Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn writes that Greece and its creditors are again locked in a showdown over reforms, cash, and debt relief. Another cliff-hanger ahead of heavy July debt payments looks likely. Extend-and-pretend is a dead end for Greece and an increasingly populist Europe, and a more ambitious agreement seems ruled out by bailout fatigue in creditor countries. Markets are once again underestimating the risks of “Grexit.”
Authors: Thomas J. Bollyky and Petros C. Mavroidis Journal of International Economic Law
Global value chains have changed the way that the world trades. The World Trade Organization (WTO) should embrace the confluence of shared social preferences and trade, where it may exist such as digital trade, food and drug safety, and climate smart-agriculture, as a motivation for advancing international regulatory cooperation. To do that, changes to the corporate governance of the WTO are needed to facilitate the use of plurilateral agreements and to multilateralize progress already occurring bilaterally and regionally.
Speaker: Joshua W. Busby Speaker: David Michel Presider: Paul B. Stares
As part of the Center for Preventive Action's Flashpoint Roundtable Meeting Series, Joshua Busby, associate professor of public affairs at the Lyndon B. Johnson School of Public Affairs, and David Michel, nonresident fellow at the Stimson Center, discuss global water issues and their effect on U.S. national security.
President Trump asserts that the U.S. economy is a disaster and that he alone can fix it. The truth is that the U.S. economy is doing better than most Americans realize, and activist attempts to fix what ain’t broke are one of the gravest threats to it. What’s at stake is not simply that the president is vague or wrong about the facts. It’s that bad facts make for bad policy.
When then-President Bill Clinton signed the North American Free Trade Agreement in a White House ceremony in December 1993, he called it “a defining moment” for the United States and praised Mexico and Canada as “our partners in the future that we are trying to make together.” All three countries had made what then seemed like an irreversible decision to marry their economic futures. Yet today, less than a quarter-century later, those bonds are badly fraying.
Benn Steil and Emma Smith show how China mirrors the U.S. “exorbitant privilege” from minting the world’s primary reserve currency. While the United States is deeply indebted to the rest of the world, it still earns far more abroad than it pays out. China, in contrast, has become the world’s largest creditor while paying foreigners far more than it receives. Steil and Smith argue that China is making itself vulnerable to financial crisis by massively subsidizing its geostrategic objectives.
In a special section of Global Policy edited by Miles Kahler, five authors examine the opportunities and risks presented by regional institutions across five issue areas: finance, trade, development lending, human rights, and peace operations.
Donald Trump came to Washington determined to shake up America’s economic relations with the world, to pursue what he has unapologetically called an “America first” strategy “to benefit American workers and American families." At the heart of that strategy is restoring manufacturing to its former glory, writes Edward Alden.
Meghan O’Sullivan argues that the Trump Administration’s immigration ban undermines the United States’ ability to secure Iraqi cooperation against the Islamic State, thereby jeopardizing the United States ability to defeat the terror group.
Germany’s foreign minister reports “astonishment and agitation.” The French president protests indignantly about unsolicited “outside advice .” Even Secretary of State John F. Kerry sees behavior that is “inappropriate.” President-elect Donald Trump’s weekend interview, in which he casually predicted the breakup of the European Union, has certainly attracted attention.
Many government policies now "lock in" mature clear energy technologies while blocking out innovative alternatives. Here's Varun Sivaram's plan to transform lock-in barriers into bridges for technological succession.
In Market Madness, Blake C. Clayton shows that predictions of dwindling oil supplies and a rise in prices have been empirically proven incorrect. Technological advances and geopolitical shifts have repeatedly prompted sudden, severe drops in oil prices—exactly like the one we are experiencing today.
In By All Means Necessary, Elizabeth C. Economy and Michael Levi explore the unrivaled expansion of the Chinese economy. China is now engaged in a far-flung quest, hunting around the world for resources, and deploying whatever it needs in the economic, political, and military spheres to secure them. More
In Money, Markets, and Sovereignty, the authors present a fascinating intellectual history of monetary nationalism from the ancient world to the present and explore why, in its modern incarnation, it represents the single greatest threat to globalization. More
In The Closing of the American Border, Edward Alden goes behind the scenes to tell the story of the Bush administration's struggle to balance security and openness in the wake of the September 11, 2001, terrorist attacks. More