The magazine of international economic policy.

From the Fall 2020 issue

A Remarkable Resemblance

Germany from 1900 to 1945 and China today. Time for a NATO for trade?

By Robert D. Atkinson

China’s New “Dual Circulation” Strategy: Two Views

I. “Dual Circulation” Is China’s Strategic Pivot to Prepare for Long-Term Competition With the United States

By Chi Lo

II. The Same Old Wine in New Bottles

By Derek Scissors

Is a Dollar Crash Coming?

The entire developed world is bogged down in unprecedented levels of debt, the Covid-19 crisis is not over, and the major central banks’ balance sheets have been massively expanded. What is the end game to this global situation in what is still a dollarized world?

A symposium of views

Featuring commentary by Anders Åslund, Scott K.H. Bessent, Lorenzo Bini Smaghi, Jill Carlson, Stephen G. Cecchetti, Menzie D. Chinn, Lorenzo Codogno, Tim Congdon, Marek Dabrowski, Mohamed A. El-Erian, Heiner Flassbeck, Takeshi Fujimaki, Joseph E. Gagnon, James K. Galbraith, James E. Glassman, Michael Hüther, Richard Jerram, Gary N. Kleiman, Anne O. Krueger, Mickey D. Levy, Thomas Mayer, Jim O’Neill, Adam S. Posen, Holger Schmieding, Derek Scissors, Mark Sobel, Makoto Utsumi, and Chen Zhao.

The Four Horsemen of the Apocalypse

How did the world get into this mess, and how do we get out of it?

By William R. White

Abe’s Report Card

An “A” for promises and vision. A “D-minus” for developing the strategy and tactics to bring about compelling change.

By Richard Katz

The Shenzhen Example

Where China’s economic miracle began.

By Barry D. Wood

Off the News

The most influential Treasury secretary in decades, dollar-euro currency war fantasy, Jay Powell's pleasant surprise, German Savings explosion, Sir Samuel Brittan, 1933–2020.

View from the Beltway

America’s inequality time bomb.

By Owen Ullmann

Letter from Berlin

Europe’s post-Trump sigh of relief.

By Klaus C. Engelen