s behavior provides direct evidence of how political power is used to advance personal goals. It has also had the unintended consequence of exposing the depth of the institutional corruption present in Washington
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Capitalism’s global victory has been achieved through two different types of capitalist systems: the liberal meritocratic capitalism that has developed incrementally in the West, and the state-led authoritarian capitalism that is exemplified by China. Regardless of who wins, it is unlikely that one of the two will come to rule the entire globe, writes Branko Milanovic in his new book.
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In a letter submitted to the record by the US Senate Subcommittee on Antitrust currently investigating Big Tech, Luigi Zingales expounds on the Stigler Center’s policy recommendations on how to address the market power of the largest tech platforms.
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In the US, there are more than 100 hospital mergers every year. This increasing concentration does not lead to the promised savings, nor to better services, but politicians are not interested in tackling such big employers.
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Senator Mitt Romney wrote Donald Trump a letter to stop his plan to reduce capital gain taxes. This is an important signal that a part of the Republican Party is becoming socially conservative but economically heterodox.
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Capital is not a thing, but a social relation enforced by the law and the state. With the right legal coding, any object, claim, or idea can be turned into a wealth- or capital-generating asset. In her new book, Katharina Pistor analyzes the evolution of capital over the past 400 years.
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More and more startups are valued at over $1 billion, even if they have dysfunctional corporate structures and hazardous business models. For tech companies, going public might prove much more difficult than before.
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The rise of giants like Amazon and Facebook proves the long-lasting influence of Director’s approach. His intellectual and political legacy is the transition of legitimacy from democratic institutions as the locus of governing power to private monopolies.
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