The magazine of international economic policy.

From the Fall 2022 issue:

Abe’s Complicated Legacy

His foreign policy architecture may help avert an international conflict, but his economic policies may have sown the seeds for a major financial crisis.

By Scott Bessent

Japan Rising

Is the land of the rising sun finally on the rise?

A symposium of views

Featuring commentary by Andrew DeWit, Takeshi Fujimaki, Joseph E. Gagnon, James E. Glassman, Maurice R. Greenberg, Richard Jerram, Shigeo Kashiwagi, Takatoshi Kato, Richard Katz, Gary N. Kleiman, Richard C. Koo, Anne O. Krueger, Jim O’Neill, Clyde V. Prestowitz, Mark Sobel, Makoto Utsumi, Marina v N. Whitman, and Chen Zhao.

Free Lunch Illusion

How could so many smart people fall for the fantasy?

By Kenneth S. Rogoff

The Fed’s Gone Nuts

To tame inflation, they want a recession.

By Joseph E. Stiglitz

The Four Percent Solution

What are the chances that a significant minority in the U.S. Congress, feeling the pain their constituents are experiencing from higher interest rates and economic slowdown, some time in 2023 urges the Federal Reserve to raise its inflation target from 2 to 4 percent?

A survey of experts

Featuring commentary by Martin Neil Baily, Dean Baker, Michael J. Boskin, W. Bowman Cutter, Everett M. Ehrlich, Richard D. Erb, James K. Galbraith, Gregory D. Hess, Gary Clyde Hufbauer, Steven B. Kamin, Robert E. Litan, Allen Sinai, Edwin M. Truman, and R. Christopher Whalen.

Neutral, Natural, or Normal

An interest rate disaster. Be very afraid.

By Bernard Connolly

Pursued Economy

Borrowing for infrastructure spending is the new economic model. A condensed excerpt from respected economist Richard Koo’s latest book, Pursued Economy: Understanding and Overcoming the Challenging New Realities for Advanced Economies.

How to Fight Corruption

A super-free economy and an exceptionally generous social safety net.

By Norman A. Bailey

The Meaning of 1870

The year everything changed. An excerpt from Slouching Towards Utopia: An Economic History of the Twentieth Century by J. Bradford DeLong.

Nothing Is New

Half a millennium ago, Chinese peasants learned to squeeze economic value out of everything from a latrine to ginkgo nuts.

By Michael Szonyi

The Sick Man’s Back

All of Europe’s eyes are finally opening. The green dream is complicated.

By Hans-Werner Sinn

The Yellen Era

A review of Empathy Economics: Janet Yellen’s Remarkable Rise to Power and Her Drive to Spread Prosperity to All by Owen Ullmann.

By Lawrence B. Lindsey

Off the News

Is Ron Klain the most powerful man in the world? And what about Xi Jinping’s change in body language after meeting Joe Biden?

View from the Beltway

Well, finally: Belated calls for crypto regulation.

By Owen Ullmann

Letter from Berlin

Germany in crisis: As the winter approaches, the governing coalition is being punished.

By Klaus C. Engelen