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According to Wynne Godley, the significance of the deficit in the United States' balance of payments has been underestimated in both public policy and academic discussions, despite the fact that American markets are increasingly dominated by foreign manufacturers. Godley analyzes the problem posed by the current balance of payments deficit. Breaking down the current account into its component parts, he traces the cause of the deficit. He refutes the arguments of other economists that the balance of payments deficit is self-correcting, unimportant, or the result of other domestic forces (namely, too low a level of national saving), and outlines policy approaches to solving the problem. Godley notes that although the strategic problems posed are specific to this country and the United States may have to take unilateral action to solve them, the problems have arisen because there is no significant international regulation of the system as a whole. Inherent flaws have developed in the system of international production, trade, and payments as that system has expanded and become increasingly deregulated. All the difficulties that exist, or that are foreshadowed in this brief, would be best resolved by energetic international cooperation, of which there is at present little sign.

The contribution of the overseas Chinese, particularly from Southeast Asia (Nanyang), to China's early modernization constitutes an important and neglected chapter in Chinese history. During the same years which saw the emergence of the Reform and Revolutionary movements, the ruling Manchu government also turned to the overseas Chinese for needed capital and expertise. Exposed to Western values and often successful in capitalist ventures, leading overseas entrepreneurs were in a special position to introduce new concepts into China. Dr Michael R. Godley's study traces the rise of overseas Chinese capitalism together with the emergence of an aggressive campaign on the part of the Ch'ing dynasty to attract overseas support. The ways in which Southeast Asian Chinese capitalists were ultimately recruited into the Chinese bureaucracy and the conditions under which they were permitted to begin new enterprises cast light upon many socio-economic problems while revealing much about the acculturation process

Abstract: The ancient problem of the tyrant's seductiveness remains as timely as ever in present-day democracies, despite long established knowledge of his spurious charm. Indeed, such intransigence signals the insufficiency precisely of criticism that focuses solely on knowledge rather than a structural analysis of the paradoxes of enjoyment whereby authoritarian leaders maintain their rapport with the people. Ahead of our time, Melville's 1854 novel The Confidence-Man provides prescient insight into the specific dialectical impasses that fuel the contemporary tyrant's "confidence game." Together with Lacan's revisioning of Freud's myths of sovereignty in Totem and Taboo , this article presents how the contemporary authoritarian masquerade both obfuscates the tragedy of democracy's downfall and remains vulnerable to insurgent truths.