Inequality of Nations

The eighteenth-century British economist Adam Smith has long been revered as the founder of modern economics, a thinker who, in his great works The...

Can Europe become a Global Player?

The last five years have not been kind to the European Union’s foreign-policy prospects. A new great-power competition is shunting aside the international rules-based...

The Great Crypto Heist

There is a good reason why every civilized country in the world tightly regulates its financial system. The 2008 global financial crisis, after all,...

Bad News for the World’s Poorest

The global economic mood is souring. At their meeting in Fukuoka, Japan, earlier this month, G20 finance ministers and central bank governors warned that...

Growing Risk of a 2020 Recession and Crisis

Last summer, my colleague Brunello Rosa and I identified ten potential downside risks that could trigger a US and global recession in 2020. Nine...

Paying for the Welfare State Without Raising Taxes

The current value of the US government’s unfunded pension and Medicare liabilities is $46.7 trillion, or roughly two and a half times US GDP....

Global Consequences of a Sino-American Cold War

A few years ago, as part of a Western delegation to China, I met President Xi Jinping in Beijing’s Great Hall of the People....

The Coming Technological Cold War

Lurking behind the Trump administration’s trade conflict with China lies an abiding fear that the United States could be losing its advantage in the...

American Soft Power in the Age of Trump

US President Donald Trump’s administration has shown little interest in public diplomacy. And yet public diplomacy — a government’s efforts to communicate directly with...

Seven Fallacies of Economic Sanctions

The sanctions imposed on Iran by US President Donald Trump have begun to bite the country’s economy hard. Inflation, seemingly defeated by President Hassan...

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