Regions

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.

See more in United States; Monetary Policy

Foreign Affairs Article

The Fusion of Civilizations

Authors: Kishore Mahbubani and Lawrence H. Summers

The mood of much of the world is grim these days. Turmoil in the Middle East, causing hundreds of thousands of deaths and millions of refugees; random terrorist attacks across the globe; geopolitical tensions in eastern Europe and Asia; the end of the commodity supercycle; slowing growth in China; and economic stagnation in many countries—all have combined to feed a deep pessimism about the present and, worse, the future.

See more in Global; Society and Culture

Foreign Affairs Article

The Age of Transparency

Author: Sean P. Larkin

Transparency has long been a rare commodity in international affairs. But today, the forces of technology are ushering in a new age of openness that would have been unthinkable just a few decades ago. Governments, journalists, and nongovernmental organ­izations (NGOs) can now harness a flood of open-source information, drawn from commercial surveillance satellites, drones, smartphones, and computers, to reveal hidden activities in contested areas—from Ukraine to Syria to the South China Sea.

See more in Global; Technology and Foreign Policy

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.

See more in Global; Economics

Foreign Affairs Article

Is Innovation Over?

Author: Tyler Cowen

Almost seven years after the Great Recession officially ended, the U.S. economy continues to grow at a sluggish rate. Real wages are stagnant. The real median wage earned by men in the United States is lower today than it was in 1969. Median household income, adjusted for inflation, is lower now than it was in 1999 and has barely risen in the past several years despite the formal end of the recession in 2009.

See more in United States; Innovation

Foreign Affairs Article

The Good News From Google

Author: Ruth Porat

Ruth Porat has taken an unusual path to the tech world. Before becoming the chief financial officer at Google in May 2015 (and then at Alphabet, Google’s new parent company, a few months later), she held the same post at Morgan Stanley, where among other roles she worked closely with the U.S. government to sort out the troubles at the insurance corporation AIG and the mortgage-financing agencies Fannie Mae and Freddie Mac during the 2008 financial crisis. 

See more in United States; Technology and Science

Foreign Affairs Article

Fight or Flight

Author: Kenneth M. Pollack

The modern Middle East has rarely been tranquil, but it has never been this bad. Full-blown civil wars rage in Iraq, Libya, Syria, and Yemen. Nascent conflicts simmer in Egypt, South Sudan, and Turkey. Various forms of spillover from these civil wars threaten the stability of Algeria, Jordan, Lebanon, Saudi Arabia, and Tunisia. Tensions between Iran and Saudi Arabia have risen to new heights, raising the specter of a regionwide religious war. 

See more in United States; Middle East and North Africa; Conflict Prevention

Foreign Affairs Article

ISIS Goes Global

Author: Daniel Byman

The downing of a Russian passenger plane over Egypt’s Sinai Peninsula last October, for which the Islamic State (also known as ISIS) claimed responsibility, may ultimately prove more consequential than the horrific attacks in Paris and San Bernardino, California, that followed. Western security officials had long worried that their countries’ own citizens would conduct attacks after returning home from Iraq or Syria or strike out as “lone wolf” terrorists.

See more in Global; Terrorism

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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Foreign Affairs Article

The Study-Abroad Solution

Author: Sanford J. Ungar

In the Internet age, the world feels far smaller than it used to. But many Americans still know little about the rest of the world and may be more detached from it than ever. Such a lack of awareness is, in certain respects, understandable. Once the Cold War ended, some 25 years ago, Congress, perhaps out of a false sense of security, cut the foreign affairs budget, which led to the closing of some U.S. overseas posts. 

See more in United States; Society and Culture

Foreign Affairs Article

Japan's New Realism

Author: Michael Auslin

Last September, tens of thousands of opponents of Japanese Prime MinisterShinzo Abe gathered outside the National Diet building in Tokyo, often in torrential rain, holding placards and shouting antiwar slogans. They were there to protest the imminent passage of legislation designed to allow Japan’s military to mobilize overseas for the first time in 70 years—a shift they feared would undermine Japan’s pacifistic constitution and encourage adventurism. 

See more in Japan; Defense and Security