Bookraft

Nobel Prize Winning economist Kenneth Arrow writing in an article on the economics of trust for Cowles Communications argues that though trust and fairness are not sufficient conditions for economic exchange they make for much more efficient economic transactions and therefore political systems. The issues of fairness and trust seem to be steadily rising on political and economic front.

Time Magazine's Michael Kinsley minces no words, calling private tax dodgers Private Equity Pigs
The NewYork Times sees a resurgence of economic populism among Democratic presidential candidates.
Newsweek sees mixed returns for John Edwards and his populist, economic campaign.
Now the US has always been swinging on a pendulum oregarding popular support for business entrepreneurship versus economic exploitation. It tends to err on the side of business but with major Antitrust, Labor, and Environmental laws it has reined in business extremes in the past. But now with globalization taking not just manufacturing jobs but also middle management, engineering and hitech technical jobs - Bill Clinton's winning card from 1992, Its the Economy, Stupid- is back on the rise.
What will be interesting to see is if the shrillness and divisiveness of Iraq, anti-terrorissm, and HotButton issues (Gay Marriage, Abortions, Stem Cell Research, Gun Laws, Illegal Immigration, etc) will again overwhelm any practical debate and compromise on what are becoming ever pressing issues. As the US loses its 150 year world economic leadership position to all of Europe, China and India; it also may also lose its ability to be a pragmatic and open political system as politics become ever more polarized - and parties seize on the momentary electoral advantage of divisiveness to get elected and then just hang on - trust and fairness be damned.