Why U.S. Trade Deals Haven't Exported U.S. Drug Prices
Why U.S. Trade Deals Haven't Exported U.S. Drug Prices
Robert E. Litan and Hal Singer examine future scenarios and the multiple possibilities for the future of net neutrality regulations.
In the next five years, the International Monetary Fund (IMF) will face new challenges as it struggles to come to terms with a rapidly changing global marketplace and with lending rules poorly suited for the crises the institution will likely face. These challenges will force the IMF to scrutinize and adjust its lending rules. A broader issue is also at play: financial markets are becoming bigger more quickly than the institution’s resources are, and IMF rescue alone may be insufficient in the future . How the financing burden is shared with other official creditors will help determine whether the fund is an effective leader of the global effort to prevent and resolve economic crises in the coming decades.
Benn Steil and Emma Smith’s article explains the difference between using rate hikes and balance-sheet reductions to tighten monetary policy and shows why Richard Koo is mistaken in arguing for the Fed to do the latter.
When oil prices plunged in 2014, many analysts predicted that major exporters would have to drastically cut supply or else risk fiscal and geopolitical instability. Michael Levi explains why these predictions have been proven wrong.
Climate talks have largely failed to curb rising temperatures, but bottom-up initiatives featuring subnational actors hold great promise if coordinated effectively. Varun Sivaram and David Livingston argue that California and Germany can “lead from between” to bridge international and subnational climate action.
Most observers agree that the United States, propelled by its boom in oil and gas production, is becoming increasingly central to global energy. As oil prices have plummeted, American oil producers have taken credit. As U.S. imports have fallen, foreign policy thinkers have suggested that Washington could rely far less on the Middle East.
While oil prices over the last three years were the smoothest in decades, volatility is back and here to stay argue Michael Levi and Robert McNally. Levi and McNally explain how price fluctuations, rather than high prices, endanger global economic growth.
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.
Robert Kahn argues that the West should be ready to impose more robust economic sanctions against Russia, in order to deter it from further infiltrating or destabilizing Ukraine. Russia's economic complexity means sanctions would meaningfully reduce Russian wealth and growth, since Russian oligarchs and business leaders have significant financial stakes in the West.
Robert Blackwill and Meghan O'Sullivan explore the potential of the North American energy revolution, arguing that the diversification of the global energy market will benefit consuming countries and erode the power of traditional producers, a shift with broad geopolitical implications.
Michael Levi makes recommendations for President Obama's energy strategy.
The U.S. energy revolution is not confined to a single fuel or technology: oil and gas production, renewable energy, and fuel-efficient automobile technologies all show great promise. To best position the country for the future, U.S. leaders should capitalize on all these opportunities rather than pick a favorite; the answer lies in 'most of the above.'
FDR Treasury official Harry Dexter White was the leading architect of the Bretton Woods international monetary and financial system. But he was also a vital agent for Soviet intelligence in the 1930s and '40s. This article brings to bear startling new archival evidence to illuminate his motives.
Edward Alden discusses the struggle to overcome the legacy of the 1986 Immigration Reform and Control Act and argues that increases in border enforcement over the past thirty years may be the strongest argument for why immigration reform in 2013 would not be a repeat of 1986.
If the eurozone splinters, it will have been an avoidable disaster.
The main health threat in developing states today is not plagues or parasites but illnesses such as cancer and diabetes, noncommunicable diseases long associated with the rich world.
Blake Clayton says Wall Street is not to blame for high gas prices.
China seems to want the yuan to dethrone the dollar as the global reserve currency. But don't expect China's currency to take over anytime soon.
Michael A. Levi says Republicans and Democrats alike have touted the energy sector as the key to solving the United States' employment problems. They are both wrong.
The Center for Geoeconomic Studies works to promote a better understanding of how economic and geopolitical forces interact to influence world affairs.
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. More
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 More Money than God, Sebastian Mallaby has written the first authoritative history of hedge funds—from their rebel beginnings to their role in defining the future of finance. 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
In Termites in the Trading System, Jagdish Bhagwati reveals how the rapid spread of preferential trade agreements endangers the world trading system. More