38 Items

Blog Post - Views on the Economy and the World

Surprisingly Strong Sanctions

| Mar. 23, 2022

The surprising strength of economic sanctions deployed multilaterally against Russia this month has been exceeded only by the surprising strength of the heroic Ukrainian resistance to the invasion of their territory.  True, it is hard to imagine sanctions bringing the Russian economy to its knees faster than Russian troops are able to complete the hundred-mile advance to Kyiv from the border.  But sanctions have gone macroeconomic.  Ultimately, the Russian economy will suffer severely and lastingly.

Blog Post - Views on the Economy and the World

You Don’t Miss International Cooperation Until It's Gone

| Dec. 02, 2020

As Joni Mitchell sang, “you don’t know what you’ve got ‘til it’s gone.”   Classroom education was often deemed boring by students and obsolete by tech visionaries.  Then the coronavirus made it difficult or impossible to meet in person.  The result:  We yearn for the irreplaceable in-class experience.
Perhaps the same is true of international economic cooperation. It was never especially popular. The theory, first formulated in a 1969 paper by Richard Cooper, said that countries could agree to coordinated bargains that achieved better outcomes, relative to the “Nash non-cooperative equilibrium.”  But economists thought of plenty of reasons to be skeptical.  The multilateral institutions of cooperation such as the World Trade Organization, the International Monetary Fund, and the United Nations agencies, were downright unpopular among the public.  Many Americans regarded them as invading US sovereignty, while other countries viewed them as an invasion of their sovereignty by the US.

Blog Post - Views on the Economy and the World

The Ibrahim Prize for African Leadership

| Feb. 13, 2018

Congratulations to Ellen Johnson Sirleaf for yesterday winning the Mo Ibrahim Prize for Achievement in African Leadership. She recently retired as President of Liberia. It is for people like her that the award, which pays $5 million, was originally established. I explained and evaluated the Prize, a fascinating experiment, in “The Ibrahim Prize for Excellence Among African Leaders,” published in the African Policy Journal.

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Blog Post - Belfer Center for Science and International Affairs, Harvard Kennedy School

Trade and Inequality Within Countries

| Jan. 05, 2018

Inequality has been on the rise within the United States and other advanced countries since the 1980s and especially since the turn of the century.  The possibility that trade is responsible for the widening gap between the rich and the rest of the population has of course become a major political preoccupation

Blog Post - Views on the Economy and the World

Deal-maker Trump Can't Deal

| Aug. 28, 2017

Trump has threatened new trade barriers against China while simultaneously depending on Beijing’s help to rein in North Korea’s alarming nuclear weapons program. These two aspects of US policy toward China are at odds.

It feels inappropriate to write a column that treats the two issues on a par. To state the obvious, the stakes are vastly higher in a potential US-North Korean military conflict, especially when it comes to the real danger that nuclear weapons will be used, but even if they are not. But we need to consider the Chinese trade issues together with the Korean nuclear issues because the Trump White House does. (Chief strategist Steve Bannon, for example, had the priorities reversed. Just before he was fired he said that the Korea issue was a “side show” compared with the all-important “economic war with China.”)

Blog Post - Views on the Economy and the World

Addressing Commodity Price Volatility in Algeria & Morocco

| June 11, 2016
I recently visited Algeria and Morocco.  Like so many other developing countries, they are dealing with the sharp decline in global commodity prices that has taken place over the last few years.  In meetings in Algiers and Casablanca, I offered four concrete ideas for policies to help commodity-exporting countries deal with global price volatility.  The four proposals, very briefly, are: (1) hedging with options (as Mexico does), (2) commodity bonds, (3) countercyclical fiscal institutions (like Chile’s), and (4) central bank targeting of a currency-plus-commodity basket.

Blog Post - Technology and Policy

Scientists can create malaria-proof mosquitoes – but is the world ready?

| June 10, 2016

The ability to edit the genetic code of organisms is hailed as one of the most profound technological achievements of the last five years. Specific techniques known as “gene drives” can transmit inheritable traits throughout the entire population of an organism. There are several ways by which gene drives can be used to control major diseases such as malaria, which killed nearly 395,000 people in Africa in 2015. One approach is to introduce gene drives that induce sterility in mosquitoes.

Blog Post - Views on the Economy and the World

Fiscal Education for the G-7

| May 26, 2016
As the G-7 Leaders gather in Ise-Shima, Japan, on May 26-27, the still fragile global economy is on their minds.  They would like a road map to address stagnant growth. Their approach should be to talk less about currency wars and more about fiscal policy.Fiscal policy vs. monetary policyUnder the conditions that have prevailed in most major countries over the last ten years, we have reason to think that fiscal policy is a more powerful tool for affecting the level of economic activity, as compared to monetary policy.

Blog Post - Technology and Policy

How Africa Is Shaping Its Relations with China

| Apr. 11, 2016

For a summary of Prof. Juma's Twitter chat on this topic, click here. #AskCJuma. Nigeria’s President Muhammadu Buhari is on a high-level visit to China this week. The focus of the working visit is to explore areas of cooperation between China and Nigeria on power, transport, roads, and agriculture. The visit has reopened a lingering debate on Africa-China relations. Much of this debate has focused on how China’s interests are shaping its relations with Africa. But according to a new book, Africa and China, this debate overlooks the extent to which Africans and their governments are shaping their relations with China.