THERE are of course many myths about capitalism spun by economists. One of these myths spun by David Ricardo has endured for over two centuries. Ricardo had originally been an enthusiastic supporter of the introduction of machinery, dismissive of the argument by workers’ organisations of his time that it gave rise to unemployment.

JEAN-BAPTISTE Say, a French economist who wrote in the late eighteenth century, had formulated a law to the effect that ‘supply creates its own demand’, which meant that there could never be an inadequate demand for the aggregate of goods produced in any economy. His argument was as follows. Whatever is produced generates an equal amount of income among those associated with its production. This income is either consumed or ‘saved’ (i.e., not consumed).

FRANCOPHONE Africa was never fully decolonised. In the name of protecting French property located in its former colonies, France insisted on, and the former colonies agreed to, the stationing of French troops in those countries. This gave France immense opportunities to intervene in the politics of its former colonies. In addition, these countries were made to adopt a currency, the CFA franc, which had a fixed exchange rate vis-à-vis the French franc. And to maintain this fixed exchange rate, the monetary policy of these countries was controlled by the French central bank.

INTERNATIONAL students on US campuses are at present a terrified lot: they can be abducted, sent to some detention centre hundreds of miles from where they live, kept there for any length of time, and then deported abroad. And all this can happen to them not because they have violated any known law, but entirely at the whim of the administration.

IT is important for an intellectual position not only to be right but to be right for the right reasons; and the near-universal condemnation of Donald Trump’s aggressive imposition of tariffs, though right, is right for the wrong reasons. A pervasive presumption underlying such condemnation has been that unrestricted trade is a good thing for all concerned; and that Trump, in deviating from this maxim, is being both nasty and stupid.