Nav@1ny is a master of modern media, but does it matter?

February 2, 2021 update: It’s not the crime, but the cover up… That’s what they said about Richard Nixon’s downfall. Other similar episodes abound.  Given events in Russia over the past two weeks, one might assert a new corollary:  It’s not the corruption, but the crackdown.  A new allegation of corruption, even one on an unprecedented scale, was unlikely to move Russia. But the government’s excessive response and its treatment of the man behind the video has led to a popular reaction that the video itself did not. When is a show of government force actually a sign of great …

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It’s time for a new Centrist party in the spirit and practice of classical liberalism.

The good news is that the Grifter has left the White House. His closest aides and high-profile abettors are scurrying away to avoid the infamy that they so richly deserve. The newly installed President is clearly a moderate fellow, empathetic and conciliatory. And, ironically, he is so old that he can have no other agenda than to fix the current situation. His Vice President is the embodiment of the American dream. While the country remains in severe national security peril during this period of transition, one of the worst political crises in our nation’s history appears to be behind us. …

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Price discovery, Soviet Russia, and artistry

The elevator pitch to a book editor and movie producer that never happened: “the early 1960s Soviet experiment of loosening price controls would make for a great work of historical fiction and a high-end movie drama.”  No one in their right mind, right? And yet, it did. Francis Spufford’s Red Plenty came out in 2010. It is simply the best Western work of historical fiction about the post-war Soviet period. Spufford is not a trained Soviet specialist, but every professional historian of the Soviet Union secretly (and not so secretly) wants to have written that book. I know of what …

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How different are financial and political “bubbles”? And what ends them?

Depending on your perspective on certain “excited”  areas of the market and “extremes” in the political spectrum, we are currently engaged in a real-time exercise regarding what catalysts bring an end to these phenomena. Are the catalysts to end those historical moments different? By day, I have to think about the former; by night, I ponder the latter. And we know the role that social media plays in both of these realms. It’s worth recalling that for one of the past extreme moments, the reign of terror led by Joseph McCarthy, the social media of the day played a key …

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At the intersection of the Random Book Project & lockdown: War & Peace.

#6: Leo Tolstoy, War & Peace, in two volumes. (Leningrad: Lenizdat, 1984, originally published in 1865). Marked 3 rubles, 70 kopeeks, but with a Beriozka sticker indicating 5.55.  Exchange rate at the time was $1.26 per 1.00 ruble so the set cost $7.00 How did I get it? Bought it when I spent a semester in Moscow my junior year in 1984. Others went to London or Florence.  For reasons that still elude me, I went to the Soviet Union. Who does that? Why? While the book is timeless, my copy of it is not. The mass produced, acid-paper Soviet …

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Floating above history….

Nearly forty years after encountering The Education of Henry Adams in a college classroom, I was recently treated to a summary as to why the work was and remains so fascinating.  Dan Chiasson’s New Yorker review reminds readers of how Adams floated over history as much as he lived in it and wrote about it. Adam’s wonder at the new technology at the turn of the 20th century is as fresh today as when it was written over a century ago.

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Markets are everywhere, even where they are strictly forbidden….

Markets are everywhere, including where they strictly forbidden. This excellent research by Jim Heinzen on the Soviet second economy just came out in Slavic Review. The full article is behind a paywall but should be accessible via universities and libraries.  Link is here. Below is the abstract from the Slavic Review site. Soviet Entrepreneurs in the Late Socialist Shadow Economy: The Case of the Kyrgyz Affair James Heinzen Supported by new archival material, this article delves deeply into one landmark criminal case to explore key aspects of the social, economic, and cultural history of illegal production and markets in the …

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What if we counted differently……

Saijel Kishan’s recent Bloomberg article, provocatively titled, How Wrong was Milton Friedman is intriguing on many levels. It summarizes the work of George Serafeim, an HBS professor who wants to change how we measure company success and failure. Specifically, he wants to reward and punish companies on the income statement based on ESG impacts. That is, he proposes to put a dollar value on diversity or lack thereof, on polluting or not, etc. And then have those companies report profit and loss after consideration of their social impact. It’s an ambitious plan, and some would say just a natural extension …

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NBN Interview with Vadim Shneyder: Russia’s Capitalist Realism

Vadim Shneyder’s new book, Russia’s Capitalist Realism: Tolstoy, Dostoevsky, and Chekhov (Northwestern, 2020) examines how the literary tradition that produced the great works of Leo Tolstoy, Fyodor Dostoevsky, and Anton Chekhov responded to the dangers and possibilities posed by Russia’s industrial revolution. During Russia’s first tumultuous transition to capitalism, social problems became issues of literary form for writers trying to make sense of economic change. The new environments created by industry, such as giant factories and mills, demanded some kind of response from writers but defied all existing forms of language. Prepare yourself for an innovative perspective on Anna Karenina, The Idiot and other 19th-century …

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