Economics Roundup: Stephen S. Roach on why the Hong Kong of old is over, Michael Madowitz on why saving democracy requires taxing extreme wealth, Dambisa Moyo on why business leaders are souring on AI
With Stephen S. Roach, Michael Madowitz, Dambisa Moyo, Mariana Mazzucato, Brian Judge, and more
Yes, the Hong Kong of Old Is Over
Stephen Roach argues that the resilience touted by the city’s boosters has come to depend entirely on Chinese intervention.
New in Deep Dive: Oligarchy
Saving Democracy Requires Taxing Extreme Wealth
Michael Madowitz believes the design of policies to mitigate extreme inequality has vastly improved, and not a moment too soon.
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Why Business Leaders Are Souring on AI
Baroness Dambisa Moyo outlines four steps that firms should take before committing even more resources to the technology.
A decade ago, those studying economic inequality were sounding the alarm that its continued rise would prove politically, economically, and socially catastrophic. Those warnings are now coming to pass. PS Deep Dive: Oligarchy examines how a few individuals amassed unprecedented wealth—and how they are using it to destroy democracy.
Coming next week: Cristina Enache, an economist at Tax Foundation Europe, explains why wealth taxes have been abandoned in most countries where they have been tried.
How Burnham Can Make UK Devolution Work
Mariana Mazzucato rejects the idea that Britain’s new government must choose between centralized power and an empowered periphery.
The AI Threat to Financial Stability
Brian Judge homes in on the growing mismatch between speculative future revenues and current contractual debt obligations.
South Korea Bets on Industrial Policy Again
Lee Jong-Wha cautions that state-led technological transformation will be harder to pull off today than it was in the 1970s.
What Ukraine’s Success Means for the West
Chrystia Freeland thinks the important lesson for democracies to draw is not to lose confidence in themselves.
The Mexican Government’s Economic Spin
Guillermo Ortiz sees through Claudia Sheinbaum’s attempt to push back on a credit-rating downgrade.
How AI Could Reinforce Dollar Dominance
Chenxu Fu and Xianguo Huang envision a self-reinforcing system linking AI infrastructure, digital payments, and US financial markets.
West Africa Needs Its Own Draghi Moment
Fernando Morra and Anahí Wiedenbrüg argue that the region’s greatest weakness is not public finances but the lack of institutional backstops.