A Global New Deal

• The New York Review of Books
• August 13, 1987

Since the Second World War, America has been the undisputed leader of the world economy. In military power, we had to share the first place with the Soviet Union because of our mutual ability to destroy each other; but in economic matters our hegemony was complete.

A Plan to Ease Global Stresses

• The New York Times
• April 24, 1987

In the world’s financial markets, the tendency toward equilibrium that one reads about in textbooks is a myth. The tendency in the real world is toward excesses that, left unattended, would eventually lead to a breakdown of the international trade and payments system.

The Danger of Reagan’s “Imperial Circle”

• Financial Times
• May 23, 1984

Without intending it, or even being aware of it, the Reagan administration has developed a few form of economic imperialism which allows it to finance a high budget deficit at the expense of the debtor nations. The policy is likely to appeal to the voters but it is bound to have disastrous consequences.