History

A Short History of China’s Doubtful GDP

It is no secret that the quality of Chinese statistics, especially GDP, is far from perfect. Chinese GDP’s lack of volatility often looks surreal.

Along with many other China analysts, I often feel frustrated by this. Perhaps I feel even more strongly because it is somehow embarrassing when foreign investors and scholars always ask me how authentic my country’s data is. Read more

Orville Schell: Wealth and Power - China's Long March to the Twenty-first Century

Welcome to our new video series called “New Economic Thinking.” The series will feature dozens of conversations with leading economists on the most important issues facing economics and the global economy today. Read more

Rejuvenation: An Excerpt from “Wealth and Power: China’s Long March to the Twenty-first Century”

The following is an excerpt from the book, Wealth and Power: China's Long March to the Twenty First Century, which comes out tomorrow, July 16th. Written by Orville Schell, Director of the Asia Society's Center on U.S.-China Relations, and John Delury, the book provides a panoramic narrative of China's rise to prominence  as seen through the lives of eleven influential officials, writers, activists, and leaders, whose contributions helped create modern China. Read more

Let Them Eat Credit: Has Financial Capitalism Failed the World?

Did the financial crisis of 2008 represent a failure of the capitalist system?

That crucial question was in the air when Institute for New Economic Thinking Senior Fellow Lord Adair Turner spoke in May at a special Head to Head debate hosted by Al Jazeera at England’s legendary Oxford Union. Read more

Why Austerity Theory is the Economist's Atomic Bomb

ON August 6, 1945, America dropped an atomic bomb on Hiroshima, instantly killing 70,000–80,000 people and injuring another 70,000. The atomic bomb changed the world. President Truman promised a 'rain of ruin' would fall on America's enemies if they didn't surrender.

The chief architect of the atomic bomb project was a physicist, Robert Oppenheimer. Mr Oppenheimer had mixed feelings about his project. Initially, he was delighted that it worked at all. Read more

Alex Kinmont: The Future of Japan and Abenomics

Welcome to our new video series called “New Economic Thinking.” The series will feature dozens of conversations with leading economists on the most important issues facing economics and the global economy today. Read more

Dirtying White: Harry Dexter White and the History of Bretton Woods

Why does Benn Steil’s history of Bretton Woods distort the ideas of Harry Dexter White?

Originally appeared in The Nation

By James M. Boughton  Read more

The Transit Coup – How Robber Barons Got New York City to Bail Out Their Subway Lines

Since the Reagan/Thatcher era, it has been common to view politics vs. infrastructure as simply a battle between right wing forces attempting to privatize infrastructure and others trying to defend it. However, this is only the recent history of United States infrastructure policy. Read more

Fiscal Systems, Organizational Capacity, and Crisis: A Political Balance of Payments Approach

By Nathaniel Cline and Nathan Cedric Tankus

Organizational capacity Read more

Unlocking the “Debtors’ Prison” - A Book Review

Despite rising stock market prices and more friendly newspaper headlines, the economic picture in the West remains grim.

The current rate of job creation is not only insufficient to replace the jobs lost in the crisis – it can’t even keep up with labor force growth. At the recent pace of job creation, and with the correspondingly perverse embrace of austerity, we not only fall further behind, but also become further locked into the debtor’s prison. Read more