Unlike individuals or corporations that become insolvent, nations do not have access to bankruptcy protection from their creditors. When a country defaults on its debt, the international financial system is ill equipped to manage the crisis. Decisions by key individuals―from …

Milton Friedman was, alongside John Maynard Keynes, the most influential economist of the 20th century. His work was instrumental in the turn toward free markets that defined the 1980s, and his full-throated defenses of capitalism and freedom resonated with audiences …

Joseph Seligman arrived in the United States in 1837, with the equivalent of $100 sewn into the lining of his pants. Then came the Lehman brothers, who would open a general store in Montgomery, Alabama. Not far behind were Solomon …