23 October 2019

Project Syndicate

  • The current proposals for reforming global taxation don’t go far enough, the author says. Photo: Bloomberg

    No more half-measures on corporate taxes

    - Oct 8, 2019 10:52am
    Globalization has gotten a bad rap in recent years, and often for good reason. But some critics, not least US President Donald Trump, place the blame in the wrong place, conjuring up a false image in...
  • It’s high time to ask how to refocus the IMF's mandate for dealing with emerging-market debt crises, says the author. Photo: Xinhua

    The IMF after Argentina

    - Oct 3, 2019 10:45am
    In case you blinked, the Argentine government built up a pile of debt out of almost nothing with surprising speed, and then proceeded to default on it almost as quickly. Compared to the country’s slow-motion 2002...
  • US Senator Elizabeth Warren, who is running for the Democratic presidential nomination on a pro-reform platform, argues that designing market structures differently will lead to different (and better) outcomes. Photo: AFP

    How to rethink capitalism

    - Oct 2, 2019 12:12pm
    The United States Business Roundtable, an organization of CEOs of large US companies, recently issued a statement that caused quite a stir in some circles. Rather than focusing primarily or exclusively on maximizing shareholder value, America’s...
  • People wave Chinese flags as doves are released at the end of a parade marking the 70th founding anniversary of People's Republic of China, in Beijing on Tuesday. Photo: Reuters

    The next phase of China’s reform and opening up

    - Oct 2, 2019 11:32am
    Over the last four decades, China has integrated into global networks in trade, finance, data, and culture (encompassing social values, religion, and political beliefs). But, as the United States embraces protectionism, continued progress on global integration...
  • A blowup over Brexit might not by itself cause a global recession, but it would certainly trigger a European one, which would then spill over to other economies, Nouriel Roubini warns. Photo: Reuters

    Four collision courses for the global economy

    - Sep 25, 2019 10:17am
    In the classic game of “chicken,” two drivers race directly toward each other, and the first to swerve is the “loser.” If neither swerves, both will probably die. In the past, such scenarios have been studied...
  • Protesters with placards participate in The Global Strike 4 Climate rally in Sydney, Australia, on Friday. Photo: AAP via Reuters

    Climate Code Red

    - Sep 20, 2019 10:43am
    When emergencies strike, special processes within governments and communities swing into gear. And everyone steps up to help. The world is now in a climate emergency. At the United Nations Climate Action Summit in New York...
  • A shift in Germany’s fiscal-policy approach could open the door for a loosening of eurozone fiscal rules. Photo: Bloomberg

    The return of fiscal policy

    - Sep 19, 2019 9:40am
    As we enter the last quarter of 2019 (and of the decade), cyclical indicators point to a slowing world economy amid wide-ranging structural challenges. There are plenty of issues to keep one up at night, be...
  • Migrants from Central America and Cuba queue outside the Mexican Commission for Refugee Assistance in Tapachula, Mexico. Large-scale migration has implications for land rights in both urban and rural areas. Photo: Reuters

    Strengthening land rights will curb migration

    - Sep 18, 2019 9:38am
    The world’s food supply is under threat. That was the stark warning contained in a recent Intergovernmental Panel on Climate Change (IPCC) report on climate change and land. The signs are already ubiquitous. Hundreds of millions...
  • Although America is still the world’s leading economic, technological, and military power, it increasingly must share that status with China, the author says. Photo: Reuters

    Preventing Cold War II

    - Sep 12, 2019 10:28am
    When world leaders gather in New York later this month for the annual United Nations General Assembly meetings, they will have much to discuss besides climate change and sustainable development. In particular, the escalating superpower rivalry...
  • The eurozone economy is in a much better shape than it was in March 2015, when the European Central Bank introduced quantitative easing. Besides, interest rates can hardly be cut much further. Photo: Bloomberg

    It’s time for ECB to put quantitative easing on hold

    - Sep 10, 2019 9:53am
    With economic sentiment in the eurozone worsening rapidly, the European Central Bank is widely expected to announce a robust package of additional stimulus measures at its next meeting on Sept. 12. But although the ECB’s monetary...
  • US President Donald Trump’s trade war and Twitter threats are fueling economic uncertainty. Photo: Reuters

    Money for nothing

    - Sep 5, 2019 9:50am
    A monetary policy regime centered on quantitative easing (QE) and zero or even negative interest rates has created an extraordinarily permissive environment for politicians of a certain disposition. Those who are willing to exploit current conditions...
  • A woman shouts during an anti-Brexit protest in London on Aug 31. Britain has faced some serious crises over the past century, but the current problem is something different altogether. Photo: Reuters

    Brexit, the novel

    - Sep 2, 2019 11:33am
      The best way to think about the United Kingdom’s political predicament and presumed imminent exit from the European Union is to read the Slough House spy novel series by Mick Herron (the sixth installment, Joe...
  • Hong Kong’s leaders have been so thoroughly out of touch with ordinary people that the protest movement took them by surprise. Photo: Reuters

    Hong Kong’s real problem is inequality

    - Aug 28, 2019 10:19am
    Since China regained sovereignty over Hong Kong on July 1, 1997, the city has prospered economically, but festered politically. Now, one of the world’s richest cities is engulfed by protests, which have blocked roads, paralyzed the...
  • The negative supply shocks from the US-China trade and technology war would be more or less permanent, as would the reduction in potential growth. Photo: Reuters

    The anatomy of the coming recession

    - Aug 23, 2019 10:38am
    There are three negative supply shocks that could trigger a global recession by 2020. All of them reflect political factors affecting international relations, two involve China, and the United States is at the center of each....
  • US President Donald Trump’s unpredictability has heightened risks for exporters and anyone else responsible for making long-term investment decisions. Photo: Bloomberg

    Trump’s one-way economy

    - Aug 14, 2019 10:25am
    Nowadays, when people ask me how I am, I answer, jokingly, that I’m doing great, so long as I ignore Donald Trump’s presidency in the United States, Brexit, the crisis of the United Kingdom’s major political...
  • If, under US President Donald Trump, it takes trillion-dollar annual deficits to keep the economy going in good times, what will it take when things are not so rosy? Photo: Bloomberg

    Trump’s deficit economy

    - Aug 12, 2019 10:25am
    In the new world wrought by US President Donald Trump, where one shock follows another, there is never time to think through fully the implications of the events with which we are bombarded. In late July,...
  • Chinese authorities’ recent decision to let the renminbi break the 7 yuan barrier against the US dollar may have been a deliberate response to Trump’s latest tariff offensive. Photo: Bloomberg

    The currency manipulation game

    - Aug 12, 2019 10:00am
    The trade war between the United States and China is heating up again, with US President Donald Trump abruptly announcing plans to impose a 10 percent tariff on the US$300 billion worth of imports from China...
  • As automation shapes the future of work, life-long learning will determine the future of workers. Photo: Bloomberg

    Making technology work for workers

    Aug 7, 2019 10:15am
    As technological innovation transforms our economies, workers all over the world are doing whatever it takes – whether crossing borders, changing jobs, or starting businesses – for a chance to thrive. Yet, social safety nets have...
  • Christine Lagarde, the ECB's incoming chief, will need to pursue reforms at a time of deepening polarization among member-state governments. Photo: Reuters

    Lagarde’s ECB must modernize

    - Aug 5, 2019 11:45am
    As the nominee to succeed European Central Bank President Mario Draghi in November, Christine Lagarde may be hoping that her job will be somewhat easier than that of her predecessor. Yet the opposite is likely to...
  • There is a strong case for public investment in research and development when there are sufficiently strong spillover effects – for example, through the creation of new knowledge and techniques. Photo: Xinhua

    Economic growth and the US presidential election

    - Aug 1, 2019 9:53am
    Economic growth in the United States was just 2.5 percent in 2018 and, according to the latest “advance” estimate, may have slowed to only 2.1 percent in the second quarter of 2019. The economy is growing...