A Trump victory this November would hasten the return of US isolationism and the decline of American hegemony. The roots of American withdrawal
American Greatness and Decline
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Germany’s Dangerous Alternatives
The breakdown of Germany’s postwar centrist political consensus poses risks for Germany and Europe. Elections this year could not be more
FTX Was Never Really Bankrupt
The prosecution in Sam Bankman-Fried’s criminal trial drilled into the jurors’ heads that FTX customer losses exceeded $8 billion, but
China’s Imagination Deficit
Despite facing a flagging economy, powerful demographic headwinds, and an escalating rivalry with the United States, the Chinese government
Protecting Ukraine Aid from Western Political Dysfunction
Despite overwhelming public support, domestic partisan disputes prevent Western countries from delivering crucial aid to Ukraine. To ensure
A Progressive Green Growth Narrative
Although many countries have the means to direct new investment toward decarbonization and other socially and environmentally beneficial outcomes,
Why Are So Many Young Chinese Depressed?
Young Chinese are increasingly disillusioned by a rigid education system, restrictions on free movement and heavy-handed family policies.
Confronting Our Four Biggest Economic Challenges
Economics has the tools to address climate change, inequality, development and globalization. But it must use them more wisely.
Clarifying America’s Great Inequality Debate
Inequality has become more pronounced in recent decades. It is a function of a dysfunctional economy. Recognition is the first step toward
The Rule of Law Under Fire
The post-1945 international order is not perfect, not least because it remains dominated by its leaders and architects: Europe and, especially,
The Biggest Threats to Global Economic Stability
While the sovereign-debt crisis that is currently unfolding across the developing world may not have the immediate global impact of the 2008-09
The Pillars of Green Wisdom
We must not allow the ongoing war in Ukraine and the fighting in Gaza to distract us from collective efforts to reduce our greenhouse-gas
The Inflation Challenge in 2024
The latest consumer price data in major advanced economies offer some encouraging news about headline inflation trends; but core inflation
AI’s Copyright Problem Is Fixable
Contrary to what leading tech companies claim, it is entirely possible to ensure that generative AI models respect copyright and compensate
Higher Interest Rates Are Here to Stay
The long-standing economic consensus that interest rates would remain low indefinitely, making debt cost-free, is no longer tenable. Even
Will High Interest Rates Trigger a Debt Disaster?
Big government deficits and rising debt-to-GDP ratios are triggering calls for fiscal austerity. But many fiscal hawks ignore the role that
The Legacy of Henry Kissinger
Kissinger left a complex legacy, highlighted by strategic brilliance and tarnished by deep flaws. In his life’s work and actions reside
Is Industrial Policy Like Vitamin C or Penicillin?
Industrial policy is being resurrected worldwide, despite a mixed legacy. Yet the prevalence of market failure suggests that improving economic
If Europe Could Do It, So Can the Middle East
A two-state solution must be bold, creative and inclusive. That does not make it impossible.
The Two-State, Two-Economy Solution
Finding a two-state, economically viable solution amid the ‘archipelago’ that is Palestinian territory will be a major challenge.
Rebuilding Trust in Expertise
Supporters of populist parties often resent experts who believe their specialized knowledge entitles them to make major policy decisions.
A Victory Lap for the Transitory Inflation Team
More than two years after economists divided into opposing camps over the nature of the post-pandemic inflation, we now know which side was
Why Mainstream Economics Got Inflation Wrong
Leading economists’ misdiagnosis of inflation in 2021-22 was the latest episode in a long-running series of failures, from not foreseeing
An Industrial Strategy for Europe
Europe may need to follow the US and China in the deployment of an industrial strategy. It has the tools to do so.