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The Flawed Origins of Expansionary Austerity

Jeffrey Frankel — Mon, 20 May 2013 15:20:13 +0000

As the case for austerity in a time of recession has weakened under the continuing onslaught of facts (most notably the recessions in Europe), advocates of fiscal stimulus have found the missteps of their opponents Carmen Reinhart, Ken Rogoff, and Niall Ferguson to be convenient weapons. But they are the wrong weapons.

America by Proxy?

Dominique Moisi — Mon, 20 May 2013 13:50:09 +0000

The demise of the Roman Empire resulted from a combination of strategic overreach and excessive delegation of security responsibilities to newcomers. The question for the US today is whether it can remain the world’s leading power while delegating to others or to technological tools the task of protecting its global influence.

Reinvigorating Egypt’s Economy

Mohamed A. El-Erian — Mon, 20 May 2013 12:30:17 +0000

While blaming the revolution is not a persuasive explanation for Egypt’s current economic woes, its appeal to many Egyptians is understandable. Over the last few months, their economic situation has gone from bad to worse.

Harnessing the Remittance Boom

Kanayo F. Nwanze — Sat, 18 May 2013 15:00:21 +0000

In Asia’s developing countries, the importance of remittances – the money that migrant workers send home to their families (many of whom live in poor and remote areas) – is immense. But, while remittances to these countries are five times higher than official aid, their potential economic-development benefits have not been realized.

Learning About Growth from Austerity

Michael Spence — Sat, 18 May 2013 14:00:21 +0000

All countries face complex choices with respect to the timing of austerity, perceived sovereign credit risk, and growth-oriented reforms. Today, advanced countries' previous emphasis on austerity may be giving way to a more balanced approach to boosting economic growth and employment.

Open-Access Economics

Barry Eichengreen — Fri, 17 May 2013 16:10:04 +0000

The brouhaha over Carmen Reinhart’s and Kenneth Rogoff’s article “Growth in a Time of Debt” has raised troubling questions not only about the efficacy of austerity, but also about the reliability of economic analysis. If a flawed study could appear in a prestigious working-paper series, why should anyone trust economic research?

Nationalism, Madness, and Terrorism

Liah Greenfeld — Fri, 17 May 2013 16:00:33 +0000

If we want to understand what drove the Boston Marathon bombing suspects to terrorism, the answer almost certainly does not lie in Dagestan, where the brothers lived before moving to the US, or in Chechnya's two wars in the last 20 years. Instead, the key to the Tsarnaevs’ behavior lies in developments in England 500 years ago.

A New Deal for Fragile States

Erik Solheim — Thu, 16 May 2013 12:50:12 +0000

Today, roughly one-fifth of the world’s population lives in conflict-affected and fragile states, despite vast sums of money spent aiding such states over the last 50 years. Obviously, the way that international and national partners engage such states must change radically.

The Importance of Doing Business

Ana Palacio — Thu, 16 May 2013 09:00:00 +0000

There is much speculation that an independent panel currently reviewing the World Bank’s Doing Business project will recommend outsourcing it, removing its country rankings, or even eliminating it altogether. But gutting or cutting the annual report would be a serious mistake.

Oily Dirt

Randall Morck — Wed, 15 May 2013 13:00:26 +0000

Debates over the Keystone XL oil pipeline, which would extend from Canada’s Athabasca tar sands to the Texas Gulf Coast, pit energy efficiency against energy security. By offering conditional approval of the pipeline, Barack Obama can advance its economic and diplomatic benefits, while mitigating its environmental costs.

Hugging a Burning Tree

Bjørn Lomborg — Wed, 15 May 2013 09:00:00 +0000

When most people think of renewable energy sources, they imagine solar panels and wind turbines. Globally, however, biomass – humanity’s oldest fuel – makes up 76% of today’s renewable energy and 10% of all energy, and its rising use promises more risk than reward.

The Resistible Fall of Europe: An Interview with George Soros

George Soros — Wed, 15 May 2013 08:15:03 +0000

The politics of the eurozone countries is European politics, and European politics is not serving these countries well. In an extended interview, George Soros explains why – and what should be done about it.

The Distortion of Grief

Christopher Lane — Tue, 14 May 2013 09:00:00 +0000

According to the fifth edition of the American Psychiatric Association’s Diagnostic and Statistical Manual of Mental Disorders, grieving the loss of a loved one can be considered depression after only two weeks. The implication that mourning should be fast and efficient is both disturbing and unnecessary.

Syria’s Sectarian Stalemate

Bernard Haykel — Tue, 14 May 2013 09:00:00 +0000

In Syria, what began as a revolt against an oppressive regime has devolved into a sectarian civil war and, more recently, into a proxy conflict. In the process, the struggle has become increasingly convoluted, with conflicting agendas among allies, rendering the situation nearly intractable.

China’s E-Tail Revolution

Richard Cooper, et al. — Tue, 14 May 2013 09:00:00 +0000

Mass consumption in China and other emerging economies is coming of age in the Internet era. Given that industry structures are still developing in many of these countries, e-tail is set to shape not only the retail landscape, but also the manufacturing and financial services industries – and even the urban landscape itself.

The Resurrection of Congress

Shashi Tharoor — Mon, 13 May 2013 15:00:21 +0000

The overwhelming victory of the Indian National Congress in elections in the southern state of Karnataka in early May has shaken up the country’s political scene. While India’s scandal-ridden ruling party had appeared headed for certain defeat in the next general election, which must be held by May 2014, now all bets are off.

Green Sovereign Wealth

Emmanuel Guerin — Mon, 13 May 2013 13:50:12 +0000

Despite the need for increased transparency in sovereign-wealth funds' operations, their value as long-term investors should not be underestimated. By shifting investment toward low-carbon, environmentally friendly infrastructure projects, SWFs could achieve their primary objective: the transfer of wealth to future generations.

The Endangered Arab Christian

Fiorello Provera — Mon, 13 May 2013 13:20:17 +0000

In the wake of the Arab Spring, Christian communities across the Arab world have been facing a surge in discrimination and violence, driven primarily by Islamist militancy and the rise of political Islam. With few remaining options, Christians are increasingly seeking to flee the Arab world altogether.

Balancing the Technocrats

Kemal Derviş — Fri, 10 May 2013 09:00:00 +0000

Electoral cycles are such that monetary policy, banking, and many other areas must be regulated by those with professional competence and a much longer time horizon than that of politicians. But, if technocrats are allowed to determine long-term policy and set objectives, democracy itself is in serious jeopardy.