Without profound changes in the scientific and regulatory environment, things will remain very tough for the agile disruptor -- relatively good news for established giants, presumably less good news for patients and for progress.

The U.S. structure for collective investment, in which individual corporations hire outside investment advisers, is unusual among developed economies. Most other industrialized nations use structures based on a direct contractual relationship between the fund manager and the investor. In such structures, there is no intervening corporation, but there are...

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Campaign finance reform is closer to passage and enactment than at any time in the past quarter century.

Rather than colluding to maintain the corporate income tax, countries should switch to better-designed revenue sources.

Eliminating the authority of mutual fund boards to approve advisory fees and expenses would foster price competition in the industry.

Though China appears to have halted its proliferation activities, those activities suggest a more casual attitude towards nuclear weapons than one of abhorrence. Indeed, actions speak louder than words. That Beijing proliferated nuclear technology, materials, and know-how-and to relatively unstable regimes that may be less cautious about using nuclear weapons-is worrying.

The financial markets are too big to be effectively regulated by government agencies, so regulators should think twice before intervening.