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Inefficient markets

Millions of Americans want to gamble over the internet—so why is the Senate trying to stop them? Plus, why it is too early to write off Europe's Airbus project

By Michael Prest   November 2006

Bringing back prohibition

Is prohibition returning to America? At the end of September, the US Senate ambushed online gambling companies, investors and the punters when it passed a bill designed to suppress such gambling across the US. Share prices collapsed and several of the biggest internet gambling quoted companies, such as PartyGaming and 888, are pulling out of the US. The move raises fundamental questions about free trade and to what extent internet commerce really is borderless. Online gambling is legal in Britain, which has ambitions to be the centre of the industry, and several companies, such as World Gaming,…

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