The fall of the Berlin Wall almost 30 years ago represented a high-water mark in the retreat of the state from the global economy, signalling a defeat of socialist economics virtually worldwide.
Opinions

State Capitalism 2.0

The fall of the Berlin Wall almost 30 years ago represented a high-water mark in the retreat of the state from the global economy, signalling a defeat of socialist economics virtually worldwide. From dirigiste France to communist China, countries with widely divergent economic models began to adopt a more laissez-faire policymaking approach, predicated on the […]

When the Soviet Union imploded in 1991, the Communist Party of China (CPC) became obsessed with understanding why.
Opinions

China is Losing the New Cold War

When the Soviet Union imploded in 1991, the Communist Party of China (CPC) became obsessed with understanding why. The government think tanks entrusted with this task heaped plenty of blame on Mikhail Gorbachev, the reformist leader who was simply not ruthless enough to hold the Soviet Union together. But Chinese leaders also highlighted other important […]

The Myth of Secular Stagnation
Opinions

The Myth of Secular Stagnation

In the aftermath of the 2008 financial crisis, some economists argued that the United States, and perhaps the global economy, was suffering from “secular stagnation,” an idea first conceived in the aftermath of the Great Depression. Economies had always recovered from downturns. But the Great Depression had lasted an unprecedented length of time. Many believed […]

Rest In Peace Chinese Exceptionalism?
Opinions

Rest In Peace Chinese Exceptionalism?

From Argentina to Turkey and from South Africa to Indonesia, emerging markets are once again being roiled by financial turbulence. But let us not lose sight of the biggest and potentially most problematic of them all: China. Over the past few decades, China’s growth has appeared to violate certain fundamental laws of economics. For example, […]

China is hosting leaders from across Africa for a summit in Beijing. The last summit was held in December 2015 in Johannesburg, South Africa,
Africa Industry Opinions

Why USA should be worried of China’s lending to African Countries

China is hosting leaders from across Africa for a summit in Beijing. The last summit was held in December 2015 in Johannesburg, South Africa, where Chinese President Xi Jinping announced $60 billion in funding support for infrastructure development in Africa. The upcoming Forum on China-Africa Cooperation is sure to include an eye-popping announcement of billions […]

Former US Secretary of the Treasury Lawrence H. Summers recently quipped that, “Fiscal stimulus is like a drug with tolerance effects; to keep growth constant, deficits have to keep getting larger.”
Opinions

America’s Hidden Debt

Former US Secretary of the Treasury Lawrence H. Summers recently quipped that, “Fiscal stimulus is like a drug with tolerance effects; to keep growth constant, deficits have to keep getting larger.” People like Summers worry about deficits because they doubt that the money the government is borrowing is being spent in ways that will push […]