North Korea lives in the dark ages (literally)

Via Strange Maps. This is a perfect picture to illustrate the difference between organizing society privately (capitalism) versus publically (socialism).

Free trade is economics, fair trade is marketing

Via Greg Mankiw, Steven Landsburg in the NY Times talks about the myth of protectionism. Interesting look at the moral side of the debate. Friedman often cited free trade as one concept that almost all economists–from Adam Smith on up–agree on. “Fair trade” makes for good marketing but doesn’t help those it intends to. It’s important to judge based on outcomes, not intentions.

Corporate tax competition to improve global competitiveness

Informative video on tax competition from the Center for Freedom and Prosperity. The US is at the center of global markets–just look at the international reaction to the market’s current correction. But how can US leaders secure this position against long-term threats from China, India, and other developing (and developed) economies?

With the R-word being brandied everywhere you turn, the best that our government can come up with is a fairy tale fiscal stimulus. Instead of reiterating the thrashing this “feel good economics” has received, I’ll point you to Mankiw’s Coalition against Fiscal Stimulus.

Where is the corporate tax rate in this debate? Paulson called for this back in July 2007 but I haven’t recently heard anyone propose to slash corporate tax rates–a move which would do more than anything else to anchor the US at the center of the global economy. The “flight to quality” would surely be accelerated by this type of pro-growth tax reform. Once again, politicians push intentions over outcomes. I shouldn’t be surprised…