Stock markets flourish in democracy and competitive environment

Adam Smith long before, in 1776, argued that joint stock companies deal with other people's money and therefore negligence and profusion will always prevail. Jensen (1989), another celebrated financial economist, therefore, predicted 'eclipse of modern corporations'. Small firms, on the contrary, are owned and managed by owners who know their...

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The truth behind the US show of force in Asia

As President Donald Trump tours Asia, three US nuclear-powered aircraft carrier battle groups are exercising together in the Pacific. It's an awesome display of US military power and reach, a reminder of Washington's unparalleled ability to project global force. At the same time, however, it's also a sign of how...

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