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xperience. The problem is that sucha comfortable posture is at odds with nearly any book of history you might pick up, from The Peloponnesian Wars to Churchill's The Hinge of Fate, all of which will remind you in the most violent terms that liberty and freedom demand struggle and defense; that epochal change
ny’s efficient, iron-and-blood commercial engines. Size and scale and safety became linked. This sense of the undeniable power of industrial mass was Winston Churchill's only comfort for two nervous, lonely years after 1939 as he paced the hours until what he hoped was America’s entry into The Second World War. “] kne
d. And the sum of all these interacting pieces made sustained economic growth into a reality for the first time in history. Ina “commercial society,” Adam Smith explained in The Wealth of Nations, “Every man lives by exchanging, or becomes in some measure a merchant.” Smith didn’t mean everyone was really a m
e other direction you might have someone say that a good=society is one that compensates for the failings of the individuals within=in it. Famously, Churchill said democracy was the least bad of a lot of bad systems. But he also said that the stron=est argument against democracy was two minutes of conversa
tside those models. So I strayed from that project, although I feel like I've come b=ck to it, in a way, 35 years later. In the old days, back with Adam Smith and the classical econo=ists, economics was understood, I think rightly, as a branch of moral and =olitical philosophy. In the 20th century, economi
eorge Cadwalader, Donal Cahill, Noam Chomsky, Jim Churchill, Randy Cohen, Daniel Dennett, Jonathan Figdor, Ni
sire of being believed, or the desire of persuading, of leading and directing other people, seems to be one of the strongest of all of our desires. — Adam Smith In 1999, an investment officer in a management firm had a gut feeling that something was wrong in a corner of the securities market. Based on calcul
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