An End to Alchemy?

Michael Lewis, the author of various illuminating accounts of the events and progressions of the great financial crisis of 2008 – one of which became an Oscar-winning Hollywood movie – this time provides us with an illuminating account of someone else’s book – Mervyn King’s newly published The End of Alchemy. The thesis is a … Continue reading “An End to Alchemy?”

National Economy?

At first glance the notion of a national economy would seem to be self-evident. After all, the lion’s share of economic data comes in the form of “national accounts,” which treat the nation as a self-contained economic entity, like a business. And the talk, when it comes to the economy, is always of how the … Continue reading “National Economy?”

Capitalism and the “Modern World System”

World system analysis was first developed in the early 1970s as an alternative to the traditional nation-state-oriented analysis of the global economy. In its initial form (which has since been expanded – even, significantly, to ancient Mesopotamia[1]) the focus was put on the modern world system, as evidenced by the title of the pioneering work … Continue reading “Capitalism and the “Modern World System””

Isaac Newton and the Alchemy of Finance

Western Christendom experienced a sea change in the late 17th century. On one side of that divide was theological dogmatics, scholastic philosophy, the divine right of kings and priests, and, seemingly in their train, wars of religion; on the other side, there was theological indifference, mechanical philosophy, government by consent of the governed, latitudinarian and … Continue reading “Isaac Newton and the Alchemy of Finance”