The magazine of international economic policy.

From the Winter 2023 issue:

China Will Be the Next Japan

Xi should have studied Japan in the early 1990s rather than the breakdown of the Soviet Union.

By Harald Malmgren and Nicholas Glinsman

Xi Is China’s Great Vulnerability

Isolated dictators are particularly vulnerable to catastrophic mistakes.

By Robert Shapiro

Could China Become Like Japan in the Early 1990s?

Chinese leader Xi Jinping has fixated on the 1990s collapse of the Soviet Union and how to avoid the same fate for the Chinese economy. Would he instead have done better to study Japan and its lost decades beginning in the early 1990s?

A symposium of views

Featuring commentary by Dean Baker, Gene H. Chang, Rutendo C. Chigora, Patrick M. Cronin, Barry Eichengreen, James K. Galbraith, James E. Glassman, Richard Jerram, Keyu Jin, Richard C. Koo, Anne O. Krueger, Desmond Lachman, Hongyi Lai, John Lee, Zongyuan Zoe Liu, George Magnus, Greg Mastel, Joseph S. Nye, Jim O’Neill, Peter R. Orszag, William H. Overholt, Derek Scissors, Richard Thornton, Daniel Twining, and Logan Wright.

China’s Economic Hail Mary

China’s demographic data is so muddied that no one—not even top-level officials—knows the real numbers.

By Fuxian Yi

Italian Euro Exit?

Why it’s not as far-fetched as you’d think.

By Wolfgang Münchau

Did the European Union Dodge the Energy Bullet?

Will the European Union avoid recession despite higher energy prices? If so, how will they have done it? And is Russian President Vladimir Putin in the process of losing the energy war?

A symposium of views

Featuring commentary by Anders Åslund, Lorenzo Bini Smaghi, Josef Braml, Marek Dabrowski, John M. Deutch, Sebastian Dullien, Mohamed A. El-Erian, Adam Garfinkle, Deborah Gordon, Daniel Gros, Lyric Hughes Hale, Filipa Jorge, Gary N. Kleiman, Dan Mahaffee, Thomas Mayer, Ewald Nowotny, Dalibor Rohac, Holger Schmieding, Philip K. Verleger, Nicolas VĂ©ron, Marina v N. Whitman, and Klaus F. Zimmermann

Did Yellen Break OPEC?

For the first time in fifty years, a sharp rise in oil prices did not produce a recession.

By Philip K. Verleger, Jr.

Time for Competitive Realism

America must retool its economic statecraft.

By Robert D. Atkinson and Nigel Cory

Dollar Supremacy Illusion

Its cracks are visible. Its global role is mainly due to lack of an alternative. But will that continue?

By Jørgen Ørstrøm Møller

Venezuelan Saga

A review of Things Are Never So Bad That They Can’t Get Worse: Inside the Collapse of Venezuela by William Neuman.

By Steven T. Kargman

Off the News

The Crackup of Today’s “Everything Bubble” by Scott Bessent; What If Berlin Has to Choose Sides?; Brainless in San Francisco; and The Reason Xi Is Traveling the World

View from the Beltway

The Brainard Effect: Will Biden’s new economic czar also be his political savior?

By Owen Ullmann

Letter from Berlin

Scholz’s tank battle: How the German economy survived Putin.

By Klaus C. Engelen

Letter from Tokyo

Is Japan back? The Funabashi-Sakakibara debate.

By Barry D. Wood