The demand that Russia pay reparations for its unprovoked war in Ukraine is morally compelling. But Russia would be less likely to reconcile
Economic Consequences of a Ukraine Peace
Continue Reading
Politics
Surviving a Future of Extreme Heat
Unprecedented extreme-heat episodes like the heatwave in India and Pakistan this spring and the 2021 heat dome in the Pacific Northwest are
The Blame Game
Today’s inflation is not a monetary phenomenon. Tighter monetary policies cannot address what ails the world economy.
Don’t Bet on a Soft Landing
With “Team Persistent” having clearly prevailed over “Team Transitory” in the debate over the nature of today’s surging inflation,
How Global Food Crises Work
As if the immediate food shortages created by Russia’s war in Ukraine were not bad enough, the disruption to this year’s harvest means
The Case for Nordic and NATO Realism
To be a realist in international relations is to accept that some states are more sovereign than others. “Strict realism” now requires
Realizing Africa’s Sustainable Energy Future
Without international support, including investment at scale, African countries will not be able to expand energy access to all and still
Will US Inflation Lead to Recession?
Sadly, principled statesmen and women who can forge bold, morally consistent responses to today’s global problems are in short supply.
Kofi Annan’s Lessons in Global Leadership
Sadly, principled statesmen and women who can forge bold, morally consistent responses to today’s global problems are in short supply.
Beware a Global Economy with Little Fires Everywhere
Rich countries have shown impressive unity in helping Ukraine counter the Russian invasion. They now need to demonstrate the same level of
A Better Globalization Might Rise from Hyper-Globalization’s Ashes
With the end of post-1990s hyper-globalization, scenarios for the world economy run the gamut. In the best case, achieving a better balance
When Does Inflation Stop?
To understand the increase in consumer price inflation around the world, one must look not only at supply and demand but also at the wedge
Europe’s Gas Conundrum
If Europe is willing to pay the price of expensive LNG imports, it could severely undermine Russia’s ability to earn hard currency via gas
The Fed Does Not Deserve All the Inflation Blame
The US Federal Reserve certainly bears its share of responsibility for the great inflation of the 2020s. But powerful political pressures
Friends Without Benefits
By calling for supply chains to be shifted away from strategic rivals, US Secretary of the Treasury Janet Yellen has implicitly rejected the
Will Western Sanctions Change the Global Financial System?
Western countries’ increased use of financial sanctions as a weapon of war has created a new incentive for China and other countries
The Growing Threat of Global Recession
With luck, the risk of a synchronized global downturn will recede by late 2022. But for the moment, the odds of recession in Europe, the United
The Growth Engines Are Sputtering
The International Monetary Fund’s significant downward revision to its 2022 World Economic Outlook, just one quarter into the calendar year,
This Inflation Is Demand-Driven and Persistent
Although inflation has risen sharply for multiple reasons, increased demand is by far the most important factor. The common argument about
Public-Private Decarbonization
To keep global warming within 1.5°C, trillions of dollars more will need to be invested in clean energy production and infrastructure every
The Carbon Price Solution
The net-zero transition requires the rapid development at scale of new technologies, energy-efficient infrastructure, and carbon capture and
The Ant and the Grasshopper
President Biden’s recent large-scale use of the Strategic Petroleum Reserve is being driven by politics, not economics.
Storm Clouds Over the Global Economy
Following Russia’s invasion of Ukraine and a resurgence of inflation around the world, the prospects for a robust global recovery from the
How to Sanction a Nuclear Foe
Sanctions are an important and powerful weapon, and they are putting some pressure on the Kremlin. But unless the West employs them judiciously,