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Stephen S. Roach

Stephen S. Roach

Writing for PS since 2011
146 commentaries
1 videos & podcasts

Stephen S. Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, is the author of Unbalanced: The Codependency of America and China (Yale University Press, 2014) and Accidental Conflict: America, China, and the Clash of False Narratives (Yale University Press, 2022).

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  1. A Missed Opportunity in Bali
    roach147_SAUL LOEBAFP via Getty Images_bidenxi Saul Loeb/AFP via Getty Images

    A Missed Opportunity in Bali

    Nov 28, 2022 Stephen S. Roach explains why the Biden-Xi summit yielded little more than lofty rhetoric – and proposes a new approach.

  2. Stephen S. Roach on US monetary tightening, China’s growth sacrifice, the Sino-American rivalry, and more
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    Stephen S. Roach on US monetary tightening, China’s growth sacrifice, the Sino-American rivalry, and more

    Nov 1, 2022 Stephen S. Roach says the US Federal Reserve remains mired in the quicksand of excessive monetary accommodation, warns the Communist Party of China against “premature overreach,” proposes a three-pronged strategy for easing Sino-American tensions, and more.

  3. Xi’s Conflict-Prone China
    roach145_Lintao ZhangGetty Images_xi jinping standing committee Lintao Zhang/Getty Images

    Xi’s Conflict-Prone China

    Oct 24, 2022 Stephen S. Roach writes that the 20th Party Congress confirmed that national security will take precedence over economic growth.

  4. Core Dangers for the Fed and China
    roach143_Drew AngererGetty Images_jerome powell Drew Angerer/Getty Images

    Core Dangers for the Fed and China

    Sep 27, 2022 Stephen S. Roach thinks the US central bank and Chinese governance share a conceptual weakness leading to major policy blunders.

  5. China’s Growth Sacrifice
    roach142_GREG BAKERAFP via Getty Images_xijinping Greg Baker/AFP via Getty Images

    China’s Growth Sacrifice

    Aug 23, 2022 Stephen S. Roach says that three factors have shaved nearly 3.5 percentage points from annual output gains since 2012.

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  1. basu86_ Stu ForsterGetty Images_world cup Stu Forster/Getty Images
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    When Voters Become Fans

    Kaushik Basu thinks deepening polarization has given the lie to a longstanding assumption about electoral politics.
  2. desalegn1_ KHALED DESOUKIAFP via Getty Images_biodiversity KHALED DESOUKI/AFP via Getty Images
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    Africa’s Responsibility to Protect Biodiversity

    Hailemariam Desalegn urges the continent’s leaders to unite behind a shared conservation agenda, beginning at COP15.
  3. sierakowski91_Omar MarquesGetty Images_ukrainian refugees Omar Marques/Getty Images
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    Resentment on the Western Front

    Sławomir Sierakowski thinks the Polish public needs a more open and honest conversation about refugees before resentment spirals.
  4. vives17_ Leon NealGetty Images_ftx Leon Neal/Getty Images
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    Crypto’s Well-Worn Path to Crisis

    Xavier Vives writes that, despite the novelty of the assets, the narrative of FTX’s collapse was established long ago.
  5. roubini171_Spencer PlattGetty Images_recession looming Spencer Platt/Getty Images
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    The Unavoidable Crash

    Nouriel Roubini anticipates a stagflationary debt crisis, owing to a dangerous combination of inflation and over-borrowing.
  6. nye236_SAUL LOEBAFP via Getty Images_biden xi SAUL LOEB/AFP via Getty Images
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    War Over Taiwan?

    Joseph S. Nye, Jr. considers whether a deterrence arrangement that has worked for 50 years is still sufficient.
  7. op_livingston1_Anna MoneymakerGetty Images_fed Anna Moneymaker/Getty Images
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    The Contested Fed

    James Livingston

    By all accounts, central banks – particularly the Fed, because the dollar is still the world’s dominant currency – already act as investment authorities. But their recent bailouts have exacerbated economic inequality, and have done little or nothing to address climate change.

     reviews three books that, each in its own way, reveal a central truth about the world’s leading central bank.
  8. pisaniferry140_Sean GallupGetty Images_cop27 Sean GallupGetty Images
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    The Economics of Mainstreaming Climate Action

    Jean Pisani-Ferry & Selma Mahfouz identify the risks and short-term costs associated with the energy transition over the next decade.
  9. haldar15_ Tayfun CoskunAnadolu Agency via Getty Images_twitter Tayfun Coskun/Anadolu Agency via Getty Images
    3

    Killing Twitter

    Antara Haldar explains what Elon Musk fundamentally misunderstands about the platform – and about free speech.

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