Nightcap

  1. In defense of Democratic war socialism Irfan Khawaja, Policy of Truth
  2. China brought NATO closer together Ringsmose & Rynning, WOTR
  3. In praise of trade frictions Chris Dillow, Stumbling & Mumbling
  4. “We are in Soviet times again” Tara Burton, City Journal

Nightcap

  1. Same old story, same old song and dance Johanna Möhring, War on the Rocks
  2. Why Britain Brexited Tom McTague, the Atlantic
  3. Is it rational to vote? Julia Maskivker, Aeon
  4. Large countries and bad government Arnold Kling, askblog

Nightcap

  1. War with Iran: the target package Irfan Khawaja, Policy of Truth
  2. A century of sanctions Benjamin Coates, Origins
  3. The tragedy of the liberal middle class Jonathan Rutherford, New Statesman
  4. The novel Morocco had to ban Adam Shatz, NYRB

Nightcap

  1. The Left lost yet another election. Its response? Reposting old essays… Chris Bertram, Crooked Timber
  2. Israel, Syria, and the Kurds Wilkofsky & Zaman, Al-Monitor
  3. Automation as a colonization wave Robin Hanson, Overcoming Bias
  4. The geopolitics of liberalism Nicolas Hausdorf, Jacobite

Nightcap

  1. Can we still learn from Lincoln? Forrest Nabors, Law & Liberty
  2. On Brexit and beyond Lionel Barber, Financial Times
  3. On Morocco’s most revered leftist Khalid Lyamlahy, Los Angeles Review of Books
  4. 2015: France’s bad year Andrew Hussey, Literary Review

Nightcap

  1. Who betrayed Syria’s Kurds? Amberin Zaman, Al-Monitor
  2. How the Physiocrats confronted France’s empire (Smithian-Misesian-Hayekian federation) Pernille Røge, Age of Revolutions
  3. Strange respect for central banks Scott Sumner, MoneyIllusion
  4. This is just the beginning of Brexit Tom McTague, the Atlantic

Nightcap

  1. Making Canada great for the first time Scott Sumner, EconLog
  2. Detoxifying Brexit Chris Dillow, Stumbling & Mumbling
  3. What’s driving protests around the world? Tyler Cowen, Bloomberg
  4. There’s no telling what’s next” Conor Friedersdorf, the Atlantic

Nightcap

  1. Nozick, State, and Reparations Irfan Khawaja, Policy of Truth
  2. No friends but the mountains Maurice Glasman, New Statesman
  3. The layers of Israel’s Trump mistake Michael Koplow, Ottomans & Zionists
  4. Why hasn’t Brexit happened? Christopher Caldwell, Claremont Review of Books

Nightcap

  1. Not all Indian reservations are alike Ryan McMaken, Power & Market
  2. Is the UK about to become Canada? Scott Sumner, EconLog
  3. Why economists are wrong so often Chris Dillow, Stumbling & Mumbling
  4. Life, fate, and the assault on liberalism Gideon Rachman, Financial Times

Be Our Guest: “How to make Brexit Really Worthwhile – Example: Financial Regulation”

Be Our Guest is an open invitation to NOL‘s readers to participate with us. Pretty much anything is on the table. The latest article comes from the Freeconomist, who is following up on his earlier piece about making Brexit worthwhile via information asymmetries. His new piece is on financial regulation through the prism of Brexit. Check out this excerpt:

I do not want to write a lengthy discussion on the question of which alternative is the least costly in dealing with the incentive problems arising from the implicit subsidy by the taxpayer. There are good reasons to believe an incremental, decentralized and evolutionary system of market-based regulation to be superior to centrally designed government regulation. (4)

But even if this is the case, private regulation arising as a response to the incentive problems resulting from explicit and/or implicit government guarantees is still costly. Indeed, the evolved system of private regulation in the UK banking industry was giving the appearance of a restrictive cartel. If my analysis is correct, this “cartel” served a useful social function, namely to deal with the incentive problems created by the implicit government guarantee. Nevertheless, it also involved costs.

At the root of the problem are the taxpayer guarantees.

Please, read the rest. It’s another excellent piece of work.

And don’t be afraid to submit your thoughts to us.

Nightcap

  1. The threat of fanaticism Chris Dillow, Stumbling & Mumbling
  2. On targeting the price of gold George Selgin, Alt-M
  3. Reinventing language Catherine Charrett, Disorder of Things
  4. Geopolitics and Greenland Jon Rahbek-Clemmensen, War on the Rocks

Nightcap

  1. What does a post-Putin Russia look like? Jakub Grygiel, American Interest
  2. A primer on China’s “People’s Armed Police” Joel Wuthnow, War on the Rocks
  3. How can people be smart consumers, but dumb voters? Chris Dillow, Stumbling & Mumbling
  4. The imperial myths driving Brexit Alex von Tunzelmann, the Atlantic

Be Our Guest: “How to make Brexit Really Worthwhile – Example: Regulation dealing with Information Asymmetries”

Here is the latest installment of NOL‘s new “Be Our Guest” series, this one by the pseudonymous Freeconomist. An excerpt:

Third-party certification provides assurance to consumers that a product or a supplier of professional services meets certain quality standards.

Private suppliers of third-party certification include organisations such as Consumer Reports, the American Automobile Association (AAA), which rates motels, or A.M. Best, rating insurance companies. Examples of third-party certification provided by the government are product safety regulation, food standards regulation or occupational licensure.

Private suppliers of third-party certification can only exist because the product they offer is valued enough by market participants to justify the cost of providing it. And their profits are determined by their credibility.

The same cannot be said for third-party certification provided by the government.

Please, read the rest and do keep submitting your thoughts to us.

Good books on The Troubles

In the discussions on Brexit the situation along the Irish-Northern Irish border is pivotal. Nobody wants a return to a ‘hard’ border, even though that is the obvious consequence of the UK leaving the Common Market and Ireland staying in it.

For those unfamiliar with the reason why this is troublesome there are a loads of good reads on what the British called ‘The Troubles’, but what by all standards was a cruel civil war, with 3500 deaths and many more injured. The two recent books I would like to bring to the attention of the readers are different.

Milkman is a novel that won the Man Booker Prize. It is a story about a young woman growing up in Troubled times, and what is particular gripping is the sense you get of the intensity of life in those days. Everything in daily life was somehow drawn into the conflict, you had to think about your moves all the time and everybody lived in fear. Not only for the enemy, but at least as much for the paramilitary group that happened to control your area. They did not just wage their war, but literally wanted to control everybody in their neighborhood.

Say Nothing is narrative non-fiction, well-researched and with hundreds of pages of notes. It is written in very attractive prose, not like any regular history book. The focus is on some of the key-players on the IRA-side, the bombs, and the attacks. Central is the disappearance and subsequent murder of a mother of ten by one of the main people in the story. The book also pays a lot of attention to Gerry Adams’ denial to have played any role in the violent side of the civil war. One of its strengths is also that half of the book tells what happened after the Good Friday agreement, which formally made an end to the Troubles. If only it did…

These are great books to learn more about one of the bloodiest conflicts in Europe in recent times. They also help to understand current debates about Brexit. Hopefully, they will just keep saying something about the past…

Nightcap

  1. The divine right of the majority Pierre Lemieux, EconLog
  2. Overcoming the Mormon legacy on race Bruce Clark, Erasmus
  3. A sympathetic liberty Brent Orrell, Law & Liberty
  4. Free speech on the shoals of ideology Irfan Khawaja, Policy of Truth