Boiling Over, Brexit’s Sticky Exit, China’s Bumpy Exit

What I’m listening to.

6 Sonates melees de pieces, Op. 2: Flute Sonata No. 2 in D Minor, "Le Vibray": III. Gavotta

Free trade is good, an idle state is bad.

New Republic -- Can Free Trade Survive the Rise of the ‘New Right’?

Why nearly all the presidential candidates are against it.

Trade’s travails.

New York Times -- Simmering for Decades, Anger About Trade Boils Over in ’16 Election

The United States is in the midst of one of the longest economic expansions in its history. Even American factories have lately added hundreds of thousands of jobs.

Related. (ed’s note -- recall that the UK along with the US has one of the worst rankings in intergenerational mobility.)

Independent -- The chart that debunks George Osborne's myth that Britain is 'in it together'

The poorest half of the UK are losing 8 per cent of their income so the deficit can be cut - while the richest half lose next to nothing.

Not so fast.

Telegraph -- EU referendum: Brexit could take up to 10 years to happen, warns former top civil servant

Lord O'Donnell, the former Cabinet Secretary, warns that Britain's withdrawal from the EU would take far longer than the two years prescribed under Article 50.

China will not be able to make the transition to a high income country without a huge downturn and shift to a more open society.

Financial Times -- China’s future challenge for the world economy

The country is systemically important and suffers high and rising corporate indebtedness.

 

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Twin Virtues: Inequality of Outcomes & Equality of Opportunity©

Twin Virtues

Ultimately, the most successful societies find the balance between the twin virtues of inequality of outcomes and equality of opportunity.

The new politics must marry the twin virtues of unequal outcomes and equality of opportunity.

When too few get too much everybody loses.

Feminism is about women living their lives on their own terms, marshalling the resources of the society to make that possible, and men embracing this as vital to a successful society and their own liberation.

Can it be that striving for equality of opportunity however imperfect the process not only benefits the individual but also creates benefits for the society that are unintended but wonderful?

Economics must be a 'moral enterprise' as much as politics claims to be. Economic outcomes need to be framed in terms of right and wrong not just efficiency if only because these often align in surprising ways that are good for society and the economy.

My vision of Canada is that any Canadian child from a family of limited circumstance can expect to have a chance at lifetime of unlimited opportunities.

Free trade is a wonderful thing. Time and time again economists have proven that free trade creates enormous wealth for each country 'on the whole'. Historians have shown that free trade is usually associated with rising political, social and cultural liberty. The perennial problem is that free trade always creates tremendous disruption for thousands even millions of individuals often concentrated in one geography, and where the state is idle, not investing in best in class instruments of social justice, free trade can be a permanent ticket out of the middle class, down, not up.

Tax policy should be founded on the principle of generating steady tax revenues sufficient to maximise environmentally sustainable economic growth in order to fund fair government.

Public policy should be designed to decrease inequality before the law and increase equality of opportunity.

Capitalism is not the problem; the problem is what we do with capitalism.

Content is always more difficult to argue than conspiracy.

Let the state regulate and the market operate (most things).

Welfare strategies are best designed as a hand up, not as a hand out.

Political debate should not be fact free fighting.

Explanation lasts longer than eloquence.

Always favour empowerment over dependency.

The most enduring public figures are embraced for the causes they fought for and not the concept of themselves they hoped others would remember them by.

Find your voice and don't be the echo of somebody else.

It is possible to operate on two different levels: the practical, cautious and conservative; and the realm of ideas, open, free, and radical.