Sublime

Thus, for the next quarter century, did governments resolve the so-called ‘trilemma’, according to which a country can choose any two out of three policy options: full freedom of cross-border capital movements; a fixed exchange rate; an independent monetary policy oriented towards domestic objectives.57

The U.S. geopolitical leadership has shown two faces to the world. One was the U.S. interest in building law-based multilateral institutions, including the global institutions of the UN system and regional institutions such as the European Community (and later European Union), of which the United States was a champion from the start. The other was

Indeed, the difficulty of forming autonomous states on an ethnic basis, against the gravitational pull of cultural or economic attraction (as well as disparities of military force), has been so great that empire (where different ethnic communities fall under a common ruler) has been the default mode of political organization throughout most of hist

Global Financial Crisis in 2008 was the pivot point. Until then, “globalization” seemed inexorable and global trade expanded (as a share of global production) almost every year. Since then, global trade has been shrinking, trade barriers have proliferated, and onshoring has replaced offshoring. Until 2008, the number of democracies around the world

China’s penetration into Brazil presents some policy challenges. First, there is the sheer weight of the trade dependency. Without the China trade surplus to cushion its current account deficit, Brazil would have much greater financing needs. “The administration knows that if things were to go wrong China might punish us and our trade surplus would