A free society requires a high degree of trust to reduce the burden of monitoring and control, and trust requires internalized standards of honor, integrity, and fairness. But, with the steady encroachment of market logic in areas traditionally governed by non-market norms, the language of trust has been replaced by the regulatory language of "accountability" and "transparency."
LONDON – From next year, on swearing allegiance to the Queen, all members of Britain’s House of Lords – and I am one of them – will be required to sign a written commitment to honesty and integrity. Unexceptionable principles, one might say. But, until recently, it was assumed that persons appointed to advise the sovereign were already of sufficient honesty and integrity to do so. They were assumed to be recruited from groups with internalized codes of honor.
No more. All peers must now publicly promise to be honest. Only one had the guts to stand up and say that he found the new procedure degrading.
The trigger for imposing this code of conduct was a scandal over MPs’ expenses, which rocked Britain’s political class for much of 2009.
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Across the European Union, millions of people who are willing and able to work have been unemployed for a year or longer, at great cost to social cohesion and political stability. If the EU is serious about stopping the rise of populism, it will need to do more to ensure that labor markets are working for everyone.
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During a time of American waywardness under Donald Trump, the United Kingdom's national security has increasingly come to depend on the European Union as a buffer against Russian revanchism. Ironically, then, the safest form of Brexit might be the one that hurts the most, so long as it leaves behind a stable EU.
Standard economic theory says that net inward migration, like free trade, benefits the native population after a lag. But recent research has poked large holes in that argument, while the social and political consequences of open national borders similarly suggest the appropriateness of immigration limits.
Clearly, there is something appealing about a start-up-based innovation strategy: it feels democratic, accessible, and so California. But it is definitely not the only way to boost research and development, or even the main way, and it is certainly not the way most major innovations in the US came about during the twentieth century.
With the withdrawal of the Free Democrats from coalition talks, Chancellor Angela Merkel could be forced to form a minority government. That would not necessarily be a bad thing; in fact, a Merkel who can be called to account by the Bundestag may be the best alternative Germany has.
In the first 11 months of his presidency, Donald Trump has failed to back up his words – or tweets – with action on a variety of fronts. But the rest of the world's governments, and particularly those in Asia and Europe, would be mistaken to assume that he won't follow through on his promised "America First" trade agenda.