A major argument for the corporate tax cuts by the Trump administration that went into effect on January 1, 2018 is that they will lead to greater business investment.  So far, they have propelled a rapid increase in the stock market as well as inducing Apple, the world's largest company by market value, to bring back offshore cash and to invest more in the U.S. Interestingly, this assertion of American economic nationalism, implementing the thrust of President Donald Trump's inaugural speech of January 20, 2017, is occurring at a moment of global economic growth, when all 45 major economies are growing at the same time – an uncommon synchronicity – and global growth was 3% in 2017. Discussion of that growth is taking place at the 48th annual meeting of the World Economic Forum, the WEF, that opened at the Swiss mountain town of Davos on January 23, 2018.  The late Harvard political scientist Samuel Huntington, rather unkindly, coined the...(Read Full Article)