Most-read economics commentaries of 2020, with Mariana Mazzucato, Raghuram G. Rajan, and more

This week at Project Syndicate, we revisit some of our most-read economics commentaries of 2020. The Sunday Newsletter [View this message in a web browser]( [PS on Sunday]( DECEMBER 20, 2020 This week at [Project Syndicate]( we revisit some of our most-read economics commentaries of 2020. From Nouriel Roubini's warning that the COVID-19 recession is far from over and Mariana Mazzucato's analysis of capitalism's "triple crisis" to Joseph Stiglitz's debunking of claims that Donald Trump was a good economic steward and Carmen Reinhart's explanation of why this crisis truly is different, this collection offers a clear-eyed and comprehensive view of the global economy's performance and prospects. [The Coming Greater Depression of the 2020s]( [Nouriel Roubini]( pinpoints ten major factors that threaten to exacerbate and prolong the COVID-19 crisis. [Capitalism’s Triple Crisis]( [Mariana Mazzucato]( shows why only a forward-looking, entrepreneurial state can save the system from itself. [Reimagining Capitalism in a World on Fire by Rebecca Henderson]( [Reimagining Capitalism in a World on Fire]( By Rebecca Henderson A renowned Harvard professor debunks prevailing orthodoxy with a new intellectual foundation and a practical pathway forward for a system that has lost its moral and ethical foundation. Shortlisted for the FT/McKinsey Business Book of the Year Award Published by PublicAffairs/Hachette Book Group [The Truth About the Trump Economy]( [Joseph E. Stiglitz]( argues that what many believe is the outgoing US president's strongest claim to reelection is one of his weakest. [This Time Truly Is Different]( [Carmen M. Reinhart]( notes that even the 1918-19 influenza pandemic offers no guidance about the likely economic impact of COVID-19. [The Case for Deeply Negative Interest Rates]( [Kenneth Rogoff]( argues that such a policy would help developed countries and be a boon to emerging and developing economies. [How Much Debt Is Too Much?]( [Raghuram G. Rajan]( explains why today's abnormal financial conditions do not justify unlimited borrowing and spending. On Point [PS Commentators’ Best Reads in 2020]( [PS Commentators’ Best Reads in 2020]( Project Syndicate contributors share the book that resonated with them the most over the past year. [Understanding the Pandemic Stock Market]( [Robert J. Shiller]( explains why US equity prices remain afloat when cratering demand is dragging down investment and employment. [The Approaching Debt Wave]( [Kaushik Basu]( warns that another financial crisis is on the horizon and indicates which economies are most vulnerable. [The Open Secret to Reopening the Economy]( [Anne O. Krueger]( points out that epidemiologists were right all along: the virus will decide when activities can resume. [The COVID-19 Debt Deluge]( [Jayati Ghosh]( sounds the alarm about a looming global financial crisis that could follow from the pandemic. The Big Picture [America’s Looming Fiscal Battle]( [America’s Looming Fiscal Battle]( PS commentators assess the likely conflicting pressures on US President-elect Joe Biden’s fiscal policy. [The Race Between Economics and COVID-19]( [Mohamed A. El-Erian]( looks at three ways in which the coronavirus is forcing the profession to leave its comfort zone. [Insuring the Survival of Post-Pandemic Economies]( [Roman Frydman]( and [Edmund S. Phelps]( see major shortcomings in the $2 trillion US rescue and stimulus package. [Winners and Losers of the Pandemic Economy]( [Michael Spence]( sees the COVID-19 crisis accelerating trends in favor of value creation based on intangible capital. [The Covid Reset Latin America Needs]( [Mauricio Cárdenas]( [Eduardo Levy Yeyati]( and [Andrés Velasco]( identify two structural weaknesses that the pandemic has highlighted – and that policymakers must overcome. Say More [Pinelopi Koujianou Goldberg]( [Pinelopi Koujianou Goldberg]( explains how to ease short-run economic pain in developing countries, examines China’s “dual-circulation strategy,” and identifies drivers of legal reforms to improve gender equality. [Will the Coronavirus Cause a Major Growth Slowdown in China?]( [Shang-Jin Wei]( explains why the impact of the outbreak on Chinese GDP is likely to be less damaging than many fear. [The Changing Face of Economics]( [D]( Rodrik]( takes the measure of the profession at the American Economic Association's annual meeting. [The Great Services Illusion]( [Célestin Monga]( offers four reasons why industrialization remains the key to poorer countries’ development. [How COVID-19 Is Transforming Manufacturing]( [Dalia Marin]( anticipates a robot-driven surge in reshoring and production in the advanced economies. [California Capitalism]( [Laura Tyson]( and [Lenny Mendonca]( show how the state overcame the US federal government's paralysis with an ambitious policy agenda. [The New Empty Argument Against Trade]( [Pinelopi Koujianou Goldberg]( shows why the pandemic has not strengthened the case for domestic production over global supply chains. [PS. Take 50% off a gift subscription with the code GIFT50]( Project Syndicate publishes and provides, on a not-for-profit basis, original commentary by the world's leading thinkers to more than 500 media outlets in over 150 countries. This newsletter is a service of [project-syndicate.org](. © Project Syndicate, all rights reserved. [Unsubscribe from this list](