In Print

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How Xi Just Saved the World


In a little-noticed speech this week, China permanently changed the global fight against climate change. China will scale up its Intended Nationally Determined Contributions by adopting more vigorous policies and measures. We aim to have [carbon dioxide] emissions peak before 2030 and achieve carbon neutrality before 2060.” Xi Jinping’s speech via video link to the United Nations General Assembly on Sept. 22 was not widely trailed in advance. But with those two short sentences China’s leader may have redefined the future prospects for humanity. Read the full article at Foreign Policy.

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The World Is Winning—and Losing—the Vaccine Race

Immunization to COVID-19 is supposed to solve our problems—but it’s starting to trigger even bigger ones. Faced with a pandemic that paralyzed the world, a vaccine has always seemed like the obvious solution. A natural challenge demands a scientific fix. Unlike social distancing and lockdowns, a vaccine seems simple and uncontentious. Fire up the labs, pump up the bioreactors, and distribute billions of doses. In the coming weeks, we expect the first news of the decisive Phase III trials of the most promising COVID-19 vaccine candidates. The hope is that a successful vaccine would be a black box: a functional device that no one need second guess or closely inspect so long as it works. But as it turns out, constructing and distributing a vaccine may solve a set of political and economic problems while also creating a set of new ones. We imagined that

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Daniel Yergin’s New Map

Review of: The New Map: Energy, Climate, and the Clash of NationsBy Daniel Yergin In the 1990s Daniel Yergin emerged as one of the great chroniclers of our day. Both “The Prize,” his epic history of oil (which won the 1992 Pulitzer Prize in general nonfiction), and “The Commanding Heights: The Battle for the World Economy,” written with Joseph Stanislaw, were turned into blockbuster television series. “The New Map” is

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The politics of currencies

Adam Tooze argues that worrying about the euro exchange rate and a non-existent inflation enemy in Europe must give way to fiscal and monetary demand boosts. On September 10th, as they waited for the European Central Bank press conference, market actors and financial commentators held their collective breath. The eurozone sovereign-debt markets were calm, the Pandemic Emergency Purchase Programme has ample headroom and the euro-area economy was showing signs of

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The world’s central banks are starting to experiment. But what comes next?

Are we seeing the end of the supremacy of the US dollar? With soaring government spending and gaping deficits are we on the cusp of a great surge of inflation? In light of the extreme financial measures required by the Covid-19 crisis and the alarming polarisation of US politics, the markets can be forgiven for asking such dramatic questions. But it is worth reminding ourselves that as recently as March,

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Archive

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Whose Century?

What​ Eric Hobsbawm called the ‘short 20th century’ is supposed to have ended in 1989 with the United States winning the Cold War. Yet today America faces a powerful and assertive China, a one-party state

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Frankfurter Allgemeine
A New Role for the ECB

Eine neue Rolle für die EZB Das Urteil des Bundesverfassungsgerichts zum Anleihekaufprogramm PSPP der Europäischen Zentralbank (EZB) war ein bedeutender Eingriff in das europäische Recht und die europäische Politik. Auch wenn die deutsche Politik ihr

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The Death of the Central Bank Myth

In Europe, a ruling by the German Constitutional Court that the European Central Bank (ECB) failed to adequately justify a program of asset purchases it began in 2015 is convulsing the political and financial scene.

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We Remember World War II Wrong

One of the casualties of the COVID-19 pandemic is the great Victory Day parade that had been planned for Moscow’s Red Square for May 9. It was to have commemorated the 75th anniversary of the

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