Finance
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Comment,
May/June
2013
Much of the outrage over economic inequality in the United States has centered on the high compensation and lack of accountability that corporate executives supposedly enjoy -- allegedly the result of boards at public companies. The truth, however, is that American CEOs now earn less and get fired more than in the recent past.
Snapshot,
December 11, 2012
To get out of its economic hole, the United States needs to cut spending and increase revenue. But policymakers must not let new taxes harm low-income working families, who have the fewest resources to contribute to reducing the deficit anyway.
Comment,
Jan/Feb
2013
While the grim effects of the 2008 financial crisis still resonate across the globe, the recession wasn't all bad: it triggered fundamental economic restructuring, and the result is a U.S. economy poised to emerge stronger than it was before. Although it's too soon to say with certainty, even Europe may come out ahead.
Comment,
Sept/Oct
2012
The euro’s naysayers have it all wrong. True, the continent’s powerhouses have yet to agree on a clear plan to save the common currency, as each one is seeking to secure the best deal for itself. But they all also know that the collapse of the eurozone would be a political and economic disaster, so they will ultimately pay whatever price is necessary to keep it together.
Snapshot,
July 20, 2012
The Libor scandal has sparked calls for stronger regulation of the world’s most powerful banks. But such proposals miss a key point: price fixing and manipulation have been illegal for a long time. More laws will not fix the problem. Instead, banks need to realize that undermining the market is bad for business.
Comment,
Jul/Aug
2012
If the eurozone splinters, it will have been an avoidable disaster. After all, the European Central Bank has already gone to great lengths to shore up the continent’s financial system. Now, the choice lies with Germany, which can save the monetary union if it allows for policies aimed at debt relief and growth, not just slashing deficits.
Response,
Jul/Aug
2012
Brazil's rise never depended on the sale of commodities, and thanks to recent reforms, the country will continue to prosper, write Shannon O'Neil, Richard Lapper, and Larry Rohter. Ronaldo Lemos, meanwhile, claims that those reforms have not gone far enough. Ruchir Sharma responds that Brazil is indeed headed for trouble.
As the global financial sector has swelled, the gap between the rich and the poor has grown. Three new books -- by James Galbraith, Robert Shiller, and Charles Ferguson -- come down differently on how much banks are to blame for inequality and what the government should do about it. Pushing for more accountability would be a good place to start.
Snapshot,
April 23, 2012
Thanks to lucky timing, by the end of 2012 Obama will have either appointed or reappointed every single one of the seven members of the Federal Reserve’s Board of Governors, including its chairman, Ben Bernanke. With each governor set to serve a 14-year term, they will ensure Obama’s long-term impact on the U.S. economy whether he is reelected or not.
Essay,
May/June
2012
Most experts think the global recession was caused by a collapse in demand -- and so, in good Keynesian fashion, they want governments to ramp up spending to compensate. But the West’s recent growth was dependent on borrowing. Going even further into debt now won’t help; instead, countries need to address the underlying flaws in their economies.
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