Charles A. Kupchan says internal renewal is vital to the West's future strength, but moreover, even if the West is able to regain its internal vitality and enlarge its footprint, it will still have to manage the transition to a world with multiple centers of power.

Michael Hodin says the path to fiscal sustainability lies in funding research programs and healthy aging initiatives that reduce the government outlays needed to care for an aging population.

Jagdish Bhagwati criticizes U.S. President Barack Obama for failing to close the Doha Round, decrying outsourcing, and surrending to the "manufactures fetish."

Sebastian Mallaby proposes that Mitt Romney declare war on America's addiction to debt.

Jagdish Bhagwati recommends developing nations avoid emigration restrictions to stem the outflow of their skilled workers.

With recent advances in oil extraction techniques, Peter Orszag says a revolution could be on the horizon for U.S. oil production.

Peter Orszag examines the push to provide greater price transparency to health-care consumers as a strategy for reducing health-care costs.

The IMF released this update to its World Economic Outlook on January 24, 2012.

Michael Spence wants to rethink the role of the state in addressing the problems of instability and inequality that are endemic to free-market systems.

In addressing capitalism's critics, Sebastian Mallaby champions hedge funds as appealing alternatives to too-big-to-fail institutions.

Peter Orszag questions whether the U.S. military budget cuts outlined by Defense Secretary Leon Panetta will be fully implemented.

Experts forecast the five most consequential trends in 2012, following a year in which the global economy struggled amid high unemployment and mounting debt crises.

Michael Spence says too much blame has been heaped upon currencies for the West's economic woes.

Charles A. Kupchan argues that a crisis of governability has beset the Western world, due in large part to globalization.

Sebastian Mallaby argues that the internationalization of the renminbi is less a sign of China's rise than of China's internal confusion.

Benn Steil's Forbes op-ed explains why central banks, in spite of their money-printing powers, ultimately need real capital.

Benn Steil's Financial News column explains why the ECB is incapable of taking Fed-size risks to its balance sheet as long as Germany is willing to contemplate its ultimate liquidation.

Sebastian Mallaby explains why Germany should pay more to keep the eurozone intact.

Michael Spence says Italy can be saved only if both it and the European Union commit boldly and unconditionally to aggressive action on stabilization and reform.

President Obama will end his Asia tour at the East Asia Summit in Bali, reinforcing U.S. commitments to allies. But experts say Washington must fix the U.S. economy to retain any long-term leadership role in the region.