Globalization has substantially increased the flow of private capital available to emerging markets compared with official flows from multilateral institutions. Countries that pursue sound polices will attract large capital inflows, but those that do not will suffer net capital outflows. This...

The free market offers almost limitless choices in everything from what we eat, to the books we read, to the vehicles we drive. It's constantly at work, providing ever broadening opportunities for us to increase our happiness and realize our dreams. Yet, when it comes to American elementary and...