Recent scholarship has done much to reopen the case in favor of selective government intervention to promote specific industries in particular
The New Industrial Politics
Continue Reading
Economics
The Promise and Peril of Decarbonization
To achieve a just transition to renewables, the international community must enable emerging and developing economies to make the necessary
Are Stocks and Bonds Poised to Sell-Off?
In 2022, rising inflation triggered a simultaneous sell-off in stock and bond markets. Are we now poised for a repeat?
A Chinese Bubble Long in the Making
Owing to the one-child policy and the legacies of other less-appreciated Chinese development measures over the years, the stage has long been
We Need to Talk About Bank Supervision
With the debate over bank capital requirements heating up again, all those involved should pause to reflect on the root causes of this year’s
A Tragedy Is Unfolding in the Poorest Countries
The world’s 28 poorest countries are facing growing social, economic, and political distress, owing to rising debt burdens, diminishing
Who Can Trash China’s Economy Most?
Is China’s economy in real trouble, or is the pessimism unwarranted? The answer likely depends on whether Xi’s authoritarianism erodes
The Global Economy’s Real Enemy is Geopolitics, Not Protectionism
What some decry as protectionism and mercantilism is really a rebalancing toward addressing important national issues. The biggest risk to
Labor Day and the Resurgent American Worker
Labor Day 2023 is a good time to reflect on the growing power of the American worker and the political and economic implications.
China Must Avoid a Debt-Deflation Spiral
With high debt levels and falling consumer and producer prices, China faces the prospect of a vicious cycle whereby lower demand leads to
Imagining a Keynesian Revival
Arguments between free market orthodoxy and intervention obscure the need for powerful economic leadership.
Is Japan-style Deflation Coming to China?
China’s economy suffers from excesses in real estate, slowing GDP growth and deflation. Those trends will be difficult to reverse. China’s
Why Is US Inflation Falling?
“Economists are much maligned for the bad forecasts. That criticism doesn’t hold up when it comes to falling US inflation.” However
The Populist Advantage
“Disenchantment with free markets, liberalization and globalization has opened the door to populist, simplistic ’solutions’. They
Why Debt is Too Often Misunderstood
Understanding how private, public, and foreign debt are interrelated yields important insights into the workings of the economy. It also leads
AI and the Productivity Imperative
As it stands, the global economic outlook for the next decade appears grim. But a broad-based surge in productivity – fueled by the targeted
China’s Recent Economic Woes Suggest There is Something Seriously Amiss
China’s economy is disappointing. Longstanding challenges related to a misallocation of resources and poor governance are at root.
Unlike China, India Cannot Be an Economic Superpower
Beginning in the mid-1980s, the prevailing belief among Indian and international observers was that the authoritarian Chinese regime would
Finding Growth in a Fractured World
The Chinese economy’s current travails illustrate the growth challenges facing many other countries around the world. By re-engineering
Currency, Conflict, and Global Order
A more divided world does not imply the demise of the dollar’s central role in the global economic and financial system.
How Painful Will Disinflation Be?
Bringing down inflation often requires recession. But might this time be different? Much depends on restoring the balance between job vacancies
Flexible Exchange Rates and Emerging Markets
Starting in the 1990s – and faster since 2000 – emerging-market economies floated their currencies, hoping to insulate themselves from
America’s Mythical Fiscal Conservatives
The United States’ debt-to-GDP ratio, which improved during the inflationary spike of 2021-22, is expected to increase as inflation cools
What the Paris Finance Summit Must Do
Western countries must join the effort to transform multilateral financial institutions, even if it means ceding some of their own influence