Competitive ideology: A bitter tribute

The world is giving up on capitalism. The great principles of liberal economics - undistorted markets and tariff-free trade - are under threat. Or so the news might suggest. But in the battle of economic ideas, these «Anglo-Saxon» notions are still well ahead. This triumph of market thinking is the real story behind the headlines. Consider the latest breakdown of talks on a new global free trade agreement. Sure, it is a shame that the EU and US won’t give up on their agricultural subsidies. But...