Fifty years ago, the world changed. On August 15, 1971, US President Richard Nixon slammed shut the “gold window,” suspending dollar convertibility. Although it was not Nixon’s intention, this act effectively marked the end of the Bretton Woods system of fixed exchange rates. But, in truth, with the rise of private cross-border capital flows, a system […]
At first glance, it is an argument that seems to make sense—and it would be crazy to oppose: because the earth’s raw material resources are finite, infinite growth is impossible. This leads many to conclude that, somehow, growth must be limited. What is there to this argument? Read More Here
Some say that issuance of central bank digital currencies will transform the international monetary status quo by eroding the US dollar’s dominance of cross-border payments and greatly reducing transaction costs. But this is not going to happen. Read More Here
US President Richard Nixon’s 1971 decision to end the US dollar’s convertibility into gold had such far-reaching consequences that it took policymakers decades to learn to manage the new system. Now, digital technologies are driving a new monetary revolution that could end the greenback’s global primacy altogether. Read More Here
The likelihood that the world’s major central banks will sooner or later issue their own digital currencies has brought increased scrutiny of the sector’s existing private players. Sooner or later, cryptocurrency enthusiasts who have long argued that politicians would never dare to regulate Bitcoin and the rest will need to think again. Read More Here
The ongoing pandemic and global climate-related disasters demonstrate the inadequacy of efforts to address the problematic aspects of globalisation. Read More Here
The global economic recovery continues, but with a widening gap between advanced economies and many emerging market and developing economies. IMF’s latest global growth forecast of 6 percent for 2021 is unchanged from the previous outlook, but the composition has changed. Read More Here
The global economy and capitalism are at a crossroads, owing to the COVID-19 pandemic, climate change, the rise of digital technology, and the changing nature of labor markets. Understanding this new world will require major breakthroughs in economic thinking, and closer scrutiny of some of the discipline’s core assumptions. Read More Here
China and the U.S. are shipping goods to each other at the briskest pace in years, making the world’s largest bilateral trade relationship look as if the protracted tariff war and pandemic never happened. Read More Here
As China’s factory-gate prices soared this year, investors worried the country would become a new source of inflation for the rest of the world. Instead, the world’s second-largest economy has helped alleviate some price pressures caused by the pandemic, and appears likely to keep doing so—at least for a while. Read More Here
looking beyond borders 