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How unruly economists can agree
Both sides of the debate can be right, says Martin Wolf. The public finances must be credible, but further unnecessary economic damage needs to be avoided Hosted on Acast. See https://acast.com/privacy for more information.
The world economy has no easy way out of the mire
Finding an exit route from the extraordinary government deficits could lead to default unless there is a radical rethink, says Martin Wolf Hosted on Acast. See https://acast.com/privacy for more information.
How to walk the fiscal tightrope that lies before us
Today, high-income countries face huge fiscal challenges crisis-hit countries start from grossly unsustainable fiscal positions. But massive fiscal tightening could tip much of the world back into recession, says Martin Wolf Hosted on Acast
Britain can love hung parliaments
Martin Wolf says he can see no reason why it would be more difficult to implement the needed tightening under a coalition government Hosted on Acast. See https://acast.com/privacy for more information.
Europe needs German consumers
Greece fills the role of sinner to perfection, but if it and the rest of the peripheral European countries are to avoid meltdown they need a core demand engine within the eurozone, says Martin Wolf Hosted on Acast. See https://acast.com/pri
What the world must do to sustain its convalescence
The policy interventions of late 2008 and 2009 resulted in a far briefer and shallower recession than most imagined a year ago. The big questions for this year are how quickly to withdraw the monetary and fiscal stimulus and which should be
Britain’s strategic chocolate dilemma
Corporate takeovers are in the spotlight again after Kraft’s successful bid for Cadbury. Martin Wolf asks whether it makes sense to run a regime as open as the UK’s Hosted on Acast. See https://acast.com/privacy for more information.
Volcker’s axe is not enough to cut banks to size
Obama’s latest proposals for bank reform miss the point, says Martin Wolf. They may or may not be workable, but they do nothing to create a sustainable finance sector Hosted on Acast. See https://acast.com/privacy for more information.
The Greek tragedy deserves a global audience
The problems of Greece are extreme, because it alone of the vulnerable eurozone member countries has both high fiscal deficits and high debt. Some say it should be bailed out, but there are two other possibilities – it toughs it out or just
How the Icelandic saga should end
The combination of cross-border banking with generous guarantees to creditors is unsustainable. Taxpayers cannot be expected to write open-ended insurance on the foreign activities of their banks, says Martin Wolf Hosted on Acast. See https
What we can learn from Japan’s decades of trouble
Japan’s experience indicates that when fast growth begins to slow in a catch-up economy with high corporate savings and comparably high fixed investment, demand may well prove hard to manage, says Martin Wolf Hosted on Acast. See https://ac
The eurozone’s next decade will be tough
The countries on the periphery of Europe’s single currency are in deep trouble thanks to the imbalances within the eurozone, says Martin Wolf. And none of the solutions looks palatable Hosted on Acast. See https://acast.com/privacy for more
The challenges of managing our post-crisis world
The underpinnings of our global economy and so of our globalised civilisation remain dangerously fragile. Somehow, we must manage to sustain a dynamic global economy, promote development, deliver environmental sustainability and ensure peac
How the noughties were a hinge of history
The rest of the world was inclined to believe that the west, whatever its faults, knew what it was doing. But then the teacher failed the examination, says Martin Wolf Hosted on Acast. See https://acast.com/privacy for more information.
Why new challenges need new people
Those parts of public sector spending that sustain the long-term health of the economy should not be sacrificed, says Martin Wolf Hosted on Acast. See https://acast.com/privacy for more information.
Britain’s dismal choice: sharing the losses
Not only has the UK had a financial crisis, with the usual severe impact on output and the public finances; it has also been a ‘monocrop’ economy, with finance itself acting as the ‘crop’, says Martin Wolf Hosted on Acast. See https://acast
Why China’s exchange rate policy concerns us
What we are seeing is a failure of adjustment to changes in global competitiveness that has unhappy precedents, notably during the 1920s and 1930s, with the rise of the US, and during the 1960s and 1970s, with the rise of Europe and Japan,
The post post-Thatcher era begins
The era of reforms from Thatcher through to New Labour led to rapid growth which, even after recent falls, has left Britain better placed than most major economies, says Martin Wolf Hosted on Acast. See https://acast.com/privacy for more in
Why Copenhagen must be the end of the beginning
Next week’s summit will fall short, but at least there is now broad agreement that action is needed to tackle climate change, says Martin Wolf. Solving the problem needs a stable price for carbon, needs wealthy countries to pay up and needs
Give us fiscal austerity, but not quite yet
Slashing deficits now would be wrong, argues Martin Wolf. What is needed, instead, are credible fiscal institutions and a road map for tightening that will be implemented, automatically, as and when the private sector's spending recovers Ho
Tax the windfall banking bonuses
The case for generous subventions to banks is to restore the financial system to health, not to enrich bankers, says Martin Wolf Hosted on Acast. See https://acast.com/privacy for more information.
Grim truths Obama should have told Hu
Obama should have made clear the need for China to revalue its currency and rebalance the global economy when he met Hu Jintao, says Martin Wolf. He could reasonably threaten punitive action, such is the need for change Hosted on Acast. See
Victory in the cold war was a start as well as an ending
Has capitalism failed, as communism did? No. Some transition countries are in crisis; but transition itself is not. Liberal democracies and market economies can reform and adapt. They have shown these qualities before. They must do so again
Time for a debate on immigration
Diversity brings social benefits, but also costs, arising from declining trust and erosion of a sense of shared values, says Martin Wolf Hosted on Acast. See https://acast.com/privacy for more information.
Private behaviour will shape our path to fiscal stability
It is idiotic to discuss the reduction of the huge fiscal deficits, without considering the nature of the offsetting adjustments in the private and external sectors. Some adjustments would be desirable, but others would be extremely perilou
How mistaken ideas helped to bring the economy down
The era when central banks could target inflation and assume that what was happening in asset and credit markets was no concern of theirs is over. Not only can asset prices be valued; they have to be, argues Martin Wolf Hosted on Acast. See
Why curbing finance is hard to do
There is a way of making finance safe. But it would be radical: deposits would be 100 per cent reserve backed; and the liabilities of other investment vehicles would be adjusted for the market value of their assets at all times. Banking wou
How to manage the gigantic financial cuckoo in our nest
This recovery has been no accident. When central bank money is almost free, prices of risky assets are recovering, competitors have disappeared or are weakened, making money is a relatively simple matter for the strong survivors, argues Mar
Rumours of the dollar’s death are much exaggerated
Recent figures have proved that the dollar’s fall is a symptom of success, not of failure. All the same, the dollar-based global monetary system is defective. It would be good to start building alternative arrangements, says Martin Wolf Hos
Britain’s phoney debate on slashing spending
In deciding what to do about the UK's general government deficit, we must recognise the uncertainties: we do not know how big the “structural” fiscal deficit is; we do not know how long correction can be delayed before investors lose confid
