It is argued that when the world’s economic and military hegemon pursues a foreign economic policy of liberalism, there are tendencies for that nation to acquire an empire. These arguments are illustrated with examples from the British Empire of the nineteenth century. The article...

Since the 1970s, corporate governance in the United States has become increasingly beholden to Wall Street. This trend is so prominent that the resulting formation is increasingly known as <i>money manager capitalism.</i> This article explores some of the reasons behind this change, and its...

From a historical perspective, as moral hazard was mounting, the Fed deployed a new doctrine, de-regulating to surmount the so-called challenges of globalization, while financial innovation was on the rise. This paper focuses on another aspect of the crisis: moral hazard. If a firm or even a...

In the wake of the worst financial crisis since 1929, economists are revisiting the received understanding of how financial markets and institutions actually operate. This paper aims to contribute to this reexamination. It builds upon the traditional and widely-accepted mean-variance approach to...

In 1989 it was triumphantly announced that the world had arrived at the “End of History†with neoliberal economics and political democracy the clear victors. This paper revisits and reconsiders this famous assertion through an examination of several perspectives on the relationship...