November 23, 2021

Analysis

Trade and Growth

Revisiting the effects of trade liberalization on economic growth

According to a survey on free trade from the University of Chicago, economists overwhelmingly agree that free trade’s net effects are good. A recent article by several  IMF economists affirms that, “perhaps more than on any other issue, there is agreement among economists that international trade should be free.”

Longform

November 12, 2021

Analysis

Growth Towns

The Evergrande crisis, “common prosperity,” and the transformation of the Chinese growth model

The ongoing crisis for Chinese property developer Evergrande has made the giant company the focal point of global concern. Creditors, investors, contractors, customers, and employees of Evergrande within and outside China have watched anxiously to see whether the Chinese government would…

November 6, 2021

Analysis

Titans

Tracing the rise and the politics of asset manager capitalism

In mid October 2021, when BlackRock revealed its third quarter results, the asset management behemoth announced it was just shy of $10 trillion in assets under management. It’s a vast sum, “roughly equivalent to the entire global hedge fund, private…

November 4, 2021

Analysis

Manufacturing Stagnation

Intellectual property, industrial organization, and economic growth

$5.3 trillion of US federal government stimulus and relief spending have returned the economy to its pre-Covid growth trajectory. But that growth trajectory was hardly robust—either before or after the 2008 financial crisis. Nor was the slow decay of GDP…

November 2, 2021

Analysis

The Diverging Gap

The history of the global infrastructure gap

On June 11, leaders at the G7 summit signed the Build Back Better World (B3W) Partnership, an agreement which commits signatories to meet the infrastructure needs of low- and middle-income countries. The deal is an explicit response to China’s Belt…

October 30, 2021

Analysis

Uneven Channels

Climate diplomacy and the global financial architecture

This year’s Conference of the Parties (COP), opening October 31, is hosted by the United Kingdom, whose agenda-setting privilege as host has made private finance a central focus of the 2021 meeting. The UK ambition to center the City of…

September 18, 2021

Analysis

Developmentalisms

The forgotten ancestors of East Asian developmentalism

2021 marked the centenary of the creation of the Chinese Communist Party, born of the May Fourth Movement of 1919. History textbooks tend to claim that the Movement emerged out of a widespread realization that China’s rights as a victorious…


How Schools Lie

The deceptive financial aid system at America’s colleges.

No matter how talented, hard working, and committed a student is, if financing falls through, the dream of obtaining higher education can be dashed. But much of the financial data that prospective students receive is misleading. In the cost information…

August 24, 2021

Analysis

Legitimacy Gap

A history of central bank independence.

We live in the age of the central bank. The financial crisis of 2008 and the COVID-19 crash of 2020 have made visible the central role of the US Federal Reserve and its overseas counterparts in the international financial system.

August 11, 2021

Analysis

Built Trades

Employer claims of unavailable labor are rooted in an unwillingness to raise wages and the long-term decline of the nation’s system of training and allocating labor

As the American economy reopened in the first half of 2021, reports of a “labor shortage” spread throughout US industries. But there was one sector where employer panic about hiring was old news: the massive and decentralized US construction industry.

July 12, 2021

Interviews

Long Crises

An interview with Benjamin Holtzman

As New Yorkers grapple with an uncertain future, the fiscal crisis of the 1970s and its aftermath are often invoked by the press and politicians. Today, “New York in the 1970s” is shorthand for a city facing poverty and crime,…

Shortform

November 20, 2021

Sources

In October, over 10,000 John Deere workers went on strike, 1,400 Kellogg’s workers followed suit, and observers anticipated thousands more IATSE members and Kaiser Permanente workers to walk out. (After voting down two contracts, workers at Deere reached an agreement last week ending…

November 18, 2021

Analysis

The Wall Street Consensus at COP26

Finance Day at COP26 shows a ruthless dedication to voluntary decarbonization

Wednesday, November 3, was private finance day at COP26. For those who follow central banks closely, the event was a chance to gauge whether their recent turn to climate-conscious policy making would translate into ambitious decarbonization announcements. After all, private…

November 13, 2021

Sources

In recent decades, policy arenas which are resistant to national and international regulation have seen the flourishing of voluntary, self-regulatory, and private accountability mechanisms. Researchers have grouped these broadly as a system of Non-State-Market-Driven-Governance (NSMDG), characterized by the institutional role of markets and…

November 6, 2021

Sources

After two years of publishing, we are thrilled to launch a new website. Our new home—developed and designed by Partner & Partners—retains the style of our original blog layout, while creating new streams of longform and shortform content, gathering a series section, and collecting past PW Sources…

November 4, 2021

Analysis

Negotiations

The Federation of German Industries’ agenda in the formation of the new German federal government

The new German government will be called upon, at a highly critical time for the global and European economy, to draw up a new economic and political strategy not only for Germany but also for the EU/Eurozone. The outcome will…

October 30, 2021

Sources

While a group of statisticians recently found the 2020 US Census to be free of major errors, many were concerned about the census’ ability to accurately reflect the population given its coincidence with the height of the Covid-19 pandemic. The debate shed light on the…

October 23, 2021

Sources

Since the mid-19th century, municipal debt has been responsible for funding some of the most significant investments in US infrastructure, schools, and social services. But rising risks of climate-related flooding threaten the value of municipal bonds, often in cities which…

October 19, 2021

Analysis

Gas and Labor

The UK‘s petrol shortage is also a labor shortage driven by worsening conditions of work

The United Kingdom is in the midst of a protracted crisis in the supply of petrol. In the face of a plummeting sterling and severe disruptions to essential public services, military tanker drivers have been deployed to transport fuel to…

October 16, 2021

Sources

Both consumers and businesses have felt the effects of ongoing backlogs in global supply chains. The world’s largest retailers have been integral in shaping these supply chains, especially in the global South, where changing patterns of consumption have been met…

October 9, 2021

Sources

As the Fed moves towards tightening its post-pandemic monetary policy, developing countries around the world face growing risks of capital flight. The deep political constraints posed by this risk are not new, but their implications for contemporary policymaking are persistent.


Series

Series are collections of works published by Phenomenal World on a single subject or area of research. Series are commissioned to analyze particular issues or historical moments, and are either ongoing projects or collected as one-time volumes.

Browse all