February 29, 2024

Analysis

Total Peace?

Gustavo Petro’s government negotiates with the ELN

Gustavo Petro’s presidency marks a turning point in Colombia’s democratic history. Not only is Petro the first leftist in government, but he has also made achieving peace a central objective of his progressive agenda. The Colombian armed conflict has been the most violent conflict in Latin America in both the twentieth and twenty-first centuries: it…

Longform

February 24, 2024

Analysis

The G20 in the South

The Brazilian Presidency in 2024

In December 2023, Brazil began presiding over the G20. The one-year presidency, which will culminate in the annual summit being hosted in Rio de Janeiro in November 2024, is the third of four terms from the global South—following Indonesia in…

February 15, 2024

Analysis

Red Sea Rivalries

Egypt, Ethiopia, and histories of maritime war

Every few years, a crisis in the Red Sea makes global headlines. In 2014, the Yemeni Civil War spilled into the Red Sea after the Houthis captured the capital Sana‘a and dissolved the parliament. As a warning, the Houthis allegedly…

February 10, 2024

Interviews

Milei and the World

An interview with Maia Colodenco on Argentina’s foreign policy

It didn’t take long for the new President of Argentina, Javier Milei, to don gloves in the international arena and showcase his libertarian approach to foreign policy. Some political gestures have already stirred conflicts with Brazil and China—the country’s two…

January 4, 2024

Reviews

The Logic of Austerity

On Clara Mattei’s “The Capital Order”

In the aftermath of 2008, the pace at which capitalist states moved from bailouts and stimulus policies to fiscal belt tightening was jarring. No less striking was the shift in the intellectual framework deployed to make sense of it. While …

December 21, 2023

Analysis

Anarcho-Capitalism

Argentina between the IMF and China

Since the early 2000s, Argentine development finance has undergone a profound transformation. Amid cyclical debt defaults and endless negotiations with Western investors and the IMF, Chinese overseas investment loans have slowly crept to the fore. Between 2007 and 2020, Argentina…

December 13, 2023

Interviews

Milei’s Argentina

An interview with Mercedes D’Alessandro

On December 10, the fortieth anniversary of Argentina’s redemocratization, Javier Milei was sworn in as the country’s new president. Milei—a far-right economist who calls himself an “anarcho-capitalist,” denies the existence of the military dictatorship, and claims to be a fan…

December 5, 2023

Analysis

Sectoral Strategy

Free trade and the resurgence of industrial policy in Africa

Industrial policy in Africa is back. Beginning last January, Nigeria moved forward with the second phase of  its “Sugar Master Plan,” a flagship industrial policy that began in 2013 to stimulate domestic production. It does this by offering numerous incentives…

November 30, 2023

Analysis

Industrial Experiments

Variants of industrial policy in the global South

The turn of the twenty-first century brought a reassessment of development economics. The global commodity boom of the 2000s ushered in windfall profits for resource-rich countries in the global South, and with them came new agendas for growth. In 2002,…

November 18, 2023

Interviews

Rules of Restraint

Fiscal politics in Brazil, Germany, and the European Union

The majority of countries in the world have some sort of fiscal rule: an institutional constraint on fiscal policies to discourage government overspending and reduce political influence on state expenditure. But these rules have their own politics. As Clara Zanon…

November 16, 2023

Analysis

Bearing Risk

Why “derisking” finance is an oxymoron

For the past two centuries in Britain, the US, and other high income countries, financial markets have been venues in which the government provides a relatively safe investment opportunity in the form of government bonds. At the same time, private…

Shortform

March 2, 2024

Analysis

Oil Linkages

State-led development in Angola and Nigeria

Oil and gas producers in Africa face unique challenges in pursuing state-led development. The resource curse, and specifically the phenomenon of “Dutch disease”, which inflates the value of the local currency, makes exporting local products abroad difficult. As long as…

February 24, 2024

Sources

In light of Israel’s assault on Gaza post-October 7 and growing instability in the region, S&P Global and Moody’s have both downgraded Israel’s credit rating to “negative.” Israeli finance minister and extremist settler Bezalel Smotrich called the revisions “alarmist” and politically motivated. 

February 17, 2024

Sources

On Thursday, a few months ahead of nationwide elections, India’s Supreme Court banned electoral bonds—anonymous political donations sold by the State Bank of India. Since the Modi government introduced electoral bonds in 2017, more than $1.9 billion in secret donations have been distributed to political parties. 

February 10, 2024

Sources

The inflation slowdown in the United States stabilized in the last half of 2023 at approximately 3.1 percent. A January report by Liz Pancotti and Lindsay Owens of Groundwork Collaborative attributes most of the rise in prices during the last quarter to corporate profits. 

January 27, 2024

Sources

On Monday, Indian Prime Minister Narendra Modi inaugurated the Ram temple in Ayodhya, Uttar Pradesh, marking a triumph for the Bharatiya Janata Party (BJP) and far-right Hindu groups including the Vishva Hindu Parishad (VHP) and the Rashtriya Swayamsevak Sangh (RSS). The temple was built on the…

January 27, 2024

Analysis

The Falling Lira

Turkey’s state of permanent crisis

Since late 2021, the Turkish economy has been shattering conventional economic expectations. With deeply negative real interest rates, high inflation, a large and persistent current account deficit, an external debt stock exceeding 50 percent of GDP, and a central bank…

January 25, 2024

Interviews

Brand New India

An interview with Ravinder Kaur on the BJP’s “India Shining” campaign, Hindu nationalist designs, and globalist visions

With India headed to elections this April, the ruling BJP is rolling out enormous publicity campaigns to promote its record on economic growth and Hindu nationalism. Central to Prime Minister Narendra Modi’s third bid for reelection is the narrative that…

January 20, 2024

Sources

Because of their ability to own property, enter into contracts, and stand in court independently of their owners, charted corporations facilitated the long term capital commitment that often underpinned industrialization. Standard accounts hold that states primarily contributed to the rise of the corporate form…

January 17, 2024

Analysis

Miracle in Reverse

The trials of South Korea’s growth models

The South Korean economy has widely been recognized as the paragon of the East Asian miracle, with rapid economic growth and a fairly equal income distribution. The country continued its upward growth trajectory even in the aftermath of the 1997…

January 13, 2024

Sources

This week, arguments were presented in South Africa’s proceedings against Israel at the International Court of Justice in The Hague. The landmark case, whose initial results will not be clear for weeks, has placed international law and its voluntary institutions at the…

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