Section: Economy
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.
Who's afraid of the heterodox?

Who's afraid of the heterodox?

Economics is a language of models and equations. Yet its foundations are philosophical. Giving heterodox currents back their rightful place means restoring the vitality and pluralism of this discipline - and thus its link with liberalism.