September 24, 2008
Fixing Finance
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As ongoing financial chaos upends Wall Street, pundits and politicians are debating the causes of the economic crisis and proposing solutions to it. The tendency to reexamine the architecture of the world economy is nothing new; Foreign Affairs authors have done so many times before in the wake of sudden economic shocks. Following the recession of the late 1970s and early 1980s, economists Harold van B. Cleveland and Ramachandra Bhagavatula called for monetary reform. Robert B. Reich, reacting to the 1987 "Black Monday" stock market crash, blamed supply-side economic thinking for the failure. In the aftermath of the 1997 Asian Financial Crisis, too, experts examined the wreckage and went back to the drawing board. Jeffrey E. Garten recounted "Lessons for the Next Financial Crisis," Alan S. Blinder listed "Eight Steps to a New Financial Order," and Peter G. Peterson and Carla A. Hills, co-chairs of a Council on Foreign Relations task force, recommended a series of reforms in "The Future of the International Financial Architecture."
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Previously in Background on the News
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A New Cold War?
September 10, 2008
The Russian invasion of Georgia on August 8 has raised questions about the future of Washington's relations with Moscow, the strategic ambitions of the Medvedev-Putin regime, and the future of NATO enlargement in the Black Sea region. . . . Read more
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China and the Collapse of Doha
August 27, 2008
In the past, China played a secondary role in international trade negotiations. Now, it is actively challenging the fundamental rules of the global trading system. . . . Read more
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Taxing the Poor
July 30, 2008
Forget bashing trade and clinging to God and guns as responses to economic woes. Bitter working-class Americans should be complaining about tariffs instead, argues Edward Gresser of the Progressive Policy Institute. . . . Read more
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