The severity of the global downturn is compounded by policy error. Avoiding a deeper slump will require a course correction.
The Global Recovery Winds Down
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Where Has All the Liquidity Gone?
Financial markets have become accustomed to central bank liquidity. Weaning them off won’t be easy.
The Stagflationary Debt Crisis Is Here
The Great Moderation has given way to the Great Stagflation, which will be characterized by instability and a confluence of slow-motion negative
When the Fed Stops Trying
One can debate whether there is still a narrow path by which the United States could avoid both secular stagnation and stagflation in the
No Security Without Climate Security
Climate change poses an existential threat to humanity, but the US defense apparatus has not treated it accordingly, because it does not fit
Geopolitical Davids and Goliaths
The world’s largest and most well-established powers are all stuck in traps created by their own historical obsessions – be it memories
Preparing for the Next Global Catastrophe
The end of the pandemic may be in sight, but COVID-19 could be a harbinger of future calamities. If global leaders do not establish equitable
Transforming the Economics and Governance of Water
Water-related crises around the world have shown that current systems of governance and economic organization are unsuited for a world altered
China’s Future Will Reflect Russia’s
China learned from Russia’s post-1991 experience and pursued its economic liberalization with more care. But it ultimately could not avoid
Is the Pound Close to the Breaking Point?
While the pound’s recent declines may evoke memories of the 1992 “Black Wednesday” crisis, sterling’s weakness does not
Requiem for an Empire
Since World War II, Britain’s influence in the world has relied on its “special relationship” with the United States, its position as
Climate Injustice and the Curse of Illusory Growth
Advanced economies have long relied principally on developing countries for primary commodities and natural resources to fuel their industries
Whither the ESG Revolution?
Many companies are promising to align their objectives – including how they measure their performance – with broader imperatives relating
How Much Has the Ukraine War Changed Germany?
Germany faces no shortage of crises, from the Russian security threat and political instability among Western allies to democratic backsliding
Is Nuclear War Inevitable?
Russian aggression and nuclear saber rattling have reminded us that the likelihood of nuclear war is a matter of both independent and interdependent
Will Russia or the West Win the Economic and Financial Battle?
After six months of unprecedented Western sanctions, Russia’s economic situation, though bad, is arguably better than most observers expected.
Economics in the New Age of National Security
In an era of strategic competition, economics may have to rethink core principles, including comparative advantage and the gains from trade.
The Real Stakes at Jackson Hole this Year
Fighting inflation should not distract policymakers from the need to repair a broken global trading system.
False Advertising for the Inflation Reduction Act
Listen to US President Joe Biden and other proponents of the recently signed Inflation Reduction Act, and you would think that America has
Progressive Federalism to Combat Judicial Extremism
Although the US Supreme Court’s conservative supermajority has declared war on rights that a majority of US citizens cherish, US states
Xi Jinping’s Guns of August
Faced with a crippling pandemic and a spluttering economy, it is no surprise the President Xi is shoring up support via nationalism and claims
The Danger of Nuclear Reactors in War
Russia’s occupation of Ukraine’s peacetime nuclear reactors is a reminder that diplomacy must find solutions to safeguard nuclear power
From Great Moderation to Great Stagflation
For decades, relative global stability, sound economic-policy management, and the steady expansion of trade to and from emerging markets combined
Rate Hikes Are Not the Right Answer to “Wage-Price Persistence”
Inflation is not primarily demand-driven, so why destroy demand to deliver lower inflation?