Many Americans opposed federal bailouts of financial institutions and large corporations. By promoting a “too big to fail” policy, favored businesses can engage in risky, undesirable behavior, while deriving unfair advantages over competitors, all financed by the taxpayer.
There’s no shortage of pundits eager to tell Shinzo Abe how to shake up Japan’s economy. Instead of looking to academics for advice, though, the prime minister should get into the trenches with some of the nation’s more unconventional corporate heads.
It’s a bad moment for free trade. Republicans in the Senate are blocking three free-trade treaties -- with Colombia, South Korea and Panama -- until they are stripped of extra assistance (such as retraining) for workers whose jobs are shipped abroad. The Obama administration isn’t all that excited about these treaties or free trade in general, anyway.