Label: Liberalism
A state is not a family

A state is not a family

In her column, American economist Deirdre McCloskey criticizes the illusion of the protective state and shows how the promise of security can undermine individual freedom.
Nobel 2025

Nobel 2025

In her column, American economist Deirdre McCloskey explains why, in her view, modern wealth derives less from capital than from the freedom of individuals and the power of ideas.
The best industrial policy is none at all

The best industrial policy is none at all

The temptation to pursue an industrial policy hangs over Switzerland. Yet recent economic history, from the watchmaking industry to the Lucens nuclear reactor fiasco, shows that state intervention weakens rather than strengthens the national economy.
Primitive capitalism has made a comeback

Primitive capitalism has made a comeback

American tariffs symbolize the resurgence of mercantilism. Imperial withdrawal, scarcity of resources, militarized trade: with the end of free trade, the global economy is reverting to its old reflexes. A zero-sum game in which all lose, except those who dictate the rules.