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In the last analysis, the euro and its crisis should not be treated, or at least not primarily, as a problem of European unity, but rather as a subtheme of the pressing question of a functional monetary order for the capitalism, perhaps the post-capitalism, of the twenty-first century. Since the en…

[...] the notion of a ‘savings glut’, put forward in 2004 by Ben Bernanke when he was still chair of the Federal Reserve. In a savings glut, desired saving exceeds desired investment, making for an overabundance of capital for which there is no use. Why something like this should have come about re…

[...] not even the greatest optimists claim that enough has been done to make the financial industry safe for society, while there are quite a few voices, both insiders and outsiders, that insist that whatever change there may have been is not sufficient to protect the global economy from another f…

[...] Until now, of course, longer-term growth rates have been falling together with peak tax rates, and so has the average tax take of rich democracies. Worse still, in parallel with the declining taxability of firms, their claims for national and regional infrastructure have become more demanding…

[...] Buying Time treats state debt as a phenomenon of political economy: not merely one of democracy but also one of capitalism. Capitalism is about the expansion of expandable capital in the form of private property; this entails the danger of a withdrawal of cooperation by those who are needed…