Democratic senator from Massachusetts and Democratic presidential candidate Elizabeth Warren:  part of populist left with Senator Bernie Sanders. Photograph: Craig Lassig

Cui bono? When the economic cycle does its inexorable work, and a recession strikes the US, which political force will benefit? What the question lack(...)

In planning revisions to a tax system, the government has much more responsibility than balancing of the books and complying with euro-zone requirements

“The avoidance of taxes is the only intellectual pursuit that still carries any reward,” asserted John Maynard Keynes, one of the most influential eco(...)

US senator Elizabeth Warren could be a nightmare for some on Wall Street. Photographer: Callaghan O’Hare/Bloomberg

In a country where “liberalism” means big government and “neoconservatism” implies utopian daring-do, the mangling of another abstract noun was probab(...)

Bank of England governor Mark Carney is loathed by the Brexiteers because his facts don’t fit their narrative. Photograph: Reuters

It’s possible to feel sorry for central bankers. That’s a sentence I never thought I would write. Even if sympathy or empathy are not normal feelings (...)

The great hall at Versailles was the site of the signing of the Treaty of Versailles which imposed swingeing terms on Germany and blamed it and Austria-Hungary for starting the first World War.

In mid-January 1919, amid revolutionary chaos in much of east-central Europe and a fierce civil war in Russia, the Paris Peace Conference convened to (...)

French president Georges Clemenceau, US president Woodrow Wilson and British prime minister David Lloyd-George at the Paris Peace Conference

In the British general election campaign of December 1918 slogans such as “Hang the Kaiser”, “squeeze the lemon till the pips squeak”, “homes fit for (...)

“Market forecasts are particularly tricky. No one can see the future – the world is inherently uncertain and surprising things will happen.” Photograph: Shannon Stapleton/Reuters

“Forecasting: the attempt to predict the unknowable by measuring the irrelevant; this task employs most people on Wall Street.” The words of Jason Zw(...)

Britain’s prime minister Theresa May: If the UK crashes out, it will be a failure of politics not economics. Photograph: Adrian Dennis / AFP

At this time of the year, newspapers are packed with predictions about what is likely to happen to the economy in the next 12 months. Underpinning all(...)

President Donald Trump during a “Make America Great Again” rally in Florida, July 31st, 2018. Photograph: Doug Mills/The New York Times

Thirty years have passed since a free-market Republican won a US presidential election. Even he, George H W Bush, signed tax rises into law and embroi(...)

US president Donald Trump. “Trump’s trade war – and his other antics – run many more risks than a mere dent to global economic growth.” Photograph: Dan Kitwood/Getty Images

Liberal values are under attack everywhere. It is deeply unfashionable to admit any affection for old-fashioned liberalism. Somehow, the ideas of the (...)

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