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  1. op_nagymohacsi2_Namthip MuanthongthaeGetty Images_CBDC Namthip Muanthongthae/Getty Images

    The Digital Economy’s New Monetary Imperative

    Piroska Nagy Mohácsi thinks governments must embrace central bank digital currencies or risk a fundamental loss of control.
  2. op_reedlangen6_Chip SomodevillaGetty Images_supremecourt Chip Somodevilla/Getty Images

    The Lost Liberal Legal Imagination

    Nicholas Reed Langen considers the complicated legacy of a progressive jurist whom conservatives now champion.
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    Keyu Jin on Chinese regulation, innovation, finance, and more

    Keyu Jin laments the loss of private-sector confidence in China, shows why the country could take the lead in cutting-edge technologies, addresses misconceptions about its economic model, and more.
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  5. op_maude1_STRAFP via Getty Images_thequad STR/AFP via Getty Images

    The Quad’s Big Moment

    Richard Maude, et al. examine the emerging Indo-Pacific coalition from the perspective of each of its members – and its main rival.
  6. op_mody2_Ritesh ShuklaNurPhoto via Getty Images_indiapolice Ritesh Shukla/NurPhoto via Getty Images

    India’s Law-of-the-Jungle Raj

    Ashoka Mody considers what the life and death of criminal-politician Atiq Ahmed reveals about the country.
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    Simon Johnson on stablecoins, artificial intelligence, inequality, and more

    Simon Johnson explains why a moratorium on advanced-AI development would do little good, pours cold water on the prevailing techno-optimist narrative, makes the case for scrapping payroll taxes, and more.
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    The Global Economy’s Geopolitical Timebomb

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    Yu Yongding, Zhang Jun, Nancy Qian, Nouriel Roubini, Stephen S. Roach

    The strategic rivalry between the United States and China is intensifying rapidly, and judging by US Treasury Secretary Janet Yellen’s recent speech on the matter, further escalation is to be expected. This has contributed to dire predictions about China’s economic prospects, but both sides stand to lose.

  9. op_fubini2_MANDEL NGANAFP via Getty Images_russiaflag Mandel Ngan/AFP via Getty Images

    How Russia Survives

    Federico Fubini & Alexandra Prokopenko explain why the world's toughest-ever sanctions regime must be sharpened – and suggest how to do it.
  10. op_snow1_PAVEL BYRKINSPUTNIKAFP via Getty Images_xiputin Pavel Byrkin/Sputnik/AFP via Getty Images

    China and Russia’s Long Dance

    Philip Snow assesses the origins of and prospects for today's Sino-Russian relations from a deeper historical perspective.
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    Harold James on the Ukraine war, inflation, globalization, and more

    Harold James argues that post-conflict stabilization in Ukraine must account for the entire region, considers where policymakers went wrong in responding to recent price surges, explains why growth remains the best means of managing debt risk, and more.
  12. op_ito2_ ALASTAIR PIKEAFP via Getty Images_kuroda ALASTAIR PIKE/AFP via Getty Images

    The Bank of Japan’s Remarkable Decade

    Takatoshi Ito considers what Haruhiko Kuroda achieved as governor during ten years of unconventional monetary policies.
  13. op_jlevy2_Maryna TerletskaGetty Images_dollars Maryna Terletska/Getty Images

    The Pitfalls of Dollar Hegemony

    Jonathan Ira Levy shows why no modern national economy, least of all the United States, can be understood in isolation.
  14. coyle29_ Frank Rumpenhorstpicture alliance via Getty Images_chatgpt Frank Rumpenhorst/picture alliance via Getty Images

    Into the AI Abyss?

    Featured in this Big Picture

    Michael R. Strain, Daron Acemoglu, Simon Johnson, Diane Coyle, Slavoj Žižek

    People around the world have been feverishly engaging with OpenAI’s ChatGPT for months, yet we have barely scratched the surface of what generative artificial intelligence can do. Its capabilities are widely expected to transform our economies and societies, though there is far less agreement that the changes will be for the better.

There can be little doubt that the world is heading in a more violent, hair-trigger direction. As multilateralism continues to break down, more countries are arming and shoring up their defense alliances, creating a self-fulfilling dynamic. A new age of insecurity may be upon us.

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