Economics

Foreign Affairs Article

Making America Great Again

Authors: Jacob S. Hacker and Paul Pierson

At a debate among the Republican presidential candidates in March, U.S. Senator Ted Cruz of Texas boiled down his campaign message to its essentials: “Here’s my philosophy. The less government, the more freedom. The fewer bureaucrats, the more prosperity. And there are bureaucrats in Washington right now who are killing jobs and I’ll tell you, I know who they are. I will find them and I will fire them.”

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Foreign Affairs Article

The Fed's Unconventional Monetary Policy

Author: Martin S. Feldstein

Now, almost a decade after the Great Recession hit, the story of its origins and course has become familiar. It began in December 2007, soon after the U.S. housing bubble burst, triggering the widespread collapse of the U.S. financial system. Credit dried up, as banks lost confidence in the value of their assets and stopped lending to one another.

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Foreign Affairs Article

Middle-Class Heroes

Author: Nancy Birdsall

The two economic developments that have garnered the most attention in recent years are the concentration of massive wealth in the richest one percent of the world’s population and the tremendous, growth-driven decline in extreme poverty in the developing world, especially in China. But just as important has been the emergence of large middle classes in developing countries around the planet.

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Foreign Affairs Article

The Lost Art of Economic Statecraft

Authors: Robert D. Blackwill and Jennifer M. Harris

Despite boasting the most powerful economy on earth, the United States too often reaches for the gun instead of the purse in its foreign policy. The country has hardly outgrown its need for military force, but over the past several decades, it has increasingly forgotten a tradition that stretches back to the nation’s founding: the use of economic instruments to accomplish geopolitical objectives, a practice we term “geoeconomics.”

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Event

Revitalizing Economic Growth in the Twenty-First Century: A Conversation with Kweilin Ellingrud and Christopher Ruhm

Presider: Rachel B. Vogelstein
Speaker: Kweilin Ellingrud
Speaker: Christopher Ruhm

According to a new McKinsey Global Institute (MGI) report, advancing women’s equality could add $12 trillion to GDP by 2025. This seminal report, entitled “The Power of Parity,” is the product of research from ninety-five countries on the relationship between gender parity and economic growth. Kweilin Ellingrud, a lead researcher on the report, and Christopher Ruhm, whose research examines the economic effects of work/family policies, joined the Women and Foreign Policy program for a discussion about the economic imperative of promoting gender equality. This roundtable was generously sponsored by the William and Flora Hewlett Foundation.

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Foreign Affairs Article

Inequality and Modernization

Author: Ronald Inglehart

During the past century, economic inequality in the developed world has traced a massive U-shaped curve—starting high, curving downward, then curving sharply back up again. In 1915, the richest one percent of Americans earned roughly 18 percent of all national income. Their share plummeted in the 1930s and remained below ten percent through the 1970s, but by 2007, it had risen to 24 percent.

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