Book Reviews: Politics & Free Markets (March 2023)

The Currency of Politics: The Political Theory of Money from Aristotle to Keynes by STEFAN EICH

NOBODY HAS EVER seen the economy. We can see specific markets, but my local farmers’ market looks very different from the Diamond District in Manhattan and even the street stalls I frequented in East London.

Markets are institutions with more or less physical infrastructures, but “the market” (like “the economy”) is an abstraction, no more fixed or certain than “the Left” or “nature.” If “the economy” and “the market” are often described as though they were things out there in the world to be measured and monitored while other abstractions (such as “beauty” and “joy”) are not, that tells us as much about ways of thinking as it does about the workings of the world.

Powered by this insight, the history of economic thought (and related “new histories of capitalism”) has grown over the past 20 years to become one of the most lively and popular historical subfields.

Free Market: The History of an Idea by JACOB SOLL

The recent controversy over Jacob Soll’s new book Free Market: The History of an Idea (2022) reveals just how attached some people are to their economic ideologies (no surprise there) and to their ideas about who gets to have “economic thoughts.”

In a sweeping text that ranges across 2,500 years in barely 250 pages, Soll argues that, for centuries, “free” markets were understood as existing only where strong, moral governments liberated trade from domination by selfish, moneyed merchants. Markets had to be set free—they were not born that way—and the danger has always lurked of commerce being recaptured to enrich the few rather than benefit the many.

This is a loosely “antitrust” way of describing market freedom, and it might have barely registered at all had Soll attributed it chiefly to Louis Brandeis, Frances Perkins (secretary of labor under FDR), or even Machiavelli. But by invoking the name “Adam Smith,” Soll seems to have violated the holy of holies. 

Cinematic Travel: A Tour Of ‘Mythical New Zealand’

Digital Travel Videos (March 12, 2023) – New Zealand, Māori Aotearoa, island country in the South Pacific Ocean, the southwesternmost part of Polynesia. New Zealand is a remote land—one of the last sizable territories suitable for habitation to be populated and settled—and lies more than 1,000 miles (1,600 km) southeast of Australia, its nearest neighbour. The country comprises two main islands—the North and the South Island—and a number of small islands, some of them hundreds of miles from the main group. The capital city is Wellington and the largest urban area Auckland; both are located on the North Island. New Zealand administers the South Pacific island group of Tokelau and claims a section of the Antarctic  continent.  Niue and the  Cook Islands are self-governing states in free association with New Zealand.

Front Page: The New York Times – March 12, 2023

Image

Biden Administration Expected to Move Ahead on a Major Oil Project in Alaska

The decision would allow an enormous $8 billion drilling project in the largest expanse of pristine wilderness in the United States.

Inside the Global Race to Turn Water Into Fuel

Hundreds of billions of dollars are being invested in a high-tech gamble to make hydrogen clean, cheap and widely available. In Australia’s Outback, that starts with 10 million new solar panels.

Chinese-Brokered Deal Upends Mideast Diplomacy and Challenges U.S.

The agreement negotiated in Beijing to restore relations between Saudi Arabia and Iran signaled at least a temporary reordering of the usual alliances and rivalries, with Washington left on the sidelines.

Fox’s P.R. Woes May Not Directly Translate to Legal Ones

Some of the unflattering private messages among the network’s hosts and executives may never become evidence when Dominion Voting Systems’ defamation case against Fox News goes to trial.

World Economic Forum: Top Stories- March 11, 2023

World Economic Forum (March 11, 2023) – This week’s top stories of the week include:


0:15 These ‘robo-boots’ may improve balance – They provide a super-quick blast of assistance to your muscles helping you to stay upright. Scientists asked a healthy participant to stand on a moving floor wearing the exo-boots. Then ‘pulled the rug’ out from under them. They programmed the boots to work using the same delay as human reflexes or artificially faster than humanly possible. The exo-boots only improved balance when they worked faster than our natural response. It means that, one day, wearable exoskeletons could deploy lightning-quick reflexes to help people with balance impairment.

1:35 This new telescope could help explain dark energy – A new space telescope is being launched by the European Space Agency to help scientists build a 3D map of the universe by photographing billions of galaxies up to 10 billion light years away – across more than a third of the sky. Around 95% of the universe is ‘dark matter’ or ‘dark energy’ which doesn’t fit into our cosmological models. The super-sensitive telescope will effectively enable us to look back in time to how distant galaxies looked 10 billion years ago and to see how dark energy accelerated the expansion of the universe.

3:10 How to build earthquake proof buildings – When an earthquake strikes, it creates horizontal forces that shake the building from left to right. Concrete is very strong when compressed, but it has little flexibility, and when stretched, as it is during an earthquake, it’s liable to crack. So to create earthquake resistant buildings, designers add a flexible steel skeleton known as rebar. The steel is elastic and springs the building back into shape. Sometimes, when tension is too high, the steel may warp permanently. This is advantageous, though, because it keeps the building upright, enabling people to escape. There are other ways to make earthquake resistant buildings. Watch the video to learn more.

4:34 Climate doom is a dangerous myth – It’s the most common false claim about climate change, especially among young people. Some experts believe it’s more damaging than climate denialism. In fact, scientists say, it’s not too late to arrest global warming. Global temperatures will stabilize a few years after we reach net zero and the belief that it’s pointless trying to stop climate change only leads to inaction. Making it as unhelpful as denying climate change altogether.

_____________________________________________

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

Medieval Village Walks: Èze – The South Of France

March 2023: Èze Village, lying between Nice and Monaco, is basically two villages on three levels. The lowest is Èze-sur-Mer, through which the Nice–Monaco railway line runs. 427 m higher is Èze (Èze-Village), which I describe here. This medieval village, built on the very top of a hill, is today one of the places on the French Riviera most-visited by tourists. No wonder, because the views from above are so magnificent that they are almost unreal. The village is like a castle, with thick stone walls richly covered with colorful flowers.

Filmed and edited by:

Tourist Channel

Finance Preview: Barron’s Magazine – March 13, 2023

Image

Barron’s Magazine – March 13, 2023:

How Top Advisors Are Building Portfolios Now

How Top Advisors Are Building Portfolios Now

Inflation and higher interest rates brought an end to rah-rah returns for growth stocks. Advisors are adjusting by buying more bonds and shifting their focus away from once-sexy stock sectors.

Why the SVB-Triggered Selloff Is a Buying Opportunity in Big Bank Stocks

Why the SVB-Triggered Selloff Is a Buying Opportunity in Big Bank Stocks

Larger financial institutions have different funding sources and are subject to much tighter regulation.

Buying an EV? Here’s How Long Until It Will Pay Off.

Buying an EV? Here's How Long Until It Will Pay Off.

It could take five to 10 years for an EV to pay off financially compared with a gasoline-powered car. Here’s what to know if you’re thinking of going electric.

Johnson & Johnson, Kellogg, and 2 Other Spinoffs to Watch

Johnson & Johnson, Kellogg, and 2 Other Spinoffs to Watch

Kellogg, Johnson & Johnson, Crane, and BorgWarner are planning to hive off a chunk of their businesses in 2023. What investors need to know.

Front Page: The New York Times – March 11, 2023

Image

Silicon Valley Bank Fails After Run on Deposits

The Federal Deposit Insurance Corporation took control of the bank’s assets on Friday. The failure raised concerns that other banks could face problems, too.

U.S. Employers Keep Hiring, but Signs of Easing Are Seen

CREDIT

The economy added 311,000 jobs in February despite higher interest rates. But hourly earnings rose more slowly as the pool of available workers grew.

Its Georgia O’Keeffe Is Worth Millions. And Its Dorms Need Updating.

In the face of declining enrollment, Valparaiso University in Indiana wants to raise money to renovate two dormitories by selling treasures from its art museum. Not everyone is on board.

Saudi Arabia and Iran Agree to Restore Ties, in Talks Hosted by China

The deal between regional rivals underlines China’s growing economic and political importance in the Middle East, and what some analysts say is waning American influence.

The New York Times Book Review – March 12, 2023

Image

The New York Times Book Review – March 12, 2023:

Big Money, Big Houses and Big Problems in Brooklyn Heights

This is an illustration — done in white, yellow and shades of blue — of a gaggle of fancily dressed people in a well appointed living room. Their faces aren't visible but their jewelry and hair accessories are.

In Jenny Jackson’s debut novel, “Pineapple Street,” readers get a tour of a world they might learn not to envy by the end of the book.

22 Works of Fiction to Read This Spring

Watch for reality-bending explorations of time and space, a Western horror novel from Victor LaValle and new fiction from Han Kang. Plus: Tom Hanks (yes, that Tom Hanks) releases his debut novel.

The Marquis de Sade’s Filthy, Pricey 40-Foot Scroll of Depravity

A new book by Joel Warner traces the fate of the parchment on which the infamous author wrote “120 Days of Sodom,” a trail involving scholars, aristocrats and thieves — and lots of money.

Medieval Village Walks: Casperia In Lazio, Italy (4K)

Casperia is a fortified medieval village in the Sabine Hills, province of Rieti. That’s north Lazio and just a short hop to the regional border with Umbria.

Built on top of a rocky hill and surrounded by mountains and deep valleys, the village commands a wonderful view of the Appenines.