The US economy has strengthened considerably in recent years, presenting an opportunity to address the 40-year stagnation in incomes for the middle class. This column provides historical and international context for the key factors affecting middle-class incomes: productivity growth, labour force participation, and income inequality. It also outlines President Obama’s approach to economic policies – what he terms “middle-class economics” – which is designed to improve all three.
Jason Furman, Friday, February 20, 2015
Jayant Menon, Monday, November 10, 2014
With WTO trade talks on the brink of failure (again), global trade governance is being decided elsewhere. This column argues that China and the US are pushing competing visions for free trade in Asia-Pacific. The US-led Trans-Pacific Partnership, TPP, could be challenged by a China-led ‘Beijing Road Map’ that may be announced at this week’s APEC summit. Neither vision is an end-game but merely one more stroke on an ugly picture of trade agreements characterised by an unsustainable amount of disorder and incoherence.
Tsuyoshi Kawase, Tuesday, July 29, 2014
The regulation of state-owned enterprises in international trade dealings has been cited as a major stumbling block to progress on the Trans-Pacific Partnership negotiations. This column explains the issues of contention, and argues that state-owned enterprises require an explicit and deliberate regulatory treatment. Given their unique properties, a coherent approach to state-owned enterprise regulation would promote progress in negotiations better than the piecemeal of overlapping rules currently considered.
Jayant Menon, Tuesday, July 1, 2014
The Trans-Pacific Partnership (TPP) is taking a long time to conclude. This column argues that the TPP agenda, unlike the Doha round, is more ambitious and controversial. Many see it as skewed in favour of one country – the US. There are fears that even the US may lose interest in the Partnership without the fast-track authority given by the current Congress. The only useful way forward is for countries to take matters in their own hands.
Anabel González, Thursday, May 29, 2014
Mega-regional negotiations will underwrite global governance on 21st-century trade issues and facilitate the proliferation of global and regional value chains. This column writes that Latin American countries would gain from a strengthened and effective WTO to help mitigate the friction and fragmentation that may result from the mega-regionals.
Dennis Novy, Wednesday, May 28, 2014
The negotiations for the Transatlantic Trade and Investment Partnership are about a year old and making only slow progress. This column argues that TTIP is a long-run project that will probably take several years to complete. Despite its significance to global trade, without support from the top echelons of government it might falter.
L Alan Winters, Thursday, May 22, 2014
Most economists cheer the Trans-Atlantic Trade and Investment Partnership that the EU is currently negotiating with the US. This column argues it is a pity that TTIP and other mega-regional agreements have emerged. It sees the exclusion of China in particular as an existential threat to the world trading system. It urges policymakers in the EU to focus instead on the world trading system or even consider an agreement with China.
Lucian Cernat, Friday, November 8, 2013
Trade agenda consists of new and old themes, often closely intertwined. Among the new themes, mega-FTAs– in particular the Trans-Pacific and the Trans-Atlantic Trade and Investment Partnership – have been especially popular. This column discusses the nature of mega-FTAs and their relationship with the multilateral rules. The column concludes that such FTAs promote deep regional integration, but also have positive impact on non-members.
Yasuyuki Todo, Saturday, May 11, 2013
Japan looks set to participate in the Trans-Pacific Partnership (TPP) negotiations. Reflecting the current debate in Japan, this column assesses what effect the Partnership will have on Japan’s growth. Evidence suggests that the economic effects may be far bigger than the current consensus suggests.