The first authoritative history of hedge funds; from their rebel beginnings to their role in defining the future of finance.

China seems to want the yuan to dethrone the dollar as the global reserve currency. But don't expect China's currency to take over anytime soon.

Drawing on some 200 interviews, including twenty hours of discussions with World Bank President James Wolfensohn, Washington Post editorial columnist and Director of the Council's Center for Geoeconomic Studies Sebastian Mallaby takes readers inside the world's premier development institution.

Britain has long been ambivalent about the European Union (EU) and Britons' low regard for the EU has been exacerbated by the euro crisis. British prime minister David Cameron has said two things. There will be a referendum on Europe before the end of 2017. But before that, Cameron promises to renegotiate Britain's relationship with the EU. Putting these two promises together, the referendum may be less important than one might think.

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Sebastian Mallaby argues that although it will not solve all U.S. economic woes, a manufacturing renaissance is both possible and desirable.

Sebastian Mallaby argues the lesson from sub-Saharan Africa's economic turnaround is that policies do matter.

Sebastian Mallaby comes down in favor of Ben Bernanke's latest gamble as Fed chairman.

Sebastian Mallaby argues that Europe's future is looking frighteningly like Japan's past.

Sebastian Mallaby argues that microeconomic struggles are tarnishing the macroeconomic success of the BRICs.

Sebastian Mallaby argues that President Obama will be unable to stabilize the U.S. debt over the long term without addressing the problem of ballooning health and pension costs.

Sebastian Mallaby argues that Spain is unlikely to get control of its debt dynamics without more aggressive action from European leaders.

Acrimony among European leaders regarding a new EU budget is indicative of larger challenges the union faces in facilitating further economic integration, says CFR's Sebastian Mallaby.

Sebastian Mallaby argues that the European Central Bank should embrace a weighted-vote governance structure in its plans for a new bank supervisory board.

Sebastian Mallaby considers how economic forecasters should adapt their methods to reflect today's high levels of policy uncertainty.

Sebastian Mallaby argues that simplicity should trump complexity as finanical regulators seek new defenses against risk.

Sebatian Mallaby argues that excessive patent protections in the tech industry threaten innovation.

Sebastian Mallaby argues that the woes of the U.S. workforce should convince politicans of the urgent need for tax, welfare, and education reforms.

Sebastian Mallaby contends that work provides more than just financial income.

Sebastian Mallaby argues that the conditionality of the ECB plan to resume sovereign bond purchases will blunt the intervention's effectiveness.

Sebastian Mallaby argues that policymakers must decide whether the federal government will ensure the stability of the shadow banking system.

The U.S. Federal Reserve, confronting slowing growth and high unemployment, should unveil new stimulus tools at its next policy meeting, writes CFR's Sebastian Mallaby in an op ed.

Sebastian Mallaby argues that equity investors would prefer to have big banks broken up than forced to raise more capital.

Ongoing investigations into Barclays' fraudulent Libor submissions highlights critical lessons about conflicts of interest, pressures on regulators, and banks that are too big to fail, says CFR's Sebastian Mallaby.