Abstract. This paper traces the history of modern terrorism from the end of the Second World War to the beginning of the twenty-first century. It divides that history into three stylized waves: terrorism in the service of national liberation and ethnic separatism, left-wing terrorism, and Islamist terrorism. Adopting a constitutional political economy perspective, the paper argues that terrorism is rooted in the artificial nation-states created during the interwar period and suggests solutions grounded in liberal federalist constitutions and, perhaps, new political maps for the Middle East, Central Asia and other contemporary terrorist homelands.

Hurricane Katrina revealed massive governmental failure at the local, state and federal levels. This commentary brings the modern theory of property rights and public choice reasoning to bear in explaining why officials failed to strengthen New Orleans's levee system despite forewarning of its weaknesses, failed to pre-deploy adequate emergency supplies as the storm approached landfall and failed to respond promptly afterwards. Its main lesson is that no one should have expected government to be any more effective when confronted with natural disaster than it is in more mundane circumstances. Copyright Springer Science + Business Media, Inc. 2006

The “Great Recession,” which began at year‐end 2007, was precipitated by plunging real estate values, followed by borrower defaults and financial crisis for the public and private institutions that supplied loanable funds to the mortgage market. With economic growth not yet returned to trend, three years on more than 9% of the American labor force remains unemployed. Current macroeconomic events, perhaps inevitably, have been compared to those of the Great Depression of 1929–1933, both in terms of severity and of the efficacy of the public policies adopted ostensibly to restore prosperity. In this article, I review the literature on the New Deal, paying particular attention to modern scholarship emphasizing the role of presidential politics and antibusiness political rhetoric in deepening and prolonging the Great Depression. The parallels between then and now suggest that the two economic contractions had similar causes and elicited equally counterproductive policy responses.

No abstract

No abstract