The long-standing economic consensus that interest rates would remain low indefinitely, making debt cost-free, is no longer tenable. Even if inflation declines, soaring debt levels, deglobalization, and populist pressures will keep rates higher for the next decade than they were in the decade following the 2008 financial crisis.
thinks that policymakers and economists must reassess their beliefs in light of current market realities.
Since the 1990s, Western companies have invested a fortune in the Chinese economy, and tens of thousands of Chinese students have studied in US and European universities or worked in Western companies. None of this made China more democratic, and now it is heading toward an economic showdown with the US.
argue that the strategy of economic engagement has failed to mitigate the Chinese regime’s behavior.
普林斯顿—毫无疑问,冠状病毒是全球紧急状况。同样毫无疑问,政府将利用这一经济状况增加自己的权力。威胁解除后,其中一些政府可能也不会让出新获得的权力。
反对党要广泛参与用以解决这个百年一遇的公共卫生危机的政策制定,这一点很关键。但政府和反对党之间的界限不能以“国家团结”的名义模糊。不应该将反对党领导人的批评称为不合法的“内讧”。让反对党保持政府问责的机制必须得到强化而非削弱。
经济状况有两种效应:在民主国家,它们将权力向行政部门集中。主张新权力的领导人常常可以借助公民的支持。即便是一开始的表现堪称灾难的美国总统特朗普,也因为万众一心的情况而受益。
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