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Hobson is therefore at least as relevant for what he had to say about Britain, the leading imperial power of the day, where he posited a theory of under-consumption, in which the maldistribution of wealth at home, seeking outlets for investment abroad, undermined democracy and turned finance into t…

The Retreat of Western Liberalism sides with Dani Rodrik’s argument: ultimately, economic globalization is incompatible with national democracy. Either democracy must be globalized—but the insulated chambers of the EU show what that can look like in practice—or a degree of national determination …

[...] standard economic indicators no longer measure these problems—one reason why elites have been slow to react. Inflation hovers at 1 per cent, and the price of consumer goods has dived since 1985. But over the same period, the cost of health care and education has multiplied 600 times. Unemploy…

The product of the universities is ‘knowledge’; that of the newspapers ‘information’. In both cases it seems that the only means of finance is to be patronage, with an associated return to nobiliary privilege. The implication is that this knowledge, like this information, will be increasingly reser…

In the latter half of the twentieth century, print journalism as a whole was relegated to secondary status in the economy, the business of ideological orientation, and even the relay of information. With this, the figure of the professional print journalist lost substance, supplanted increasingly b…