Shortly after receiving his certificate of return from INEC on February 27, 2019, President Muhammadu Buhari promised to run an ‘inclusive government’ during his second term in office, which begins on May 29, 2019. He spoke against the backdrop of the rejection of the results of the election announced by INEC, by presidential candidate of PDP, Mr Atiku Abubakar, who has since challenged the results at the election petition tribunal. Buhari was quoted as saying: “Election is not war, and should never be seen as a do-or-die affair. I pray that we all accept this democratic approach to elections, however…

When the Great Depression followed the 1929 stock-market crash, almost everyone acknowledged that capitalism was unstable, unreliable, and prone to stagnation. In the decades that followed, however, that perception changed. Capitalism’s postwar revival, and especially the post-Cold War rush to financialized globalization, resurrected faith in markets’ self-regulating abilities. Today, a long decade after the 2008 global financial crisis, this touching faith once again lies in tatters as capitalism’s natural tendency toward stagnation reasserts itself. The rise of the racist right, the fragmentation of the political center, and mounting geopolitical tensions are mere symptoms of capitalism’s miasma. A balanced capitalist economy…

Postwar economic success of liberal democracies was not simply the result of letting markets flourish. The United States and European countries also embedded markets in a structure that allowed people to take the fullest advantage of them. That structure is breaking down, energizing populist leaders of both the left and the right. While they pose the right questions, they rarely have the right answers. Perhaps, instead, they should make it easier for people to devise their own solutions. Why is the postwar structure breaking down? In the immediate postwar era, a formidable system of secondary education in the US prepared…

Rather suddenly, capitalism is visibly sick. The virus of socialism has reemerged and is infecting the young once more. Wiser heads, who respect capitalism’s past achievements, want to save it, and have been proposing diagnoses and remedies. But their proposals sometimes overlap with those who would tear the system down, making nonsense of traditional left-right distinctions. Fortunately, Raghuram G. Rajan, a former governor of the Reserve Bank of India who teaches at the University of Chicago Booth School of Business, brings his unparalleled knowledge and experience to bear on the problem. In his new book,The Third Pillar: How Markets and…