Daron Acemoglu: The Supply-Chain Mess

With Joseph E. Stiglitz, Anne-Marie Slaughter, Shang-Jin Wei, Jan-Werner Mueller and more. The Sunday Newsletter [View this message in a web browser]( [PS on Sunday]( DECEMBER 5, 2021 This week at [Project Syndicate]( Jeffrey D. Sachs says that financial structures that serve rich countries while holding many developing countries down are neither just nor sensible; Daron Acemoglu argues that sprawling global supply chains can pose a danger to an economy in two important, but under-appreciated ways; Mohamed A. El-Erian warns that if the Federal Reserve maintains its current policy mindset, it risks unleashing more volatile inflation expectations. Economics & Finance [T]( to Overhaul the Global Financial System]( [Jeffrey D. Sachs]( calls for an overhaul of a two-tiered global system that leaves developing countries perpetually vulnerable. Economics & Finance [T]( Supply-Chain Mess]( [Daron Acemoglu]( traces recent bottlenecks and price surges back to bad policy incentives. [On the Edge: Life Along the Russia-China Border]( [On the Edge: Life Along the Russia-China Border]( Caroline Humphrey and Franck Billé A wonderfully illuminating book, filled with insights about the frontier between Russia and China and the peoples who live in and alongside the border zones. Beautifully written and immaculately researched, this is an important book that draws on the past and present—and has obvious implications for the future.” —Peter Frankopan, author of The Silk Roads Economics & Finance [C]( the Fed Overcome Its Transitory Policy Mistake?]( [Mohamed A. El-Erian]( urges US monetary policymakers to pivot away quickly from their fundamental misreading of inflation. The COVID-19 Crisis [Brazil’s Pioneering Solution to Vaccine Shortages]( [Joseph E. Stiglitz]( [Achal Prabhala]( and [Felipe Carvalho]( think the country’s lawmakers have the right idea about overriding corporate monopolies on vaccines. [Germany's Modern Angst]( On Point [Germany's Modern Angst]( [Helmut K. Anheier]( reviews four books that shed much-needed light on widely shared crises of collective and individual identity. Economics & Finance [D]( Finance Without Cryptocurrencies]( [Shang-Jin Wei]( makes the case for central banks to become the primary issuers of electronic money. The African Century [The Pandemic and Africa’s Social Safety Net]( [Jesse Lastunen]( [Pia Rattenhuber]( and [Rodrigo Oliviera]( highlight the need to reform the region’s tax and benefit systems in light of the COVID-19 crisis. [The Virus Strikes Back]( The Big Picture [The Virus Strikes Back]( PS commentators assess the world’s readiness to cope with the arrival of the new Omicron variant. Culture & Society [R]( Care]( [Anne-Marie Slaughter]( envisages the start of a new economic era in which relationships are the principal source of value. Sustainability Now [The American Climate Consensus]( [Laura Tyson]( and [Lenny Mendonca]( show that the electorate is more aligned behind green policies than is commonly assumed. [An Interview with Carlo Ratti]( Say More [A]( Interview with Carlo Ratti]( [Carlo Ratti]( the office for the post-pandemic world, considers how cultural infrastructure has spurred the formation of beneficial “weak ties,” and more. Politics & World Affairs [Can the Center Hold Any Meaning?]( [Jan-Werner Mueller]( explains the conditions under which principled centrism does and does not make sense. Politics & World Affairs [W]( has Chile Embraced the Extremes?]( [Andrés Velasco]( blames the mistakes of center-left leaders for the polarized nature of the country’s presidential election. [Do Travel Bans Work]( From the Archive [D]( Travel Bans Work?]( [Jennifer Nuzzo]( and [Elmira Bayrasli]( discuss the effectiveness of travel restrictions as a means to contain or keep out more virulent strains of the COVID-19 virus. [PS. Subscribe now to receive your copy of The Year Ahead 2022: Reckonings]( 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](