The magazine of international economic policy.

From the Spring 2019 issue

China Without a Private Sector

With the exception of North Korea and Iran, there is simply no worse place for U.S. trade and investment dollars to go than China.

By Greg Mastel

Criminality: The Latest Economic Paradigm

Globalization has created its own perversions.

By Norman A. Bailey and Bernard Touboul

How Vladimir Putin Rose to the Top

An excerpt from Anders Åslund’s Russia’s Crony Capitalism, an insightful new book that explores Vladimir Putin’s extreme plutocracy.

Europe’s “France” Problem

With the British out of the picture, Germany will be hard-pressed.

By Roland Vaubel

On the Subject of Central Bank Independence…

Are central banks globally losing their independence? And what would the loss of central bank independence mean for the future workings of the global economy?

Featuring comments from Martin Neil Baily, Lorenzo Bini Smaghi, Richard N. Cooper, Robert H. Dugger, Barry Eichengreen, Mohamed A. El-Erian, Peter R. Fisher, Gregory D. Hess, Otmar Issing, Lawrence B. Lindsey, Catherine L. Mann, Thomas Mayer, and Hans-Werner Sinn.

A symposium of views

About Austerity

A review of Austerity: When It Works and When It Doesn’t by Alberto Alesina, Carlo Favero, and Francesco Giavazzi.

By Kenneth Rogoff

The Fed and the Crisis of Capitalism

There needs to be not another FDR New Deal, but another Teddy Roosevelt Square Deal.

By Bernard Connolly

Europe’s Forever Unfinished Banking Union

Before the next downturn, there’s little chance of a euro area system of deposit protection.

By Klaus C. Engelen

Venezuelan Debt Conundrum

Continued deterioration of the oil industry will make restructuring even more difficult.

By Steven T. Kargman

The Sino-U.S. Tech Race

Some myths and realities.

By Chi Lo

Off the News

The end of the Deng era, tariffs and inflation, Democrats on China.

View from the Beltway: The Inflation Enigma

The Fed’s flying with blinders on.

By Owen Ullmann