Most Read
March 16, 2023
AnalysisRed Finance
The wartime communist market experience in China
In terms of its size, dynamism, and degree of global integration, China’s market economy is extraordinary. Though it’s known officially as a “socialist market with Chinese characteristics,” its market features far predate the 1978 decision on “reform and opening.” The…
February 25, 2023
ReviewsMoney as Empire?
On Perry Mehrling’s “Money and Empire: Charles P. Kindleberger and the Dollar System”
Money makes the world go round, or as Karl Marx put it, Geldgespräche, Quatsch-Spaziergänge. How does this work at the global or international level? Perry Mehrling’s elegantly written biography of the MIT economist Charles Poor Kindleberger illuminates the relationship between…
January 4, 2023
AnalysisThe Nokia Risk
Small countries, big firms, and the end of the fifth Schumpetarian wave
In the early 2000s, Finland was the darling of industrial and employment policy analysts everywhere. This small country with a population of 5.5 million and a GDP roughly equal to the state of Oregon experienced what looked like a high…
December 20, 2022
AnalysisIndian Big Business
The evolution of India’s corporate sector from 2000 to 2020
“The systemic, long-term nexus between the political elites and big business will not go away anytime soon,” wrote journalist M. K. Venu in 2015. Writing in the aftermath of Obama’s second visit to India, Venu suggested that “crony capitalism” had…
December 17, 2022
AnalysisDroughts and Dams
The troubled future of World Bank-funded hydropower in Zambia
Most of Zambia’s grid electricity is generated by hydropower. Over the past decade, recurring droughts—in 2015, 2016, 2019, and now again in 2022—have exposed the deep vulnerabilities in the system. These droughts have unleashed unprecedented power outages, with low reservoir…
Money and the Climate Crisis
COP27 and financing the green transition
The conclusion of COP27 reflected persisting uncertainties around coordinated global action towards decarbonization. Major agreements—including the establishment of a loss and damage fund—were reached, but the burden of mounting debt among global South countries continued to limit climate ambition. The…
October 12, 2022
InterviewsWho Pays for Inflation?
A conversation on monetary policy, labor, and the definition of inflation
The inflation of the past year has reshaped the political economic landscape in the United States and around the globe. While the IMF and World Bank echo UN calls about the recession risk of globally-synchronized rate hikes, the debate over…
September 15, 2022
AnalysisTechnocracy and Crisis
Stagnation and technocratic rule in Italy
On September 25, Italians will be called to elect a new Parliament. The snap election follows on the heels of the forced resignation of the government in late July, led by former European Central Bank (ECB) President Mario Draghi. That…
August 13, 2022
AnalysisRating Sovereigns
Sovereign ratings in a financialized world
As dark clouds gather on the horizon of the global economy in the third year of the pandemic—with debt stocks swollen, interest costs rising, and growth undermined by energy insecurity and war—policy makers and pundits are anxiously watching sovereign credit…
July 28, 2022
ReviewsThe Last Days of Sound Finance
On Karen Petrou’s “Engine of Inequality”
When the Federal Reserve turned to unconventional monetary policy in 2008, many feared that we would soon see a return to the wage-price spiral of the 1970s. The combination of deficit spending and monetary ease raised the old specter of…
June 29, 2022
AnalysisGeographies in Transition
Mining-based development and the EU's critical raw materials strategy
Though it failed to resolve a number of contentious issues, the COP26 meeting in Glasgow solidified a consensus around the need for a global transition towards clean energy. Implicated in this transition is the widescale adoption of renewables—we must build…
The Price of Oil
The history of control and decontrol in the oil market
In October 2021 the price of gasoline in the United States rose to its highest level in seven years. There were many reasons for this: surging demand following a year-and-a-half of lockdown, a slower than expected recovery of oil production,…
April 30, 2022
AnalysisThe Whole Field
Markets, planning, and coordinating the green transformation
In recent years, an intense debate has unfolded over the policy and politics of the green transition. Politically, the tide appears to be receding: As the Biden agenda has lost momentum and rising inflation moves center stage, the near-term prospects…
April 27, 2022
AnalysisRegime Change?
The evolution and weaponization of the world dollar
The centerpiece of shock and awe of the West’s economic response to Russia’s invasion and bombardment of Ukraine was the freezing of Russia’s central bank assets. In the March 7 edition of his Global Money Dispatch newsletter, the Credit Suisse…
April 15, 2022
AnalysisEconomic War and the Commodity Shock
A discussion on sanctions and global commodity markets
The war in Ukraine has unleashed both geopolitical and economic strife, and nowhere is the latter clearer than in the volatile commodities market. Commodities prices have fluctuated wildly since the Russian invasion began and the US-led coalition retaliated with extraordinary…
March 9, 2022
AnalysisBargaining Chip?
On the speed and scope of the Russia sanctions, and the prospects for off-ramps
For the global hegemon, pulling the trigger on crisis management seems to consist primarily of posting PDFs to government websites. During the March 2020 financial panic, as the coronavirus first spread throughout the Global North, the Federal Reserve feverishly published…
June 18, 2021
InterviewsInvestment and Decarbonization
A conversation on investment strategies for the green transition
In late March, the Biden administration announced the $2 trillion American Jobs Plan, with approximately half of the sum dedicated to fighting the climate crisis. While the legislation would mark a sea change in federal action to avert climate catastrophe,…
December 3, 2020
ReviewsTransition Theory
On Jairus Banaji’s A Brief History of Commercial Capitalism
Capitalism is either eternal or it isn’t. There are people who defend the first view, or something close to it—the multivolume 2014 Cambridge History of Capitalism opens in Babylonia, circa 1000 BCE—but it is much more plausible that capitalism, like…
July 1, 2020
Reviews
On the conceptual and methodological stakes of Trade Wars Are Class Wars by Matthew C. Klein and Michael Pettis Good writing on international macroeconomics reads like a detective novel. There’s a suspicious event—hundreds of millions of dollars in phantom FX…
June 13, 2020
InterviewsTrade Wars Are Class Wars
A discussion between Adam Tooze, Michael Pettis, and Matthew Klein
Michael Pettis and Matthew Klein's new book "Trade Wars Are Class Wars" begins with an epigraph from John A. Hobson: "The struggle for markets, the greater eagerness of producers to sell than of consumers to buy, is the crowning proof…
May 22, 2020
InterviewsMunicipal Bonds, Race, and the American City
An interview with Destin Jenkins
The rapid and expansive action taken by the Fed over the past two months in response to the coronavirus crisis has muddied the distinction between monetary and fiscal policy. In particular, its Municipal Liquidity Facility provides a path for financing…
Mapping market concentration in the higher education industry In much of the existing higher education literature, “college access” is understood in terms of pre-college educational attainment, social and informational networks, and financial capacity, both for tuition and living expenses. The…
October 24, 2019
InterviewsExploitation, Cooperation, and Distributive Justice
An interview with John Roemer
Throughout his career, John Roemer's work has been uniquely situated between the fields of microeconomics, game theory, philosophy, and political science. His research makes use of the tools of classical economics to analyze dynamics typically thought to be outside the…
October 17, 2019
AnalysisDisparate Causes, pt. II
On the hunt for the correct counterfactual
An accurate understanding of the nature of race in our society is a prerequisite for an adequate normative theory of discrimination.
October 11, 2019
AnalysisDisparate Causes, pt. I
The shortcomings of causal and counterfactual thinking about racial discrimination
Legal claims of disparate impact discrimination go something like this: A company uses some system (e.g., hiring test, performance review, risk assessment tool) in a way that impacts people. Somebody sues, arguing that it has a disproportionate adverse effect on…
July 18, 2019
AnalysisStudent Debt & Racial Wealth Inequality
How student debt cancellation affects the racial wealth gap
The effect of cancelling student debt on various measures of individual and group-level inequality has been a matter of controversy, especially given presidential candidates’ recent and high-profile proposals to eliminate outstanding student debt.
June 13, 2019
InterviewsElections, Social Democracy, and the Neoliberal Shift
An interview with Adam Przeworski
Throughout the 20th century, radical social movements were plagued by their relationship to existing state institutions. Across Western Europe, labor movements found political expression in parties like the Swedish Social Democrats, the German SPD, and the French Socialist Party.
May 16, 2019
InterviewsFeminist Theory, Gender Inequity, and Basic Income
An interview with Almaz Zelleke
Feminist and women's movements in the mid-20th century developed demands for an unconditional basic income that emerged out of concrete experiences with the welfare state. What can the current discussion around UBI learn from examining this largely sidelined history?
March 28, 2019
AnalysisExperiments for Policy Choice
If we wish to pick good policies, we should run experiments adaptively
Randomized experiments have become part of the standard toolkit for policy evaluation, and are usually designed to give precise estimates of causal effects. But, in practice, their actual goal is to pick good policies. These two goals are not the…
March 1, 2019
AnalysisThe Case for an Unconditional Safety Net
The 'magic bucket' of universal cash transfers
Imagine a system where everyone had a right to basic material safety, and could say “no” to abuse and exploitation. Sounds utopian? I argue that it would be quite feasible to get there, and that it would make eminent economic,…
February 4, 2019
ReviewsCash and Income Studies: A Literature Review of Theory and Evidence
A broad review of cash transfer programs.
What happens when you give people cash? How do they use the money, and how does it change their lives? Every cash study on this list is different: the studies vary in intervention type, research design, location, size, disbursement amount,…
October 18, 2018
AnalysisMachine Ethics, Part One: An Introduction and a Case Study
Artificial intelligence, ethics, and public health social work
The past few years have made abundantly clear that the artificially intelligent systems that organizations increasingly rely on to make important decisions can exhibit morally problematic behavior if not properly designed.
October 10, 2018
AnalysisWho cares about stopping rules?
Can you bias a coin?
Take a coin out of your pocket. Unless you own some exotic currency, your coin is fair: it's equally likely to land heads as tails when flipped.
October 2, 2018
AnalysisThe “Next Big Thing” is a Room
New realities in Dynamicland
If you don’t look up, Dynamicland seems like a normal room on the second floor of an ordinary building in downtown Oakland. There are tables and chairs, couches and carpets, scattered office supplies, and pictures taped up on the walls.…