Trade
A Tale of Tariffs and the Making of the Modern Offshore Market
David Chan Smith argues that tariff regimes during the eighteenth century encouraged modern history’s first offshore markets to reroute goods through jurisdictions that faced lower tariff rates. This historical “entrepôt trade” could outstrip the legal trade of some goods and carries lessons for contemporary revisions to international trade.
Setting the Record Straight on Historical Industrial Policy
While governments have forged ahead with various industrial policies in areas such as clean energy and semiconductors, we still have much to learn about the historical efficacy of such interventions. Réka Juhász and Claudia Steinwender evaluate the growing literature on nineteenth century industrial policy and possible paths for future research.
The Trends That Will Define the Global Economy in 2024
Four economists discuss the trends in the global economy they are tracking in 2024
Biden Embraces Buy America, Doubles Down on Trade Protection
Industrial policy was once so out of fashion that it was jokingly called “the policy that shall not be named.” Now it’s back in...
Lobbying for Globalization: How the Winners Dominate the Politics of Trade Agreements
Lobbying on free trade agreements has been dominated by a few very large firms, which experience large gains as a result of the entry...
Chinese Antitrust 2.0: Why Is China Going After Its Big Tech?
In an interview with ProMarket, Angela Huyue Zhang, author of a new book Chinese Antitrust Exceptionalism, discusses the motivations behind the recent antitrust investigations...
Pentagon Report Points to Two Major Risks to National Security: Consolidation and Shareholder Capitalism
A Pentagon report released earlier this month warns that concentrated supply chains, offshoring, and a "business climate that has favored short-term shareholder earnings” have...
Debt Monetization and Lessons from War Financing to Deal With Pandemics: A Webinar With Harold James
Princeton professors Markus Brunnermeier and historian Harold James discuss how much new debt governments will pile up in reaction to the Covid-19 economic fallout....
Global Supply Chain Disruptions: A Webinar With Penny Goldberg, Former Chief Economist of the World Bank
Princeton professor Markus Brunnermeier and Yale professor Penny Goldberg, former chief economist of the World Bank, discuss the impact of Covid-19 on international trade and...
Governments and Central Banks Have a Few Unpleasant Options to Stop the Economic Contagion
The global economy and financial markets are seriously hit by the coronavirus outbreak. Central banks can do something, but monetary policy is not enough. A fiscal stimulus might mitigate the impact, but the record-level outstanding amount of public and private debt adds additional risk to the current perfect storm.
