Rescuing Economics from Neoliberalism

As we heap scorn on neoliberalism, we risk throwing out some of its most useful ideas. As even its harshest critics concede, neoliberalism is hard to pin down. In broad terms, it denotes a preference for markets over government, economic incentives over social or cultural norms, and private entrepreneurship over collective or community action. It […]

Federal Spending and Revenues Will Need to Grow in Coming Years, Not Shrink

Although some policymakers seek to prevent the federal government from growing, or to shrink it, federal spending and taxes will have to grow significantly as a share of the economy in the coming decades.  This is not a statement of political values; it’s a reflection of basic realities — the aging of America’s population, health […]

Neoliberalism: the idea that swallowed the world

Last summer, researchers at the International Monetary Fund settled a long and bitter debate over “neoliberalism”: they admitted it exists. Three senior economists at the IMF, an organisation not known for its incaution, published a paper questioning the benefits of neoliberalism. In so doing, they helped put to rest the idea that the word is nothing […]

Taking the Politics Out of Development

LONDON – Later this month, Chinese President Xi Jinping will host a summit for many of the leaders of the 65 countries engaged in his “one belt, one road” (OBOR) initiative, a pioneering program that will channel billions of investment dollars toward infrastructure projects across Asia, Africa, and Europe. Despite a strong economic case for […]