Benn Steil's essay in the July/August issue of Foreign Affairs looks at the international consequences of U.S. monetary policy action. He argues that developing-nation governments are coming to see the need for engineering current-account surpluses and large dollar-reserve stockpiles as a means of insulating themselves against Fed-induced capital-flow whiplash. As this amounts to "currency manipulation" in the eyes of U.S. policymakers, trade tensions are apt to grow.
Max Boot argues that the U.S. needs special operations forces on the ground to call in airstrikes and advise Iraqi security forces. At the same time, President Obama must pressure the Iraqi government to make more inclusive reforms.
U.S. policymakers are calling for airpower and bombings in Iraq, just two days after the Islamic State of Iraq and al-Sham captured territory in the north. Micah Zenko discusses why policymakers so quickly resort to bombing as a policy option, and the unfortunate consequences of this limited discourse.
Authors: Erik Brynjolfsson, Andrew McAfee, and Michael Spence
Recent advances in technology have created an increasingly unified global marketplace for labor and capital. The ability of both to flow to their highest-value uses, regardless of their location, is equalizing their prices across the globe.
The state is the most precious of human possessions," the economist Alfred Marshall remarked in 1919, toward the end of his life, "and no care can be too great to be spent on enabling it to do its work in the best way."
Who caused the Cold War? In War and Peace, Leo Tolstoy downplayed the role of human agency in shaping events, writing that "a king is history's slave," and ever since Thucydides chronicled the Peloponnesian War, historians have recognized how the international system constrains choices in a bipolar world.
The Council on Foreign Relations' David Rockefeller Studies Program—CFR's "think tank"—is home to more than seventy full-time, adjunct, and visiting scholars and practitioners (called "fellows"). Their expertise covers the world's major regions as well as the critical issues shaping today's global agenda. Download the printable CFR Experts Guide.
The authors argue that it is essential to begin working now to expand and establish rules and norms governing armed drones, thereby creating standards of behavior that other countries will be more likely to follow.
The author examines Pakistan's complex role in U.S. foreign policy and advocates for a two-pronged approach that works to quarantine threats while integrating Pakistan into the broader U.S. agenda in Asia.