2/2 important American economist who was among the first to understand the implications of excess savings on capital flows and monetary conditions. His "The United States in the Orient" (written mostly in the 1890s) is a book I often re-read.

7/11 But this wasn't the only recent Russian case. I just finished rereading Charles Arthur Conant's 1900 book, and it shows that many, if not most, analysts at the time were terribly impressed by...