Marine Le Pen of France’s National Front: the capacity of member states to tolerate unemployment and deep slumps cannot be unlimited. Photograph: Benoit Tessier

In the second quarter of this year, real domestic demand in the euro zone was 5 per cent lower than in the first quarter of 2008. The euro zone’s unem(...)

A woman walks past a currency exchange store with an Argentine national flag on display in Buenos Aires’ financial district. REUTERS/Marcos Brindicci

In one corner we have Argentina, serial defaulter. In the other, we have professional “holdouts”, bondholders who refused to accept a compromise deal (...)

The production line at the Scania AB factory in Sodertalje, Sweden. Photographer: Erik Abel/Bloomberg

Limited-liability, privately owned joint-stock companies are the core institutions of modern capitalism. These entities are largely responsible for or(...)

I admire the Bank for International Settlements. It takes courage to accuse its owners – the world’s main central banks – of incompetence. Yet this is(...)

A pro-government activist throws a firework at policemen guarding the US embassy in Buenos Aires, during a protest against the US court ruling about “holdout” investors in Argentina. Photograph: Reuters/Enrique Marcarian

Not far from the London offices of the Financial Times was the Marshalsea prison where debtors were sent. In the 18th century, more than half of Lo(...)

ExxonMobil says it does not envisage a low-carbon scenario of the kind many climate researchers advocate. The company believes the costs this would entail, and “the damaging impact to accessible, reliable and affordable energy resulting from the policy changes . . . are beyond those that societies, especially the world’s poorest and most vulnerable, would be willing to bear”. Photograph: Andrey Rudakov/Bloomberg

How much of the world’s fossil fuel reserves will eventually be burnt? This is not just a question for those concerned with climate policy. It is a(...)

What the first World War had not done, the Great Depression, Nazism and the second World War did. By the time of D-Day the world economy had disintegrated. Photograph: EPA/Jamie Peters

This year is the 100th anniversary of the start of the first World War, the 70th anniversary of D-Day and the 25th anniversaries of the collapse of th(...)

“Mexico’s past offers a warning; its present offers hope. But it is far from certain that the programme of reforms will also be sufficient to generate the improved performance the country needs.”

If Narendra Modi, India’s prime minister, seeks an example of a democratically elected leader embarked on radical reform, he could look to Enrique (...)

 Former US treasury secretary Timothy Geithner discusses his new book ‘Stress Test, Reflections on Financial Crises’. Photo: Getty Images

Are financial crises an inevitable feature of capitalism? Must the government rescue the system when huge crises occur? In his book Stress Test , Timo(...)

Narendra Modi, the next prime minister of India, in Ahmedabad yesterday. He will change Indian politics and economics. Photograph: Amit Dave

Surjit Bhalla, an Indian economist, has written to me that India’s is “the most momentous election in world history”. I disagree: the elections of Abr(...)