Finance & economics | Free exchange

How to unleash more investment in intangible assets

A new book urges financial and economic reforms

When russia invaded Ukraine, tangible things at first seemed all too important. Bombs and bullets were what mattered; commodity markets were roiled; supply chains were upturned. As the war has gone on, however, intangible factors have asserted their importance, too. The managerial and logistical know-how of the armed forces on either side, as well as technological advantages, like Ukraine’s deployment of Bayraktar drones, have altered the course of the war. So too has the goodwill that Ukraine has attracted from people around the world, which has in turn led foreign governments to lend the country more support.

This article appeared in the Finance & economics section of the print edition under the headline “Immaterial needs”

The coming food catastrophe

From the May 21st 2022 edition

Discover stories from this section and more in the list of contents

Explore the edition

More from Finance & economics

The federal reserve represented as a slot machine with bitcoin coins at its base.

Will America’s crypto frenzy end in disaster?

Donald Trump’s team is about to bring digital finance into the mainstream

A ping pong game with a container instead of a ball.

Do tariffs raise inflation?

Usually. But the bigger problem is that they harm economic growth and innovation


A Gulfstream G600 from Hampshire Aviation Company lands at Barcelona Airport in Barcelona, Spain.

European governments struggle to stop rich people from fleeing

Exit taxes are popular, and counter-productive


Saba Capital wages war on underperforming British investment trusts

How many will end up in Boaz Weinstein’s sights?

Has Japan truly escaped low inflation?

Its central bankers are increasingly hopeful

How American bankers dodged the MAGA carnage

The masters of the universe have escaped an anti-globalist revolt