Colonialism

Spicing up capitalism: in praise of monopolies

I welcomed 2012 while in the Banda islands, moderately famous because just one of the nine tiny islands of this isolated group was once thought to be a fair exchange for Manhattan, something I wrote about while a Reuters correspondent in these parts two decades ago. The differing fortunes of the two islands — the one still rich in nutmeg, the other now just plain rich — inspired Michael Schuman to give us this homily of protest at protectionism. He…