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.
发自剑桥——人们很难不对5月14日土耳其第一轮总统和议会选举的结果感到失望。各界热切期望总统雷杰普·塔伊普·埃尔多安(Recep Tayyip Erdoğan)日益专制的20年统治能在这场被2月双重地震、日益严重的经济问题和不断加深的腐败所定义的竞选中被终结。一些民意调查显示由来自共和人民党的中左翼政治家凯末尔·克勒奇达尔奥卢(Kemal Kılıçdaroğlu)领导的六党反对派有望赢得多数席位,或者至少在第二轮选举中得票高于埃尔多安。
在这种情况下土耳其将于5月28日进行第二轮投票,而获得49.5%选票的埃尔多安处于绝对领先地位。克勒奇达尔奥卢获得了不到45%的选票,其余的选票被一位极右翼反移民候选人锡南·奥安(Sinan Oğan)夺走——他将在今天(5月19日)宣布会支持上述两位候选人中的哪一位,但似乎其支持者中有很大一部分会在第二轮选举中支持埃尔多安。
然而真正出错的地方要比错误的民意调查结果更为深层次。如果未能认识到土耳其选民的民族主义倾向就无法理解这些结果。
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