There are many reasons to be critical of the International Monetary Fund and the World Bank, but the legitimacy crisis now confronting both institutions is not based on any of them. Instead, it has arisen for the wrong reasons, and this is serving to reinforce the real problems that have plagued the Bretton Woods institutions’ functioning
WASHINGTON, DC – When a government sets out to “pick winners” and support designated industries, products, or firms through subsidies, tariff protections, tax breaks, and other measures, it is pursuing an industrial policy
OXFORD – In a recent letter to her G20 colleagues, US Secretary of the Treasury Janet Yellen argued that a truly global COVID-19 vaccination program “is the strongest stimulus we can provide to the global economy.” With rich countries vaccinating their populations while low-income countries have yet to receive even paid-for vaccine doses, the world seems a long way from that goal. But the first shoots of solidarity are beginning to appear, and leaders must strengthen cooperation to nurture them
CAMBRIDGE – Encouraging news about more effective anti-viral treatments and promising vaccines is fueling cautious optimism that rich countries, at least, could tame the COVID-19 pandemic by the end of 2021
Despite achieving a great progress in medicine, biotechnology, and genetics over the past decade, the world have been unprepared to meet the challenges associated with the Coronavirus pandemic
LONDON – In the year since US President Donald Trump escalated America’s trade war with China, policymakers and financial markets have been obsessed with the dangers to both countries’ economies. Yet the real threat the conflict poses to the global economy lies elsewhere