An introduction to the February 2026 issue — what we are tracking, where risks cluster, and the institutional logic behind this month’s analysis of power, capture and state capacity.
Read the letter →Economic realism beyond textbooks. A sharper framework for understanding how markets, power and institutions actually work in the world as it is, not as it is described.
How incentive systems shape behaviour predictably, why well-meaning actors reproduce capture, and why reform so often collapses into disappointment.
Why markets have never been free, why states quietly structure every major market, and how the myth distorts policy from finance to industrial strategy.
An introduction to the Meridian framework: how institutional design determines who wins, who loses, and how economies are shaped by power before prices.
