The American (Washington, DC)

An academic journal covering economics, foreign policy, law, social policy, regulation, politics, public opinion, and media from a conservative perspective. Theme-based issues examine a single topic in depth. Recurring features include a digest that summa

Articles from Vol. 1, No. 6, September-October

Fake: The Business of Counterfeit Medicines Is Exploding, and It's Killing Poor Africans. Roger Bate Took a Dangerous Trip to Nigeria to See for Himself
DR. ANDREW AZIKIWE'S clinic in Nigeria's capital, Abuja, is bustling. 'I'm just like a Western doctor. Many of my patients have minor ailments," he tells me as we walk through the crowded reception area into his office. But along with the broken bones...
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From the Editor
Dear Reader: WARREN BUFFETT, PROBABLY the most successful investor of the 20th century (and doing pretty well in the 21st) once said, "I'd be a bum in the street with a tin cup if markets were efficient." His point was that the Efficient Market...
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How Americans Feel about Their Finances, Their Taxes, and the Stock Market
Personal Finances Most Americans say they have enough money to live comfortably. When asked specifically about their personal finances, 13 percent describe them as very shaky. At the other end of the spectrum, slightly more, 19 percent, say they...
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Howard's End?: Australian Prime Minister John Howard, the Antipodean Reagan, Is Probably the Most Successful Democratic Leader in the World Today. after Reinvigorating His Nation's Economy, He Faces an Uphill Battle for Reelection to a Fifth Term. but He's Been Behind before. Duncan Currie Traveled to Australia to Find out How Howard Does It, and Whether He Can Do It Again
OVER THE PAST 16 years, it is safe to say that, among developed countries, Australia has enjoyed the longest, most impressive economic boom. The policies that helped unleash this prosperity were initiated under the Labor Party, but they were enhanced...
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How the Fed Works: The Nation's Central Bankers, Supposedly Insulated from Politics, Try to Keep Monetary Policy on an Even Keel-And the Economic Ship of State Moving Forward. Kevin Hassett, a Former Fed Economist Himself, Tells All
1 What is the Federal Reserve? For 94 years, the Fed has been the central bank of the United States. its primary duties are conducting the nation's monetary policy, supervising and regulating banks, and providing financial services and liquidity...
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I Love My Work: Work Is Not a Necessary Evil. It Is, Instead, an Intrinsic Source of Pleasure and Value. Arthur C. Brooks Explains
Marienthal is a small Austrian village about half an hour from Vienna by train. In the 1920s, it was dominated by one textile factory, which employed the majority of the town's residents. As the firm fell on hard economic times, it pulled the fortunes...
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Ladies and Gentlemen, Start Your (Financial) Engines: Small Investors Bull High, Sell Low, and Pay Too Little Attention to Expenses. Nick Schulz Explains How a Web-Based Firm, Started by Nobel Prize-Winning Economist William Sharpe, Is Trying to Help Them
"THE INVESTOR'S CHIEF problem--and even his worst enemy--is likely to be himself," Benjamin Graham, the Columbia University financial expert who was Warren Buffett's mentor, wrote in 1934. It's a fact confirmed by academic research. But important developments...
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My Jet Is Bigger Than Yours
In May, with the Alps as a backdrop, some of the best salespeople in the world joined some of richest customers on the tarmac at the Geneva International Airport to demonstrate the advantages of the private jets that were on display. Boeing Business...
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Ready, Willing, & Able: Angela, Braly Heads WellPoint, America's Largest Health Insurer. the Only Female CEO of a Fortune 50 Company, She Believes Many More Women Should-And Will-Be Running Big U.S. Businesses
IN JUNE, ANGELA BRALY became president and chief executive officer of Well Point Inc., a health-benefits company based in Indianapolis with revenues last year of $57 billion. Braly (pronounced "BRAH-lee"), who is 45, earned her law degree at Southern...
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Running on Empty?: Absolutely Not. Worries about the U.S. Savings Rate Are Overblown, Argues David Malpass. in Fact, American Households Have More Net Financial Assets Than the Rest of the World Combined, and Our Savings Are Setting New Records
ONE OF THE enduring but incorrect concerns about the U.S. economy in recent years is that household savings are low and the consumer is weak because of it. The anxiety has been that consumer spending would hit the wall--Americans would run out of money,...
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Super Tuscany: On the Trail of Super Tuscans, the Wines That Broke Italy's Bureaucratic Rules
DRIVING ALONG COUNTRY roads lined with Mediterranean pines, we at last reach the gates of Guado al Tasso. We ring the buzzer, but there is no answer. We are a little early, and this, after all, is Italy. We are in Bolgheri, a tiny town in the western...
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Taxed to Death: In 2010, the Estate Tax Will Be Abolished. but in 2011, It Comes Back with a Vengeance. Tom Bethell Looks at Whether Something Can Be Done in the Meantime to Avoid a Rash of Parricides Three Years from Now and to Produce a Sensible Law
[ILLUSTRATION OMITTED] I MET MY lobbyist friends at a restaurant on K Street, but maybe that creates a false impression. The restaurant was mostly empty and quite silent--hardly the K Street scene that became the stuff of an HBO television series....
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The Experimenter: At 28, Berkeley Economist Raj Chetty Aligns Theories with Real-World Facts, Leading Him to Surprising Conclusions on Taxes, Investing, and Welfare
RAJ CHETTY, now 28, was a sophomore at Harvard University when he came up with the theory that higher interest rates sometimes lead to higher investment. It was a counterintuitive idea. Usually, companies invest less when rates rise because the higher...
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The Hunt for Black October: With the Anniversary of the Worst One-Day Decline in U.S. Stock Market History Approaching, Matthew Rees Set out to Find Its Cause. and Determine Whether It Can Happen Again
On October 19, 1987, a bizarre and completely unprecedented set of events unfolded in America's financial markets. In New York, the brokerage firm Donaldson, Lufkin & Jenrette posted uniformed security guards outside its office, fearing armed conflict...
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Why It's So Hard to Win: As We've Seen in Iraq, Premodern Enemies Have Become More Effective in Insurgencies against Postmodern Societies
Is it five or ten--or fifteen--years that are necessary to win wars of counterinsurgency such as Iraq? By now, Americans are well acquainted with such warnings that patience--along with political and economic reforms, not just arms--defeats guerrillas....
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