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January 22, 2024

Trade
The Curse of Nostalgia: Industrial Policy in the United States

A critical look at the past and present of industrial policy shows that its recent popularity is not only misguided, but is likely to have negative economic and geopolitical consequences for the Unit…

President Joe Biden signs the Inflation Reduction Act in the State Dining Room of the White House in Washington on August 16, 2022.

March 25, 2021

World Order
A Concert of Powers for a Global Era

A global concert akin to the Concert of Europe offers the best and most realistic way to advance world order.

Congress of Vienna, September 1814 - June 1815

February 9, 2024

Global
Central Bank Currency Swaps Tracker

Introduction Since the financial crisis of 2007, central banks around the world have entered into a multitude of bilateral currency swap agreements with one another. These agreements allow a centr…

April 17, 2024

RealEcon
Onshoring Semiconductor Production: National Security Versus Economic Efficiency

Policymakers are increasingly concerned by the U.S.’s dependence on Taiwanese semiconductors. Is onshoring their production to the U.S.—a goal of the CHIPS and Science Act—a practical path forward? 

A wafer can be seen as taiwanese chip giant TSMC holds a ceremony to start mass production of its most advanced 3-nanometer chips in the southern city of Tainan, Taiwan December 29, 2022.

January 29, 2024

India
The Battle for Global South Leadership

Both China and India aspire for the role, but it is not clear if nations that belong to the group see either of them as a benign leader or their champion

Indian Prime Minister Narendra Modi and China's President Xi Jinping attend the BRICS summit meeting in Johannesburg, South Africa, July 27, 2018.

March 17, 2023

United States
Revisiting America’s War of Choice in Iraq

Wars are fought not only on the battlefield but also in domestic political debates and in histories written after the fact. In the case of the US invasion of Iraq 20 years ago, we are still in this final phase, seeking an elusive consensus about the war’s legacy.

U.S. soldiers walk by a defaced poster of former Iraqi President Saddam Hussein in April 2003.

August 30, 2021

Afghanistan
Exiting Afghanistan Will Improve America’s Global Standing in the Long Run

Allies in Europe and the Asia-Pacific will be the beneficiaries of an overdue strategic realignment.

President Joe Biden salutes members of the U.S. Marine Corps Honor Guard.