Today, economic sanctions are generally regarded as an alternative to war. But for most people in the interwar period, the economic weapon was the very essence of total war. The initial intention behind creating the economic weapon was not to use it–economic sanctions were intended to be a form of
Nina Banks— Sadie Alexander was an outstanding economic historian whose speeches relied heavily on her knowledge of European and American history. Prior to taking courses in European history at the University of Pennsylvania, Alexander studied the history of African Americans while a student at the M Street High School, which
Masaaki Shirakawa— Currently, overnight interbank interest rates in many developed economies are zero or slightly negative, and long-term interest rates are also extremely low. Did policymakers and economists expect it to happen and persist, say, twenty years ago? Back then, only Japan experienced such a situation, and it was regarded
Matthew C. Klein and Michael Pettis— The drive south across the Detroit River from the U.S. city of the same name to the Canadian city of Windsor only takes about twenty minutes. For nearly a century, the big three American automakers have exploited this proximity by operating plants in both
Jan Lucassen— One of the anomalies of our times is the urgent demand for laboring bodies, alongside the denial of their humanity. Think of severe immigration restrictions in Japan, Europe, the USA, and Australia and inequalities in the Gulf States. In the light of a quickly ageing population and rising
Kathryn Tanner— The Protestant ethic was the spirit of industrial capitalism in its Fordist varieties, where investments sunk in expensive equipment dedicated to the production of one thing meant mass production and mass consumption. That Protestant ethic was composed of a set of values in which hard work was a
John Shovlin— For centuries, empires protected the commercial activity of Europeans overseas and secured their access to crucial resources and markets. Commerce requires protection to flourish, officials and merchants understood. At home, laws and courts assured capitalists’ property and governments blocked working-class threats to accumulation. States sought to protect merchants
Scott Cunningham— Certain presentations of causal inference methodologies have sometimes been described as atheoretical, but in my opinion, while some practitioners seem comfortable flying blind, the actual methods employed in causal designs are always deeply dependent on theory and local institutional knowledge. It is my firm belief that without prior
Robert Skidelsky— The need for economists to think about economics became apparent after the global financial crisis of 2007–2008. Few economists predicted the crash; more damningly, few envisaged the possibility that such a collapse could occur, any more than the crash of an algorithmic system. Students of economics asked: what
Christian Lund— In 2013, my friend Oji and I were talking to a group of villagers not far from Garut, in West Java. The land around had been the object of dispute and struggle for generations. It had been taken over from Javanese nobility and peasants by Dutch planters in