Exporting the Chinese Model
Francis Fukuyama As 2016 begins, an historic contest is underway over competing development models – that is, strategies to promote economic growth – between China, on the one hand, and the US and other Western countries on the other. Although this contest has been largely hidden from public view, t…
The dollar’s international role: An “exorbitant privilege”?
Ben S. Bernanke This post is the third of three based on my Mundell-Fleming lecture, which discussed the international effects of Fed policy. In the two previous posts (see here and here), I addressed a pair of criticisms of recent U.S. monetary policy: (1) that the U.S. had engaged in “currency war…