Governments are beholden to both the public via their representatives in parliamen and the financial markets. Sometimes those ‘constituents’
The Bond Vigilantes are Back
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Theme of the Week
The Global Recovery Winds Down
The severity of the global downturn is compounded by policy error. Avoiding a deeper slump will require a course correction.
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
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
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
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
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.
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
American CHIPS Off the Chinese Block
America’s world-leading semiconductor industry is a testament to the advantages a competitive market economy has over a command economy
Blame the Economists
Science has long recognized the dynamics of climate change. To our detriment, economics has been slower to adapt.
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
Fiscal Policy Should Return to Fundamentals
The longstanding argument that go-go Keynesian fiscal stimulus is the answer to every imaginable economic shock has been exposed as bankrupt.
A New Test for EU Solidarity
The Europe’s unity, and perhaps its union, is facing a grave challenge in the forms of war, energy and inflation.
America’s Dangerous Descent into Violence
The increasingly frequent and alarming incidence of violence in America is no accident. As the history of fascist movements shows, the rise
The Case for Strategic Reserves
The end of globalization means nations must have a backup plan when trade is disrupted. It is time to build national reserves of foodstuffs,
Private Equity’s ESG Generation
The private-equity industry is about to undergo an epochal shift, as the founders of many leading firms retire and a younger generation with
America’s Birthday
Democracy is not an outcome, but an ambition that requires we seek out our common values rather than fight for rights.
Integrity
As the January 6th hearings unfold, it is a good time to consider the ideal of integrity.
The Virus Is Still Winning
Despite the rapid development of COVID-19 vaccines and treatments to reduce mortality, the elderly, the immunocompromised, and other vulnerable
The Blame Game
Today’s inflation is not a monetary phenomenon. Tighter monetary policies cannot address what ails the world economy.
Musk and the ESG Knife Fight
Tesla has been kicked out of the S&P ESG Index and Elon Musk claims ESG is a scam. Is he right?
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.
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