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Did Neoliberalism Kill American Democracy?

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PS editors, Joseph E. Stiglitz, Andrés Velasco, Daron Acemoglu, Christy Hoffman, Bartosz M. Rydliński, Katharina Pistor

As US President-elect Donald Trump prepares to make good on his threats to upend American institutions, the pressure is on his opponents to figure out how to defend, and eventually strengthen, US democracy. But first they must understand how the United States reached this point.

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    What Will Trump Do About China?

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    PS editors , Pinelopi Koujianou Goldberg , Ian Bremmer , Todd G. Buchholz , Angela Huyue Zhang , Brahma Chellaney , Brendan Kelly

    US President-elect Donald Trump campaigned on a promise to take a confrontational approach to China, with tariffs as his weapon of choice. But unless his administration adopts a measured approach, his plans may end up harming American businesses and consumers, undermining US democracy, or even leading to military confrontation.

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    How Trump Did It

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    PS editors , Mohamed A. El-Erian , Shlomo Ben-Ami , Daron Acemoglu , James K. Galbraith , Peter Singer , J. Bradford DeLong , Nina L. Khrushcheva , Jason Stanley

    Not only did Donald Trump win last week’s US presidential election decisively – winning some three million more votes than his opponent, Vice President Kamala Harris – but the Republican Party he now controls gained majorities in both houses on Congress. Given the far-reaching implications of this result – for both US democracy and global stability – understanding how it came about is essential.

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    The US Election and America’s Future

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    PS editors , Nouriel Roubini , Joseph E. Stiglitz , Nina L. Khrushcheva , Edoardo Campanella , Tom Ginsburg , Aziz Huq , John Mark Hansen , Reed Galen

    From the economy to foreign policy to democratic institutions, the two US presidential candidates, Kamala Harris and Donald Trump, promise to pursue radically different agendas, reflecting sharply diverging visions for the United States and the world. Why is the race so nail-bitingly close, and how might the outcome change America?

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    Nobel Laureates Help Solve the Inequality Puzzle

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    PS editors , Daron Acemoglu , James A. Robinson , Simon Johnson

    While even the world’s poorest economies have become richer in recent decades, they have continued to lag far behind their higher-income counterparts – and the gap is not getting any smaller. According to this year’s Nobel Prize-winning economists, institutions are a key reason why. From Ukraine’s reconstruction to the regulation of artificial intelligence, the implications are as consequential as they are far-reaching.

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    Is Antitrust Enforcement Broken?

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    Anu Bradford , Todd G. Buchholz , Cristina Caffarra , Mordecai Kurz , Tara Pincock , Yanis Varoufakis

    Though antitrust enforcement has been gaining momentum on both sides of the Atlantic, a handful of private actors still wield extraordinary market power – and thus power over ordinary people’s lives. With some calling for more radical action, and others warning that reining in firms’ market power would be unhelpful and even harmful, we asked PS commentators what needs to be done.

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    What Kind of Industrial Policy Works?

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    PS editors , Raghuram G. Rajan , J. Bradford DeLong , Dani Rodrik , Pinelopi Koujianou Goldberg

    After a decades-long love affair with laissez-faire policies, many governments – notably in developed countries – are increasingly seeking to shape their economies through tariffs, subsidies, public procurement, and more. But not all industrial policies are created equal, and understanding their nuances and limitations is critical to their success.

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    What Harris and Trump Will Do

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    PS editors , Ian Bremmer , Joseph S. Nye, Jr. , Anders Åslund , Shang-Jin Wei , Joseph E. Stiglitz , Daron Acemoglu

    With less than two months to go until the US presidential election, the candidates’ opposing worldviews, objectives, and priorities – and their implications for international relations, the economy, and democracy – have come into sharper focus. While it is impossible to know exactly what a leader will do once in office, the contours of both a Donald Trump and a Kamala Harris presidency are remarkably well defined.

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    The Chinese Overcapacity Puzzle

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    PS editors , Yu Yongding , Arvind Subramanian , Zhang Jun , Yi Fuxian

    Several developments in recent years, from sustained renminbi appreciation to increasingly aggressive Western tariffs, should have eroded China’s global manufacturing dominance, but have not. Why has China’s share of global manufacturing exports continued to rise, and what might turn the tide?

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    US-China Relations after America’s Election

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    PS editors , Ian Bremmer , Nancy Qian , Stephen S. Roach

    After decades of facilitating and even encouraging China’s rise, the United States’ dramatic shift to a policy of containment continues apace, with both Republican and Democratic administrations imposing sweeping tariffs and other trade restrictions. How will the upcoming US presidential election affect the bilateral relationship, and what will this imply for the American, Chinese, and global economies?

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    The Real AI Risks

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    PS editors , Daron Acemoglu , Joseph S. Nye, Jr. , Charles Ferguson , Martin Beraja , David Y. Yang , Noam Yuchtman

    With the world’s major economies pouring investment into artificial intelligence, ensuring the technology’s safety before its applications are known has become an increasingly urgent policy imperative. While a sci-fi-style AI apocalypse is not impossible, more immediate risks to both security and democracy must be addressed.

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    What Soft Landing?

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    PS editors , Mohamed A. El-Erian , James K. Galbraith , J. Bradford DeLong , Kenneth Rogoff , Dambisa Moyo

    While stock markets have recovered somewhat from last Monday’s rout, investors remain rattled, fearing further volatility. What was behind the sudden selloff, and does it portend a period of escalating global economic distress – and even a US recession?

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    Harris Takes Control

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    PS editors , Reed Galen , Charles A. Kupchan , Richard Haass , Mark Leonard

    US Vice President Kamala Harris’s rise as the presumptive Democratic nominee has breathed new life into November’s presidential election. But Donald Trump remains a formidable opponent, and defeating him will require Harris to strike the right balance between supporting President Joe Biden and distinguishing herself from him with a compelling vision for America’s future.

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