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IRS building Pgiam/Getty Images

The Great American Tax Gambit

Featured in this Big Picture
  1. Daron AcemogluDaron Acemoglu,
  2. José Antonio OcampoJosé Antonio Ocampo,
  3. Joseph E. StiglitzJoseph E. Stiglitz,
  4. Jayati GhoshJayati Ghosh,
  5. Alan J. AuerbachAlan J. Auerbach,
  6. Nouriel RoubiniNouriel Roubini,
  7. Michael HeiseMichael Heise

To help finance its massive post-pandemic infrastructure investment package, US President Joe Biden’s administration plans to increase corporate taxes and reduce the scope for profit-shifting by US-based multinationals. Although the proposed tax changes are likely to face opposition from congressional Republicans and big business, are any of the alternatives better?

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  1. myanmar explosion Stringer/Anadolu Agency via Getty Images

    Myanmar Explodes

    Featured in this Big Picture
    1. Achim Steiner,
    2. Shashi Tharoor,
    3. Brahma Chellaney,
    4. Thitinan Pongsudhirak,
    5. Lee Jong-Wha,
    6. Yuriko Koike

    After a gradual decade-long democratization process, Myanmar’s military seized power again in February and is waging a ruthless crackdown against unarmed civilian protesters. A major escalation of the ongoing turmoil – civil war is a growing possibility – would have implications far beyond the country’s borders.

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  2. light bulb economics phototechno/Getty Images

    Economics Must Build Back Better, Too

    Featured in this Big Picture
    1. Dani Rodrik,
    2. Arvind Subramanian,
    3. Devesh Kapur,
    4. Lisa D. Cook,
    5. Elmira Bayrasli,
    6. Ricardo Hausmann,
    7. Roman Frydman,
    8. Michael D. Goldberg,
    9. Diane Coyle

    As the world strives to recover from the COVID-19 pandemic, economists’ efforts to devise strategies to generate inclusive and sustainable prosperity have taken on greater urgency. But those efforts will not succeed unless the profession itself becomes more inclusive – in terms of gender, ethnicity, national origin, and the intellectual assumptions and methods it employs.

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  3. recovery mission ST.art/Getty Images

    Mission: Recovery

    Featured in this Big Picture
    1. Michael Spence,
    2. Joseph E. Stiglitz,
    3. Jayati Ghosh,
    4. William R. Rhodes,
    5. Stuart P.M. Mackintosh,
    6. Mohamed A. El-Erian,
    7. Mariana Mazzucato,
    8. Laurie Macfarlane,
    9. George Dibb

    Many fear that sharp differences in the speed of vaccine rollouts and the scale of stimulus measures will result in a K-shaped global economic recovery, with much of the developed world booming while poorer countries continue to struggle. But if policymakers are not careful, advanced economies also could experience highly uneven post-pandemic growth.

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  4. EU slow vaccine FrankyDeMeyer/Getty Images

    Vaccine Strains

    Featured in this Big Picture
    1. Hans-Werner Sinn,
    2. Melvyn B. Krauss,
    3. Ngaire Woods,
    4. Oyeronke Oyebanji,
    5. Shashi Tharoor,
    6. Erik Berglöf,
    7. Daron Acemoglu

    The European Union’s sluggish COVID-19 vaccination efforts are currently dominating the headlines and undermining confidence in the bloc. But, overall, rich countries remain well ahead of the developing world in the global scramble for supplies – and the longer this imbalance persists, the greater the risk that new coronavirus variants will emerge that can again threaten the world.

    1
  5. bitcoin beyond metamorworks/Getty Images

    Bitcoin and Beyond

    Featured in this Big Picture
    1. Kenneth Rogoff,
    2. Barry Eichengreen,
    3. Nouriel Roubini,
    4. Jim O'Neill,
    5. Willem H. Buiter,
    6. Brian Armstrong,
    7. Katharina Pistor,
    8. Co-Pierre Georg

    The COVID-19 pandemic may be speeding the demise of cash, but it seems premature to declare digital money a winner in the current economic crisis. Many regard privately issued cryptocurrencies like Bitcoin as dangerously volatile, while central bank digital currencies could impose their own unexpected costs and risks on the global monetary system.

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  6. bp_inflation_20th Century FoxArchive PhotosGetty Images_young frankenstein it's alive 20th Century Fox/Archive Photos/Getty Images

    Is Inflation Alive?

    Featured in this Big Picture
    1. Axel A. Weber,
    2. Kenneth Rogoff,
    3. Robert J. Barro,
    4. J. Bradford DeLong,
    5. Claudia Sahm,
    6. Elmira Bayrasli,
    7. Harold James,
    8. Markus Brunnermeier,
    9. Jean-Pierre Landau

    Huge fiscal and monetary stimulus programs have sparked a growing debate about whether advanced economies may sooner or later experience the sort of rapid price growth last seen a generation ago. While stimulus advocates point to current weak demand and the public’s deeply ingrained low-inflation expectations, anxious hawks fear that a new and dangerous global inflationary consensus may be taking hold.

    2
  7. Dollar printer Getty Images

    America’s Stimulus Debate

    Featured in this Big Picture
    1. Joseph E. Stiglitz,
    2. James K. Galbraith,
    3. Daron Acemoglu,
    4. Koichi Hamada,
    5. Shang-Jin Wei,
    6. George P. Shultz,
    7. John F. Cogan,
    8. John B. Taylor,
    9. Robert Skidelsky

    Many would regard the middle of a pandemic-induced economic crisis as the wrong time to sound the alarm about the potential dangers of profligate government spending. But as US President Joe Biden’s proposed $1.9 trillion economic rescue plan works its way through Congress, it is not only Republicans who are asking whether providing too much fiscal stimulus could be just as risky as delivering too little.

    2
  8. Russia arrest Mihail Siergiejevicz/SOPA Images/LightRocket via Getty Images

    How Secure is Putin?

    Featured in this Big Picture
    1. Alexei Navalny,
    2. Tikhon Dzyadko,
    3. Sławomir Sierakowski,
    4. Andrei Kolesnikov,
    5. Sergei Guriev,
    6. Nina L. Khrushcheva,
    7. Ana Palacio,
    8. Mark Leonard

    Although the arrest and hasty imprisonment of opposition leader Alexei Navalny triggered Russia’s biggest wave of protests in years, President Vladimir Putin’s regime appears to be in little danger for now. But a stagnant economy, mounting anger at high-level corruption, and restless political elites could sooner or later threaten Putin’s seemingly well-entrenched regime.

    2
  9. Pandemic playbook Dusan Stankovic/Getty Images

    The Post-Pandemic Playbook

    Featured in this Big Picture
    1. Jim O'Neill,
    2. Mariana Mazzucato,
    3. Diane Coyle,
    4. Raghuram G. Rajan,
    5. Nurul Izzah Anwar,
    6. Beverley McLachlin,
    7. Harold James

    Calls by US President Joe Biden and others to “build back better” after the COVID-19 catastrophe have attracted widespread support, raising hopes of far-reaching changes in policymaking and business. But which new norms and concrete measures lie beyond leaders’ hortatory appeals, and who should implement them?

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  10. Venezuela covid test Schneyder Mendoza/AFP via Getty Images

    The Grim COVID Convergence?

    Featured in this Big Picture
    1. Andrés Velasco,
    2. Kenneth Rogoff,
    3. Lee Jong-Wha,
    4. Pinelopi Koujianou Goldberg,
    5. Dalia Marin,
    6. Arvind Subramanian,
    7. Josh Felman,
    8. Ricardo Hausmann

    Global inequality has unexpectedly declined during the pandemic – not because poorer countries became richer, but because richer countries became poorer. Many emerging and developing economies remain as fragile as ever, and the nature of the current convergence potentially threatens their future growth prospects.

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  11. Africa opportunity Edwin Remsberg/VWPics/Universal Images Group via Getty Images

    Africa’s Opportunity

    Featured in this Big Picture
    1. Célestin Monga,
    2. Carlos Lopes,
    3. Hippolyte Fofack,
    4. Pat Utomi,
    5. Paola Subacchi,
    6. Brahima Coulibaly,
    7. Ngozi Okonjo-Iweala,
    8. Vera Songwe,
    9. Anne O. Krueger,
    10. Carl Manlan,
    11. Efosa Ojomo

    Rich-country governments, desperate to revive their economies, are pursuing vaccine nationalism and turning their backs on the developing world. But a healthy, peaceful, and prosperous Africa is in their interests, too, and can be achieved by implementing the vision and policies needed to boost the continent’s global standing and economic prospects.

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  12. Biden inauguration Saul Loeb - Pool/Getty Images

    Biden to the Rescue?

    Featured in this Big Picture
    1. Joseph E. Stiglitz,
    2. Daron Acemoglu,
    3. Laura Tyson,
    4. Lenny Mendonca,
    5. Jayati Ghosh,
    6. Kemal Derviş,
    7. Joseph S. Nye, Jr.

    Tackling the COVID-19 pandemic and engineering an economic recovery are only two of the challenges facing new US President Joe Biden. Amid deep social divisions and the continued threat of right-wing extremist violence, Biden must also try to re-establish democratic political norms and restore trust in American leadership at home and abroad.

    3
  1. tyson98_iStock Getty Images Plus_automation recovery iStock / Getty Images Plus

    Productivity After the Pandemic

    Laura Tyson & Jan Mischke

    After years of disappointing productivity growth, the COVID-19 pandemic has shaken something loose, with surveys of business executives showing most reporting increased investments in technology. The danger now is that the pandemic-era acceleration of automation and digitalization impedes growth in labor income and consumption.

    argue that crisis-induced supply-side improvement could be jeopardized by demand-side risks.
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  2. sachs340_ Yasin OzturkAnadolu AgencyGetty Images_USuighur Yasin Ozturk/Anadolu Agency/Getty Images

    The Xinjiang Genocide Allegations Are Unjustified

    Jeffrey D. Sachs & William Schabas

    US President Joe Biden's administration has doubled down on the claim that China is mounting a genocide against the Uighur people in the Xinjiang region. But it has offered no proof, and unless it can, the State Department should withdraw the charge and support a UN-based investigation of the situation in Xinjiang.

    urge the US to withdraw a grave and unsubstantiated charge leveled at the end of the Trump administration.
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