Europe not only has a euro crisis, it also has a growth crisis. That is because of its chronic failure to encourage ambitious entrepreneurs
In the year since I stepped down as the special inspector general of the Troubled Asset Relief Program, the sadly predictable consequences of the government’s disparate treatment of Wall Street and Main Street have only become worse. As the banks amass size and power, Main Street continues to get pummeled.
The recent scandals at Barclays Plc, JPMorgan Chase & Co., Goldman Sachs Group Inc. and other banks might give the impression that the financial sector has some serious morality problems. Unfortunately, it’s worse than that: We are dealing with a drop in ethical standards throughout the business world, and our graduate schools are partly to blame.
Microsoft’s Downfall: Inside the Executive E-mails and Cannibalistic Culture That Felled a Tech Giant
Analyzing one of American corporate history’s greatest mysteries—the lost decade of Microsoft—two-time George Polk Award winner (and V.F.’s newest contributing editor) Kurt Eichenwald traces the “astonishingly foolish management decisions” at the company that “could serve as a business-school case study on the pitfalls of success.”
Our romance with capitalism is a Faustian bargain, but two critiq:ues warn that giving free rein to markets comes at the cost of giving up a part of our soul
Martin Sandbu reviews:
What Money Can’t Buy: The Moral Limits of Markets, by Michael Sandel, Allen Lane /Farrar, Straus and Giroux
How Much is Enough? The Love of Money, and the Case for the Good Life, by Robert and Edward Skidelsky, Allen Lane
Is it one minute to midnight in Europe?
We fear that the German government’s policy of doing “too little too late” risks a repeat of precisely the crisis of the mid-20th century that European integration was designed to avoid.
John Maynard Keynes’s generation of economists assumed that as people became more efficient at satisfying their wants, they would, and should as rational agents, work less and enjoy life more. Yet power relationships and the insatiability of human wants are such that we have maintained an ethic of acquisitiveness.
On Saturday, famed hedge fund billionaire and economic theorist George Soros gave a speech in Trento, Italy before the Festival of Economics about the European financial crisis. It's quite long, but still well worth reading because his understanding of Europe's problems is clear and deep. You can find it on his site GeorgeSoros.com.