Foolish military interventions driven by outdated calculations of economic power have thoroughly discredited the old big powers. Thucydides might well have appreciated the irony of a world in which smaller, weaker countries like Ukraine and Iran can expose Russia and the United States, respectively, as paper tigers.
Wednesday, December 11, 2024 As Debt Limit Deadline Looms, What is Needed to Avoid A Default and Its Potential Widespread Consequences? To prevent the federal government from defaulting on its debt when it neared the debt limit in 2023, Congress voted to suspend the debt ceiling through this coming January 1. With that deadline looming,…
Politics Jul 13, 2026 Nina L. Khrushcheva From relentless Ukrainian drone strikes to soaring inflation and fuel shortages, Russia is paying an ever-higher price for Vladimir Putin’s war of choice. But the war has become the organizing principle of Putin’s regime, leaving…
Reality check—top earners already pay majority of taxes in Canada beng Thu, 07/16/2026 – 07:35 EST. READ TIME 3 MIN. As Canadians grapple with a sputtering economy and the cost of living, some advocates want governments in Canada to increase taxes on high-income individuals. According to this narrative, the tax system is “unfair” and governments…
Today the Tax Justice Network published two reports on real estate transparency. The first one, “Beneficial ownership of real estate around the world” summarises the findings of the Financial Secrecy Index on real estate transparency. It also it updates the report “Beneficial ownership registration around the world 2022” by assessing the state of play of…
Oil tankers and cargo vessels remain anchored off Port Sultan Qaboos on June 21, 2026 in Muscat, Oman. The Strait of Hormuz, a vital shipping route for the region’s oil and gas, was effectively blockaded since the outbreak of war between the United States and Iran in late February. On Sunday, U.S. Vice President JD…
For their valuable comments, we thank seminar participants and attendees at Saint Mary’s University, St. Francis Xavier University, the 2024 Atlantic Canadian Economic Conference, and the 2023 Labor Economics Special Issue Contributors Workshop and Conference at the Ohio State University. We are grateful to Alex Hollingsworth for helpful comments. We thank Matthew McKitrick and Theresa…
PRINCETON—World politics has gone topsy-turvy. No longer do the old great powers seem to control everyone’s destiny. They have been weakened and discredited: Russia is steadily disintegrating, and Donald Trump’s presidency has diminished America’s international standing. The old powers may still have golden heads, but their feet of clay have been exposed.