Regions

News Release

State Capitalism Threatens Global Security and Prosperity, Argues Kurlantzick in New Book

Over the past two decades, many developing countries have turned away from free market capitalism and toward modern state capitalism, which is a combination of traditional state economic planning and elements of free market competition. In his new book, Council on Foreign Relations Senior Fellow for Southeast Asia Joshua Kurlantzick argues that modern state capitalism is ultimately “more protectionist, more dangerous to global security and prosperity, and more threatening to political freedom” than free market economics.

See more in Asia and Pacific; Russian Federation; Economics

Op-Ed

Donald Trump vs. Barack Obama on Nuclear Weapons in East Asia

Author: Stephen Sestanovich
Wall Street Journal

Donald Trump broke a lot of foreign-policy crockery last week. President Barack Obama dressed him down for encouraging South Korea and Japan to acquire nuclear weapons. NATO’s secretary-general, Jens Stoltenberg, has criticized him too. Academics trying to parse Mr. Trump’s statements can’t figure out which “school” of foreign-policy thinking he belongs to. (So far, my favorite scholarly comment has been: “There is no indication that Trump understands the workings of balance of power theory…” Of course, there is no indication that Mr. Trump cares about the workings of any theories—and no real danger that he subscribes to them.)

See more in United States; Elections; Nonproliferation, Arms Control, and Disarmament

Article

If American Jews and Israel Are Drifting Apart, What's the Reason?

Author: Elliott Abrams
Mosaic Magazine

If American Jews and Israel, are drifting apart, what’s the reason? That is the title of Elliott Abrams’s review essay in Mosaic, covering two new books that blame Israel—and its government’s policies—for the apparent drift. But the conventional wisdom is wrong, and the problems lie at home, among American Jews, not in Jerusalem.

See more in United States; Israel; Ethnicity, Minorities, and National Identity; Society and Culture

Op-Ed

Why Is Paul Krugman Still Calling for Fiscal Stimulus?

Author: Benn Steil
Weekly Standard

Benn Steil’s latest op-ed in The Weekly Standard examines Paul Krugman’s continuing calls for fiscal stimulus, as well as his defense of government wage intervention and mercantilism.  These have all been grounded in the assertion that the United States is in a “liquidity trap,” in which monetary policy is ineffective.  Steil explains why the theory of liquidity traps is logically inapplicable when the central bank’s policy rate is positive, as it has been in the United States since December, and concludes that it operates as a fig leaf behind which to advocate policies with less scientific rationales.

See more in United States; Monetary Policy

Interactive

Global Monetary Policy Tracker

Authors: Benn Steil and Emma Smith

CFR’s Global Monetary Policy Tracker compiles data from 54 countries around the world to highlight significant global trends in monetary policy. Who is tightening policy? Who is loosening policy? And what is the policy stance of the world as a whole? Learn more!

See more in Global; Economics

Event

Public Opinion and the 2016 Election

Speaker: Kellyanne Conway
Speaker: Scott Miller
Speaker: Douglas E. Schoen
Presider: Elliot Stein

Experts discuss their insights and polling research on U.S. public opinions and attitudes towards the presidential candidates and the U.S. political system.

See more in United States; Elections

Primary Sources

Nuclear Security Summit Statements

On April 5, 2009, President Obama gave a speech in Prague, calling nuclear terrorism "the most immediate and extreme threat to global security," and hosted the first Nuclear Security Summit (NSS) in Washington, DC in April 2010. Additional summits took place in Seoul in 2012, in the Hague in 2014, and the final session in Washington in 2016. The summit aims to secure nuclear material and encourage collaboration between countries to eliminate nuclear weapons. Additional documents are available on the State Department website. Countries report on their progress in securing their nuclear materials.

See more in Nonproliferation, Arms Control, and Disarmament; United States; Global

Testimony

Objectives and Future Direction for Rebalance Economic Policies

Author: Elizabeth C. Economy

In testimony before the U.S.-China Economic and Security Review Commission, Elizabeth Economy discussed the economic components of the “rebalance to Asia” and its prospects going forward. She recommended that the U.S. Congress ratify TPP, continue to support the Ex-Im Bank, and increase support for NGO operations across the Asia-Pacific in fields such as legal education and anti-corruption that help promote good economic governance. She also called for greater coordination between commercial diplomacy and strategic economic plans and greater support for the proposed U.S. New Silk Road initiative.

See more in China; United States; Economics

Op-Ed

The Trump-Sanders China Syndrome

Authors: Benn Steil and Emma Smith
Wall Street Journal

Benn Steil’s op-ed in the March 30 edition of the Wall Street Journal, co-authored with Emma Smith, looks at presidential campaign charges that China is engaged in “currency manipulation” to boost net exports.  They show that the aims of China’s pegged exchange rate regime have varied over the past two decades, and have not always been mercantilist. In recent months, with capital flowing out of China at a prodigious rate, its interventions have been to keep its currency up—not down.  Launching a trade war with China over currency management, as Donald Trump and Bernie Sanders intend, would therefore be nonsensical—as well as damaging to U.S. interests.

See more in China; United States; Monetary Policy; Elections