What explains prosperity? That is the most important question in economics. It was this question that led Adam Smith to write ‘The Wealth of Nations’. Before Smith, the physiocrats like Turgot explored it in works like ‘Reflections on the Formation and Distribution of Wealth’. It is this question that makes economics not only interesting, but […]
When William Buckley went on the front page of Time magazine, the title was simple: ‘Conservatism Can Be Fun’. That is what Kemi Badenoch has done at this conference. Conservatism can be fun, can be serious and can learn from its old mistakes. But most importantly, what makes it the world’s oldest party is its […]
Why haven’t we grown in the last decade? We are experiencing the longest spell of workers experiencing no average wage growth in real terms for well over a century – ‘the longest in history since consistent wage records exist, dating back to Victorian times,’ as a paper in the Oxford Review of Economic Policy shows. […]
If there was one event that ended Fukuyama’s ‘end of history’, it was 9/11. The growth and predominance of globalisation were followed by anti-Western intellectual movements. Many, especially on the Left, are still obsessed with rationalising the insanity of the attackers – most notoriously streamer Hasan Piker, who claimed in 2019 that ‘America deserved 9/11’. […]
Alan Greenspan was always attacked by the Left because of his belief in market forces. John Kenneth Galbraith, at a White House conference, made fun of him, saying that the cure for inflation is always the same for ‘Bolsheviks and the devoted supporters of Ayn Rand’. But each and every government learns the hard way […]
‘A Waiter in Paris’ is the story of a young Englishman who graduated from a good university in London with a humanities degree, trained and educated for a world that no longer exists. ‘All while I applied for other, more “prestigious” jobs. Jobs that didn’t appear to exist anymore.’ That’s how Edward Chisholm puts it […]
The EU was born to ‘screw’ the US. That’s what Donald Trump told reporters in 2025: ‘That’s the purpose of it, and they’ve done a good job of it. But now I’m president.’ But that wasn’t always the United States’s view of the EU. As historian Andrew Roberts wrote, the American State Department ‘enthusiastically signed […]
‘I’m personally convinced that our civilisation is approaching its end,’ wrote the British journalist Malcolm Muggeridge in 1980. ‘I think of St Augustine when, in AD 410, the news was brought to him in Carthage that Rome had been sacked by the Barbarians.’ Jim Callaghan was equally gloomy. In 1974, he remarked: ‘When I am […]
Josiah Quincy Jr., who was the mayor of Boston in the middle of the nineteenth century, wrote in his Last Will and Testament that his son should read ‘John Locke’s works, – Lord Bacon’s works, – Gordon’s Tacitus, – and Cato’s Letters. May the spirit of liberty rest upon him!’ Indeed, there is nothing closer […]
The UK has the lowest business investment of any G7 country. The last time its business investment stood above the G7 median as a proportion of GDP, John Major was Prime Minister. The Labour government’s instinct, both in its manifesto and in practice, reflects the old Keynesian mindset that “The duty of ordering the current […]
June 4 marked the 37th anniversary of the Tiananmen Square massacre. It has been a long time since the China of reform and opening-up gave way to one of the strangest regimes of our age: a country with the political freedoms of the Soviet Union but economic power approaching that of the United States, capable […]
When the Labour Government gained power in 2024, Matthew Syed proposed in his Times column the creation of a ‘Department for Long-Term Thinking’: a department that would take government out of the fog of the 24/7 news cycle and encourage policymakers to focus on the bigger picture. Although translating that idea into practice would probably […]
When I went to Manchester last year, there was one place I particularly wanted to visit: the Free Trade Hall. The building was constructed in the middle of the 19th century to commemorate the repeal of the Corn Laws. Manchester was then the heart of manufacturing, the Industrial Revolution and, most importantly, the struggle against […]
We are living through a Tocquevillian moment: ‘The evils which are endured with patience so long as they seem inevitable become intolerable as soon as a hope can be entertained of escaping from them.’ The two-party system appears to be collapsing. The rightward turn seen in the United States may well be repeated in the […]
One of my favorite Soviet-era jokes is the story of a farmer and a Soviet official. The official asks the farmer: if you had two farms, would you give one to the state? ‘Of course,’ the farmer replies. If you had two tractors, would you give one to the state? ‘Yes,’ he says again. ‘And […]
George Orwell wrote his famous essay ‘Politics and the English Language’ a year after the end of the Second World War. He showed how the ‘debasement of language’ corrupts thought and, in the process, corrupts our politics. The standard view is that economic and political causes drive the decline of language. But the reality, as […]
Kristian Niemietz of the Institute of Economic Affairs recently wrote, ‘How do commies sustain the illusion that they’re edgy rebels when everyone celebrates them and cheers them on?’ He was referring to Hasan Piker’s appearance at the Vanity Fair Oscars Party red carpet – a man who has said ‘America deserved 9/11, dude’, and is […]
The war in Iran continues, and Donald Trump is trying to avoid an enduring oil shock by assembling an international alliance to protect the Strait of Hormuz. But as the realities on the ground play out, so too does the war of narratives. Vali Nasr, a professor at Johns Hopkins University who frequently appears on […]
For years, Iran’s Islamic Republic tried to sell a picture to the world, as George Orwell once put it, by ‘giving an appearance of solidity to pure wind’. Its negotiating technique was never complicated; it was simple stonewalling. Yet it is striking how different administrations interpreted that posture. Barack Obama saw them as complicated, sophisticated […]
A couple of years ago, the Free Market Road Show was touring European capitals, with prominent classical liberal economists making the case for free enterprise. Deirdre McCloskey was one of them. In Vienna, after a speech on the role of the entrepreneur, an enthusiastic journalist told her: ‘I loved your talks, and love the idea […]
