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Category: Trade Policy

China, America, and “Nationalism”

“Fire and fury” were expected at the annual CLSA conference in Hong Kong in September. Stephen Bannon was to deliver a frontal assault on China—on Chinese soil—and advance the proposition that the United States and China are, or should be, engaged in an epic struggle for world domination in the twenty-first century, according to the…

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U.S. Policy towards Africa under Trump

This paper explores the possible policy and institutional changes affecting South Africa and the Southern African Development Community (SADC) more generally that could occur during the presidency of Donald Trump. The direction that the U.S. government is likely to take after the election…

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The Development Delusion: Foreign Aid and Inequality

During the last decades of the Soviet Union, technocrats in Moscow managed to prop up the failing regime by telling a story. They knew that the economy was falling apart, but they refused to admit it. Instead, they hired propagandists to convince the public that everything was still going according to plan, that the Soviet…

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Germany’s Trade Surplus: Causes and Effects

On January 25, 2015, in a free election, the Greek people exercised their right to decide the destiny of their country. A majority of the Greeks voted against austerity. SYRIZA, an outspoken left-wing party, came to power. Since that day, many European governments, led by Germany, have stubbornly refused to allow the Greek government to…

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A Path Out of the Trade and Savings Trap

Except in Africa and South Asia, the world’s population is aging rapidly. Between 2010 and 2050 the proportion of Americans over 65 will nearly double assuming constant fertility and immigration. By 2034 the Social Security Trust Funds will be depleted. By that time there will be two Americans over 65 for every five Americans of…

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Ricardo’s Vice and the Virtues of Industrial Diversity

There is, however, another explanation for why anti–free trade sentiment has risen: the gains from specialization at the national level were not there to share in the first place, for sound empirical reasons that were ignored in Ricardo’s example. That ignorance has been ingrained in economics since then, as Robbins’s definition—dominant and…

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The New Shape of Globalization

It was a telling moment when China’s President Xi Jinping rose on January 16, 2017, to proclaim himself the new champion of free trade in the great conference hall of Davos, Switzerland, the citadel of globalization. This proclamation came just four days before the inauguration of the newly elected U.S. president, who has traditionally served…

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