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Stephen S. Roach

Stephen S. Roach

Writing for PS since 2011
174 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. Trump’s Self-Fulfilling Crisis
    roach175_Brandon BellGettyImages_egg_prices Brandon Bell/Getty Images

    Trump’s Self-Fulfilling Crisis

    Feb 28, 2025 Stephen S. Roach shows how the US president’s policies could create the very problems he falsely claims to be confronting.

  2. Trump’s Trade Scam
    roach174_Christopher FurlongGetty Images_trump Christopher Furlong/Getty Images

    Trump’s Trade Scam

    Jan 24, 2025 Stephen S. Roach points out that the new “External Revenue Service” would target domestic importers, not foreign producers.

  3. China’s Struggles with a Consumer Society
    roach173_CFOTOFuture Publishing via Getty Images_chinashopping C FOTO/Future Publishing via Getty Images

    China’s Struggles with a Consumer Society

    Dec 19, 2024 Stephen S. Roach wonders whether the country’s political system is at odds with the values underpinning affluent societies.

  4. Asia in Denial
    roach172_Anthony KwanGetty Images_asia economy Anthony Kwan/Getty Images

    Asia in Denial

    Nov 26, 2024 Stephen S. Roach warns of misguided optimism about the state of China’s economy and Donald Trump’s tariff agenda.

  5. Sinophobia and US Election Lies
    roach171_David McNewStringerGettyImages_antichina_trump_supporter David McNew/Stringer/Getty Images

    Sinophobia and US Election Lies

    Oct 28, 2024 Stephen S. Roach laments that facts – especially about China – are in short supply as the presidential race tightens.

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  1. lachman3_Charly TriballeauGettyImages_us_economy_eggs Charly Triballeau/Getty Images

    America Looks Like a Troubled Emerging-Market Economy

    Desmond Lachman lists the symptoms, from tariffs and massive public debt, to oligarchy and flagrant conflicts of interest.
  2. fofack29_eric1513Getty Images_dedollarization eric1513/Getty Images

    Will Trump Destroy the Dollar’s Primacy?

    Within its first two months, President Donald Trump’s second administration has attacked US institutions, alienated trade partners and allies, decimated consumer and investor confidence, and sent the stock market plummeting. Can the dollar’s status as the world’s leading reserve currency – and the extraordinary advantages this affords the US economy – withstand the onslaught?

  3. moyo32_Anton PetrusGettyImages_ai_money Anton Petrus/Getty Images

    Will AI Mean Higher Taxes?

    Dambisa Moyo warns business leaders that automation-driven efficiency gains may come with hidden long-term costs.
  4. gbrowne1_Thomas SamsonGettyImages_fossil_fuel_non_proliferation_treaty Thomas Samson/Getty Images

    A Defining Moment for Energy Security and Economic Prosperity

    Gaston Browne points out that the energy transition is vital not only to protect the planet, but also to enhance resilience.
  5. norrlof10_Picture AllianceGettyImages_lng_terminal_baltic_sea Picture Alliance/Getty Images

    How Much “Weaponization” Can the Global Economy Take?

    Carla Norrlöf worries that major powers’ understandable reliance on economic coercion will go too far.
  6. op_detter1_utah778Getty Images_balancesheet utah778/Getty Images

    Fixing Public Finances Without a Chainsaw

    Dag Detter

    Governments are the most important wealth managers in their respective jurisdictions, but they rarely behave like it. To boost revenue and ensure economic stability, policymakers must modernize their accounting practices and establish public wealth funds.

    urges cash-strapped countries to adopt a commercial approach to management of government-owned assets.
  7. delong268_Drew AngererGetty Images_trump Drew Angerer/Getty Images

    Rescuing America’s Economy from Trump

    J. Bradford DeLong thinks the US president needs a regent, similar to the role Howard Baker played under Ronald Reagan.
  8. bildt133_Tobias SchwarzGettyImages_rutte_vance Tobias Schwarz/Getty Images

    The Transatlantic World Will Never Be the Same

    Carl Bildt urges Europeans to prepare for the worst from Donald Trump’s America, which is behaving like an adversary.
  9. goldberg34_Mario TamaGetty Images_USshippingcontainers Mario Tama/Getty Images

    Making Sense of the Tariff Chaos

    Pinelopi Koujianou Goldberg considers whether the zero-sum logic behind the new US policy will spread.

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