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After all, when Afghanistan fell to the Taliban six months ago, this same government refused to accept Afghan refugees, arguing that they should stay in their country and fight. And a couple of months ago, when thousands of refugees – mostly Iraqi Kurds – tried to enter Poland from Belarus, the Slovene government, claiming that Europe was under attack, offered military aid to support Poland’s vile
It is not true that Japan's experience proves that Modern Monetary Theory works, as some have argued. But increasing deficit-financed spending, in Japan and elsewhere, may still have merit, despite inflationary risks. TOKYO – The once-obscure school of macroeconomic thought known as Modern Monetary Theory has been attracting a lot of attention lately. Some US progressives, such as Representative A
Japan’s GDP growth lags most other developed economies, and will likely continue to do so as the population slowly declines. But what matters for human welfare is GDP per capita, and on this front, the country excels. TOKYO – Nearly everyone says that Japan’s economic model has imploded. Since 1991, growth has averaged just 0.9% versus 4.5% over the previous two decades. Slow growth, combined with
Contemporary Japan may have its flaws, but it is now much more egalitarian than the United States, India, or many countries in Europe. By remaining a country of, by, and for the middle class, where the most affluent tend to be discreet, Japan has avoided the dangerous politics roiling developed and developing countries alike. TOKYO – Even as a wave of right-wing populism is sweeping Europe, the Un
Though Japan’s experience since the early 1990s provides many lessons, policymakers in the rest of the world have failed miserably in heeding them. Time and again, major central banks – especially the Federal Reserve, the European Central Bank, and the Bank of England – have been quick to follow the Bank of Japan's disastrous lead. NEW HAVEN – Yet another in a long string of negative inflation sur
Japan has been mired in economic malaise for more than two decades – and it is likely to remain there unless policymakers change course. That means, above all, embracing a large carbon tax and green finance, as well as considering monetizing government debt. NEW YORK – It’s been a quarter-century since Japan’s asset bubble burst – and a quarter-century of malaise as one “lost decade” has followed
Despite the European Central Bank's decision to launch quantitative easing, many economists, policymakers, and central bankers continue to underestimate unconventional monetary policy. But, to understand QE's transformative potential, they need only look to its recent success in Japan. TOKYO – Last month – just a few days before the European Central Bank announced its intention to initiate quantit
In 2014, the world economy remained stuck in the same rut that it has been in since emerging from the 2008 global financial crisis. But we know how to escape our current malaise, which suggests that the big problem facing the world in 2015 is political, not economic. NEW YORK – In 2014, the world economy remained stuck in the same rut that it has been in since emerging from the 2008 global financi
Free-market and Keynesian approaches dominate today’s economic debates. Yet neither approach is delivering good results, underscoring the need for a new Sustainable Development Economics, with governments promoting new types of investments. PARIS – Two schools of thought tend to dominate today’s economic debates. According to free-market economists, governments should cut taxes, reduce regulations
Georges Clemenceau, who, as France’s prime minister, led his country to victory in World War I, famously said that “war is too important to be left to the generals.” Japan is now discovering that history is too important to be left to newspaper editors. TOKYO – Georges Clemenceau, who, as France’s prime minister, led his country to victory in World War I, famously said that “war is too important t
At the start of the Industrial Revolution, textile workers in the Midlands and North of England, mainly weavers, staged a spontaneous revolt, smashing machinery and burning factories. The Luddites were wrong on many points; but perhaps they deserve more than a footnote in economic history. LONDON – At the start of the Industrial Revolution, textile workers in the Midlands and the North of England,
Economic and Regulatory Policy Jean Pisani-Ferry Raghuram Rajan Mark Roe Economic History Harold James Robert Skidelsky Public Intellectuals Ian Buruma Esther Dyson Bjørn Lomborg Peter Singer Naomi Wolf TOKYO – The year 2013 saw the Japanese economy turn the corner on two decades of stagnation. And the future will become even brighter with the appearance of what we are calling the “wage surprise.”
As 2013 comes to a close, efforts to revive growth in the world’s most influential economies are exerting competing pressures on the global economy. Perhaps not surprisingly, while Europe and the US will continue to play an important global role, developments in Asia will determine the worldwide outlook in 2014 and beyond. NEW YORK – As 2013 comes to a close, efforts to revive growth in the world’
Last December, Shinzo Abe returned as Japan's prime minister and quickly launched what came to be known as “Abenomics,” a strategy designed to end almost two decades of deflation and stagnation. A year later, an initial assessment of how Abe's strategy is faring indicates both progress and shortcomings. TOKYO – It has been almost a year since Prime Minister Shinzo Abe launched his plan to lift Jap
With leadership transitions at many central banks under way, many of those who were partly responsible for creating the global crisis that erupted in 2008 are departing to mixed reviews. The main question now is the extent to which those reviews influence their successors’ behavior. NEW YORK – With leadership transitions at many central banks either under way or coming soon, many of those who were
Japanese Prime Minister Shinzo Abe is doing what many economists have been calling for in the US and Europe: a comprehensive program entailing monetary, fiscal, and structural policies. As many Japanese rightly sense, Abenomics, with its focus on monetary, fiscal, and structural policies, can only help the country’s recovery. TOKYO – Japanese Prime Minister Shinzo Abe’s program for his country’s e
Peace, stability, and freedom of navigation in the Pacific Ocean are inseparable from peace, stability, and freedom of navigation in the Indian Ocean. Japan, as one of the oldest sea-faring democracies in Asia, should play a greater role – alongside Australia, India, and the US – in preserving the common good in both regions. TOKYO – In the summer of 2007, addressing the Central Hall of the Indian
Central banks on both sides of the Atlantic took extraordinary monetary-policy measures in September, sending stock markets soaring. But politicians – and markets – in both Europe and America are mistaken if they believe that monetary policy can restore economic growth and boost employment. NEW YORK – Central banks on both sides of the Atlantic took extraordinary monetary-policy measures in Septem
The consequences of the Japanese earthquake – especially the ongoing crisis at the Fukushima nuclear power plant – resonate grimly for observers of the American financial crash that precipitated the Great Recession. Both events provide stark lessons about risks, and about how badly markets and societies can manage them. DUBAI – The consequences of the Japanese earthquake – especially the ongoing c
The pragmatic commitment to growth that one sees in Asia and other emerging markets today stands in contrast to the West’s misguided policies, which, driven by ideology and vested interests, almost seem to reflect a commitment not to grow. As a result, global economic rebalancing is likely to accelerate, almost inevitably giving rise to political tensions. KOLKATA – The year 2011 will be remembere
The new Trans-Pacific Partnership between the US and nine Asian countries is being sold as evidence of American leadership on trade. But what it really means is that the US intends to do in Asia what it did in South America – essentially, divide the region into rival blocs. MUMBAI – As if undermining the World Trade Organization’s Doha Round of global free-trade talks was not bad enough (the last
Can moral judgments be true or false, or is ethics, at bottom, a purely subjective matter, for individuals to choose, or perhaps relative to the culture of the society in which one lives? We might have just found out the answer. OXFORD – Can moral judgments be true or false? Or is ethics, at bottom, a purely subjective matter, for individuals to choose, or perhaps relative to the culture of the so
Japan is heading toward a savings crisis. The potential financing crunch caused by a combination of rising fiscal deficits and a plummeting household saving rate could have powerful negative effects on both the Japanese and the global economy. CAMBRIDGE – Japan is heading toward a savings crisis. The potential future clash between larger fiscal deficits and a low household saving rate could have p
As the US and European economies continue to struggle, there is rising concern that they face a Japanese-style “lost decade.” But policymakers must remember that whether or not the US and Europe avoid Japan's fate depends on their economies' productive vitality, not simply on short-term demand-stimulation measures. CAMBRIDGE – As the United States and European economies continue to struggle, there
Investors who have bet against Japan in the past have been badly burned, grossly underestimating the Japanese people’s remarkable flexibility and resilience. But, while Japan’s ability to trudge on in the face of huge adversity is admirable, the risks of crisis ahead are surely greater than bond markets seem to recognize. TOKYO – If you listen to American, European, or even Chinese leaders, Japan
Inflation targeting – the view that whenever price growth exceeds the target level, interest rates should be raised – is being put to the test by soaring global energy and food prices. It will inevitably fail, at great cost to those countries that maintain it, because imported inflation can be reduced only at the price of a sharp economic slowdown and high unemployment. New York – The World’s cent
Japanese Prime Minister Shinzo Abe's brand of "new nationalism" is angering much of Asia and sowing doubts in the US. According to Francis Fukuyama, until Japan comes to terms with its responsibility for the Pacific War, revising the post-1945 constitution to allow Japanese re-armament – a key US goal – would be dangerously destabilizing. Barely half a year into his premiership, Japan’s Shinzo Abe
“An Inconvenient Truth” makes three points: global warming is real; it will be catastrophic; and addressing it should be our top priority. Inconveniently for the film’s producers, however, only the first statement is correct. While it’s nice to see Gore bucking the trend in a nation where many influential people deny that global warming even exists, many of his apocalyptic claims are highly mislea
Marks & Spencer, a supermarket and clothing chain with 400 stores throughout Britain, recently announced that it is converting its entire range of coffee and tea, totaling 38 lines, to Fairtrade, a marketing symbol of “ethical production.” The chain already sells only Fairtrade tea and coffee in its 200 Café Revive coffee shops. It is also boosting its purchases of shirts and other goods made with
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