April 11, 2024
AnalysisThe Electric Vehicle Developmental State
BYD exemplifies transformations in Chinese industrial policy
The rise of the Chinese EV industry has been enabled not only by generous government subsidies but also by profound changes in strategy and organization, and in particular by a distinctive revival of vertical integration—at both individual firm and national…
December 9, 2023
AnalysisClimate Divergence
The politics of green central banking at the Fed and ECB
Ten years ago, the current predicament of central bankers would seem unthinkable: to what extent should they contribute to society’s response to climate change? As the impacts of climate change have escalated, most central banks have begun to appreciate the…
May 27, 2023
AnalysisPecuniary Salvation
Monetary financing at the Bank of England, the Federal Reserve, and the European Central Bank
Monetary financing—the issuance of public money to support public expenditure—has in recent times become a policy taboo. The message from economists to politicians, policymakers, and society more broadly is often that any central bank support for public expenditure is likely to destroy…