Developing countries are undergoing an unprecedented combination of currency crises, debt, famine, and political unrest — and the US decision to raise interest rates risks adding fuel to the fire. A stable system of global economic governance is needed.
Dominik Leusder is a writer and economist based in London. He is the research director of the LSE Global Economic Governance Commission. The views expressed here are his own.
The latest Western sanctions mean “total economic and financial war on Russia,” according to a European finance minister. There’s little reason to hope this will stop Putin’s war — but it will bring a longer-term attrition that mainly hurts ordinary Russians.
Last week, the Bank of England decided to raise interest rates again in an attempt to curb rising inflation. The move will likely increase household debt and unemployment, worsening people’s living conditions.
Angela Merkel’s 16-year German chancellorship has finally come to an end. Though she presented herself as the sensible and stabilizing force in Europe, her tenure was characterized by economic neglect, obstruction, and brutal austerity.
Whatever its shortcomings, Thomas Piketty’s latest book, Capital and Ideology, is a serious attempt to map our social world without resorting to easy abstractions.