The magazine of international economic policy.

From the Winter 2021 issue

How a World-Class Money Manager Sizes Up America’s Predicament

The United States is likely to end up the loser.

By Stanley Druckenmiller

Is the World Undergoing a Fiscal/Debt Revolution?

The need for governments to go into debt to support the economy during the pandemic has a broad consensus of agreement. Some economists even argue that the world needs to keep expansionary fiscal policy at least for the next decade. Is the old orthodoxy on public debt and deficits no longer relevant? Is the global economics profession undergoing a revolution in thought? And will it—like many revolutions—end in tears?

A symposium of views

Featuring commentary by Laurence M. Ball, Michael J. Boskin, William R. Cline, Tim Congdon, Barry Eichengreen, Milton Ezrati, Thomas Ferguson, Peter R. Fisher, Takeshi Fujimaki, Joseph E. Gagnon, James E. Glassman, Michael Hüther, Anne O. Krueger, Mickey D. Levy, Michael Mandel, J.W. Mason, Thomas Mayer, Alan Reynolds, Paul Ryan, Gunther Schnabl, Robert J. Shapiro, Allen Sinai, and Marc Sumerlin.

Dubious Inflation Worries

Why are the hawks so concerned?

By J. Bradford DeLong

Neglecting Money

The new monetary theorists are making a huge blunder.

By Tim Congdon

The European Politics of Covid-19

Did markets or the state fail?

By Otmar Issing

Rude Wakeup Call

Joe Biden says “America is back.” But back to what? The tech world has changed dramatically since he was in office. Wake up, America!

By Christopher Schroeder

The Global Third Way

Forget the protectionism versus free trade debate. The world is following China into a new era of the “power trade.” Washington, D.C., call your office!

By Robert D. Atkinson

Time to Cooperate With China

Cooperation is not cowardice.

By Jeffrey D. Sachs

The Essence of Japan’s Plight

A failure to realize that this is not your father’s economy.

By Richard Katz

The Importance of Sovereignty

This Brexit enthusiast was one of the few to predict its passage. So now what?

By Bernard Connolly

A Call for Re-Moralization

Restoring one of the keystones of Western civilization.

By Norman A. Bailey

Off the News

Washington’s last honest policy power broker, vaccination’s winners and losers, Mario Draghi and the Atlantic Alliance.

View from the Beltway

The right woman for the U.S. Treasury.

By Owen Ullmann

Letter from Berlin

Germany’s Wirecard scandal.

By Klaus C. Engelen