As climate change worsens, we must move beyond technological fixes that accelerate production and promote consumption. Indigenous practices
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A New Financing Pact for Climate-Vulnerable Countries
The world’s most vulnerable countries bear the brunt of a climate crisis they did not create, underscoring the urgent need for a “fit
Is America Reverting to Isolationism?
Following the first Republican debate of the US presidential primary season, there is good reason to worry about what a Republican victory
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
A Warning from Carl Sagan
Almost 40 years ago, Carl Sagan testified before the US Senate on climate change. He noted, “If you don’t worry about it now, it is too
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
Why Is America Undercutting Japan?
At a time when the United States is asking its allies to help it counter China, its wasteful, inefficient industrial policies are making it
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.
The Long Reach of China’s Demographic Destiny
Although China is on the verge of escaping the dreaded “middle-income trap,” it is aging fast and facing significant economic
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
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
How to Think About Climate-Tech Solutions
To think that technology will save us from climate change is to invite riskier behavior, or moral hazard. Whether a climate solution creates
Climate Science Beats Climate Fatalism
Preventing global warming by 1.5 degrees Celsius may seem impossible, but science shows it is feasible. It is also imperative.
The Myth of Western Decline
In recent years, China has capitalized on the G7’s diminishing share of global GDP to proclaim the superiority of its one-party system over
Debt and Dysfunction in America
The latest debt-ceiling drama playing out in Washington is more worrying than usual. Even if President Joe Biden and congressional Republicans
In Defense of Industrial Policy
At a time of rising geopolitical tensions and supply-chain fragmentation – when national-security considerations are shaping economic policy,
The Overwhelming Case for CBDCs
‘Central Bank Digital Currencies (CBDC) offer monetary policy powerful countercyclical tools. Central banks would be foolish not to adopt
Why Ukraine Matters
Although Florida Governor Ron DeSantis has walked back recent remarks claiming that America has no important stake in the outcome of Russia’s
A BRICS Threat to the Dollar?
Chatter that the dollar is about to be displaced as the world’s primary reserve currency are misplaced. The issue is not so much the strength
A Reality Check for the Renminbi
While China has made great strides in internationalizing its currency, the goal of dethroning the US dollar is still far off. To undermine
Putin and Trump in the Dock?
The recent indictments of Russian President Vladimir Putin and former US President Donald Trump highlight the law’s growing, and potentially
America’s Interest in Ending the Ukraine Crisis
After more than a year of fighting, it is clear that neither side in the Russia-Ukraine war can win on the battlefield. A negotiated ceasefire
What Next?
The ongoing banking crisis is an opportunity to rethink whether we even still want or need to have banks.