Raghuram G. Rajan: The End of Free-Lunch Economics

with James K. Galbraith, Kenneth Rogoff, Mariana Mazzucato, Mohamed A. El-Erian, and more The Sunday Newsletter [View this message in a web browser]( [PS on Sunday]( FEBRUARY 6, 2022 This week at [Project Syndicate]( Richard Haass argues that in manufacturing the Ukraine crisis, Russian President Vladimir Putin has underestimated the West; Raghuram G. Rajan predicts that fiscal and monetary policymakers are about to relearn old lessons the hard way; Mariana Mazzucato and Ilan Strauss propose a first crucial step toward regulating Big Tech; and more. Politics & World Affairs [Putin's Ukraine Quagmire]( [Richard Haass]( explains why those who think the Russian president has the upper hand have things backwards. Economics & Finance [The End of Free-Lunch Economics]( [Raghuram G. Rajan]( sees the long-ignored bill for overly indulgent economic policies starting to come due. [Save 50% on a new subscription with the code WINTER2022]( Technology & Society [Big Tech Must Stop Hiding]( [Mariana Mazzucato]( and [Ilan Strauss]( show why regulating the industry must start with forcing it to disclose disaggregated financial information. Economics & Finance [The Fed's Target Is Workers]( [James K. Galbraith]( shows that the central bank's effort to reduce headline inflation will hurt low-wage service employees the most. [The New Crisis of Central Banking]( On Point [The New Crisis of Central Banking]( [Mario I. Blejer]( and [Piroska Nagy-Mohacsi]( worry that policymakers have shirked their traditional function and vastly distorted global markets. Economics & Finance [The Winter of Our Discomfort]( [Mohamed A. El-Erian]( sees a diverse array of risks and disruptions clouding the global economic outlook. Politics & World Affairs [Realism About Foreign-Policy Realism]( [Joseph S. Nye, Jr.]( points out that trade-offs between national interests and values are not as straightforward as they once were. [Xi’s Olympic Trials]( The Big Picture [Xi’s Olympic Trials]( PS commentators assess the prospects for China’s economy and President Xi Jinping’s regime as the Winter Games get underway. Economics & Finance [The Fed's Wary Embrace of Digital Dollars]( [Kenneth Rogoff]( understands US policymakers’ caution – but not their hesitancy in regulating private cryptocurrencies. Politics & World Affairs [Russia's Revenge]( [Shlomo Ben-Ami]( shows how the current standoff over Ukraine and the broader threat to European security became inevitable. [An Interview with Angela Huyue Zhang]( Say More [An Interview with Angela Huyue Zhang]( [Angela Huyue Zhang]( assesses the regulatory headwinds faced by Chinese tech firms, exposes the folly of America’s China policy, and more. Politics & World Affairs [Rethinking Migration in Latin America]( [Erika Mouynes]( and [Meghan Lopez]( urge more policy coordination and international support for managing a quickly escalating problem. Politics & World Affairs [Southeast Asia's New-Old Cold War]( [Thitinan Pongsudhirak]( explains why the region will once again be a major theater of superpower confrontation. [Sign up for Worldcrunch's daily newsletter]( 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](