- America's Ungovernable Budget
To do so would require calling for higher taxes, and that – as George H. W. Bush learned in 1992 – is no way to get re-elected.
- Why Did Economists Not Foresee the Crisis?
I would argue that three factors largely explain our collective failure: specialization, the difficulty of forecasting, and the disengagement of much of the profession from the real world.
- The End of China's Surplus
The policies that China will adopt as part of its new five-year plan will shrink its trade and current-account surpluses.
- Globalization Marches On
As the benefits of globalization became manifest, and the damage wrought by autarkic policies also became evident, policymakers in the East began to appreciate that their anti-globalization stance had been a mistake.
- Life after Capitalism
Capitalism may be close to exhausting its potential to create a better life – at least in the world’s rich countries.
- A Tale of Two Currency Areas
The euro was always a big gamble, a grand experiment. Historical efforts at monetary union have sometimes collapsed, and sometimes they have survived multiple crises.