It is not difficult to fathom why the United States’ central bank is especially resistant to any quantum change in the existing financial
The Fed’s Wary Embrace of Digital Dollars
Continue Reading
Featured
Investors Must Tackle Vaccine Inequity
It is time for investors to demand that boards of directors of pharmaceutical companies are held accountable to doing the right thing to reduce
The Power and Poison of MMT
Modern Monetary Theory (MMT) is misunderstood by its defenders and detractors. Elements of it can be useful, others are dangerous.
Is Capital Eating Labor’s Lunch?
Is labor really getting a raw deal? Measured properly, the evidence is not as grim as some suggest. Looking ahead, productivity remains paramount.
History’s Barriers to European Joint Security
Although France and Germany are more reliant on each other than ever, the two heavyweights at the heart of Europe still have vastly different
Crime and Politics
After decades of falling, violent crime is again on the rise in the US. Politics follows crime, making crime a wild card in next year’s
Misreading China’s WTO Record Hurts Global Trade
A successful global trading system requires good faith actors. In recent years, the US has undermined its standing by acting in bad faith.
Can the Fed Overcome Its Transitory Policy Mistake?
The later the US Federal Reserve is in reacting properly to inflationary developments, the greater the likelihood that it will have to hit
Capitalism Without Capital?
Capitalism without capital has been wonderful for investors, but it’s time is over and new models are needed.
Planning the Route to Net Zero
In the run-up to COP26, companies trumpeted their commitment to addressing climate change, often citing pledges to achieve goals decades in
Bringing the ESG Revolution to Private Markets
Three great levers have historically moved the world: religion, government, and capital.
Why Are Supply Chains Blocked?
When forecasts are not specific enough to be actionable, the supply response cannot adjust in a timely or efficient manner. And because there
Clean Energy Has Won the Economic Race
Even as major oil companies report record profits, the tide is turning against them and fossil fuels. The future belongs to renewables.
France, Britain and an Acrimonious Divorce
The spat between France and Britain over Northern Ireland is a tricky one. Its roots run deep in the EU experiment.
A New Global Economic Consensus
Now that the COVID-19 pandemic has highlighted the deficiencies of economic deregulation and market liberalization, a new policymaking paradigm
Dancing with the Debt Ceiling
Even in 2013, a year of partisan rancor, Democrats and Republicans agreed to suspend the US federal government’s debt ceiling just a week
Supporting Afghan Refugees Over the Long Term
The bi-partisan support in the United States for welcoming Afghan refugees is heartening. But how long will it last?
Emerging Debt: Time to Restructure
Covid-19 did not derail the global economy, but the hard part could well be just the beginning.
Soft Solutions to Hard Problems
Overcoming Islamic extremism will continue to test the West. But it can be done. The remedy requires equal parts hard and soft power.
The Economic Consequences of the Peace
Euphoria can blind us to what follows. Keynes presciently made that point a century ago. His insight is worthy of consideration today as bullish
Mind the Mind Gap
Technological innovation alone does not boost productivity. Only when technology is widely adopted does it lift living standards. That’s
Why Teach History?
If we only share what is noble and good from the past, we can be sure that our understandings will be simplistic, inaccurate and leave us
Blame Game
Central banks are not infallible. But they are not chiefly responsible for rising inequality.
Is the US Economy Running Out of Slack?
Given the unprecedented nature of the COVID-19 pandemic and its effects on labor markets, there is a spirited debate over whether the US economy