The collapse of the Dubai dream is not without any implications; it may be an indication that the travails of finance capitalism are not over. GLOBAL capitalism is in a phase in which it must deal with the fruits of the overextension during the previous boom, and there is no doubt that this is going to be painful. The financial crisis in the United States and some other developed countries...

I have just returned after performing at the climate circus in Copenhagen. Like all sensible columnists, I will reserve my remarks on why the outcome was entirely predictable, till after the event! But as I attended this meeting of the Conference of Parties (COP) of the Climate Convention (UNFCCC) after a gap of some six years, a snapshot comparison of then and now may be more useful. The UNFCCC process started...

Business lobbyists complain that a regulatory tsunami is on its way. But some firms are embracing the proposed reforms “WHEN people hear the word regulation, they feel stifled, delayed, and many times they believe that government is being intrusive,” said Hilda Solis, America’s labour secretary, on December 7th as she unveiled plans for 90 new regulatory initiatives to improve the lot of workers. If you doubt her word, try mentioning regulation...

Paul A. Samuelson, the first American Nobel laureate in economics and the foremost academic economist of the 20th century, died Sunday at his home in Belmont, Mass. He was 94. His death was announced by the Massachusetts Institute of Technology, which Samuelson helped build into one of the world’s great centres of graduate education in economics. In receiving the Nobel Prize in 1970, Samuelson was credited with transforming his discipline from...

The increase in the number of civil cases in a country is its social mascot, as it symbolises the abundance of law abiding civilised citizens accepting the authority of the judiciary to get their grievances redressed. Otherwise, they would have turned to self-retaliation or employed roughnecks, a usual practice in America and Britain enkindled by their criminal heritage, to enforce justice in their own way; hence all civil litigants may...