Political Economy
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Comment,
Jan/Feb
2012
Today’s troubles are real, but not ideological: they relate more to policies than to principles. The postwar order of mutually supporting liberal democracies with mixed economies solved the central challenge of modernity, reconciling democracy and capitalism. The task now is getting the system back into shape.
Intelligent observers of Europe in the 1930s thought its future belonged to communism or fascism and would have ridiculed the notion that decades later the entire continent would be democratic. New books by Jan-Werner Müller and Eric Hobsbawm illuminate the changing fortunes of the continent’s great ideologies.
Letter From,
December 13, 2011
Ireland's economic turnaround in the 1980s is generally credited to fiscal measures similar to the ones other European countries are now implementing. But those policies were painful and won't even work this time.
Snapshot,
November 28, 2011
Markets are reeling because Europe's leaders have only offered up half-measures to resolve the crisis. Not until Brussels, Paris, and Berlin realize the fundamental flaw in their current approach -- a lack of real political and economic integration across the eurozone -- will there be an end in sight.
Snapshot,
November 15, 2011
The euro crisis is not a simple story of Greek sinners and German saints. In fact, imposing austerity on the eurozone's periphery alone will accomplish little. To save the continent, its richer countries and private investors must share in the sacrifice.
Essay,
Nov/Dec
2011
Most pundits argue the eurozone has only two options: break up or create a fiscal union to match its monetary one. In fact, there's a third, and better, path: adopt tighter market discipline, bailing out illiquid countries while letting truly insolvent ones go bust. The result would be a collection of fitter economies and a Europe strong enough to play a big role on the world stage.
Essay,
Sept/Oct
2011
Is China poised to take over from the United States as the world’s leading economy? Yes, judging by its GDP, trade flows, and ability to act as a creditor to the rest of the world. In fact, China’s economic dominance will be far greater and come about far sooner than most observers realize.
Snapshot,
August 11, 2011
Unlike Margaret Thatcher in 1981, British Prime Minister David Cameron has appeared totally unprepared for the social unrest that his spending cuts have inevitably unleashed. The result: ugly class politics are back in Britain.
Snapshot,
July 25, 2011
The EU agreement to refinance Greece's debt may have calmed the markets, but ongoing austerity measures across Europe are leave open potentially worrying side effect that policymakers have yet to address: the chance for China to buy sensitive assets at fire-sale prices.
Snapshot,
July 18, 2011
The EU’s current framework cannot prevent or manage fiscal problems effectively. This does not mean that it is too late to build one that can. In addition to better financial cooperation, eurozone countries need to deepen their political coordination as well.
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