“The real progress has been not in Washington—where the idea of an active government role in promoting economic competitiveness remains suspect—but in the states and the largest cities. More and more local governments have taken the lead in developing competitiveness strategies that start from the premise that local prosperity depends in good part on success in international economic competition,” argues CFR Senior Fellow Edward Alden. This is an excerpt from his new book, Failure to Adjust: How Americans Got Left Behind in the Global Economy.
Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that the Group of Twenty (G20) policymakers agree on the importance of stronger and more inclusive growth to address growing populism, but disagree on who—central banks, treasuries, or legislatures—should take the lead. This standoff all but guarantees that the global recovery will continue to disappoint.
Sebastian Mallaby uses the framework of central bank power to examine the rise and recent decline of the cult of the expert. He concludes that, ironically, experts need to play the political game if they hope to maintain their legitimacy; and that a healthy democracy is well served by a mix of public accountability and technocratic independence.
The traditional U.S. economic agenda in East Asia needs to be complemented with a push for the policies needed to bring East Asia’s savings down to a level that the region can more easily absorb internally.
Two African members of CFR's Global Board of Advisors discuss the geopolitical and geoeconomic issues facing the continent today. CFR's Global Board of Advisors, founded in 2012, fosters a dialogue between business and global leaders from the United States and abroad.
Former Chairman of the Federal Reserve Alan Greenspan was once hailed as the omnipotent “maestro” of the U.S. economy, but his reputation suffered in the aftermath of the 2008 financial crisis. In The Man Who Knew: The Life and Times of Alan Greenspan, a new biography based on five years of research and unmatched access to Greenspan, Sebastian Mallaby presents a nuanced assessment of one of the most influential economic statesmen of the twentieth century and issues a warning about the future of finance. The story of Greenspan, according to Mallaby, is the story of the making of modern finance, for good and for ill.
In this intriguing prequel to his upcoming book, Sebastian Mallaby reveals a new side to controversial former Fed chairman Alan Greenspan. Greenspan was often accused of trusting too much in markets and being blind to the effects of bubbles, but Mallaby shows that Greenspan, in fact, was the man who knew.
Trade Policy Has Become Politically Unpopular. These Steps Could Help Rehabilitate It. This piece is based on a new CFR discussion paper authored by Edward Alden and Robert E. Litan, titled “A Winning Trade Policy for the United States.”
Learn more about CFR’s mission and its work over the past year in the 2016 Annual Report. The Annual Report spotlights new initiatives, high-profile events, and authoritative scholarship from CFR experts, and includes a message from CFR President Richard N. Haass. Read and download »