Why Trade Should Be Free (David R. Henderson)

One of the gloomier items in the current presidential election is the extent to which both major candidates, Donald Trump and Kamala Harris, oppose free trade and favor tariffs. Trump is much more extreme. He advocates a 60 percent tariff rate on goods from China and a 10 to 20 percent rate on goods from …

Read More

Republican Victory and the Ambience of Information (Nathan Heller)

For years, Democrats have sought to win elections by micro-targeting communities with detailed facts. What if the secret is big, sloppy notions seeded nationwide? Dawn had not yet broken on the election results last week when Democrats began their favored ritual of falling out of love. Reasons were enumerated why Kamala Harris, the candidate who …

Read More

Middle Powers Will Make a Multipolar World (Dani Rodrik)

Although middle powers like India, Indonesia, Brazil, South Africa, Turkey, and Nigeria are unlikely to form a bloc of their own, they are well-positioned to lead on many pressing issues. In doing so, they can offer a vision for the world economy that does not depend on either America’s or China’s power and goodwill. Read …

Read More

The Trump Shock Is the Democrats’ Fault (Daren Acemoglu)

While the Democrats have won some recent elections with support from Silicon Valley, minorities, trade unions, and professionals in large cities, this coalition was never sustainable. The party has become culturally disconnected from, and disdainful of, precisely the voters it needs to win. Read More

How Trump Did It (PS Editors)

Not only did Donald Trump win last week’s US presidential election decisively – winning some three million more votes than his opponent, Vice President Kamala Harris – but the Republican Party he now controls gained majorities in both houses on Congress. Given the far-reaching implications of this result – for both US democracy and global …

Read More

Once Again, It Was the Economy, Stupid (Mohamed A. El-Erian)

The economy played a critical role in the 2024 presidential race, creating the conditions not only for Donald Trump to trounce Kamala Harris, but also for a counter-elite to usher in a new power structure. Will the Democrats and “establishment” experts get the message? Read More

The Democrats Committed Suicide This Year (James K. Galbraith)

Kamala Harris lost to Donald Trump because she received around ten million fewer votes than Joe Biden did in 2020. The Democratic Party leadership was, at best, indifferent to the erosion of voting access, negligent in retaining newer voters, and proactive in marginalizing what remained of its left wing. Read More

Misinformation Decided the US Election (Bradford Delong)

Polling data show that Donald Trump’s supporters were deeply misinformed about most of the campaign’s defining issues. Only if this is attributable to bad actors exploiting a broken information ecosystem, rather than an electoral majority that chooses to be misinformed, can there be hope of a healthier politics in America. BERKELEY – Three days after …

Read More

Capitalism Is Driving Democracy’s Death Spiral (Katharina Pistor)

The post-election blame game in the United States will not only tear apart the Democratic Party, but will also distract from the elephant in the room. Democracy has been eroded by a socioeconomic regime that puts price signals above people’s needs, undermining the capacity for consensus and collective decision-making. NEW YORK – This US election …

Read More