Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.
Two hallmarks characterize capitalist economies. Firstly, property is predominately in private hands. Consequently, goods and services are allocated via market mechanisms in which prices provide signals for businesses, workers, and consumers. Secondly, capitalist economies are highly capitalized. Indeed, the stocks of physical and human capital are relatively large in relation to the capitalist economies’ income flows.
Given that Turkey is at the center of a market storm that could develop into a hurricane, it is of utmost importance to understand how news from the Ottoman lands is edited (read: censored). As evidence, I will reproduce an invited, exclusive interview that Bloomberg conducted with me.
Singapore pulled off a brilliant Trump-Kim summit in all respects, including the bottom line. Indeed, the government of Singapore spent $15 (USD) million, and according to estimates by Meltwater, that expenditure generated $568 (USD) million for the city-state. Not a bad return for a few days’ work.