Joseph E. Stiglitz: All Pain and No Gain from Higher Interest Rates

with Isabel Ortiz, Juan Manuel Santos, Ricardo Hausmann, Ian Buruma, and more The Sunday Newsletter [View this message in a web browser]( [PS on Sunday]( DECEMBER 11, 2022 This week at [Project Syndicate]( Joseph E. Stiglitz criticizes the US Federal Reserve’s reckless interest-rate hikes; Roger McNamee offers his view of the tech industry's travails; Diane Coyle urges antitrust authorities to shed 40 years of conventional wisdom; and more. Economics & Finance [All Pain and No Gain from Higher Interest Rates]( [Joseph E. Stiglitz]( explains why the current demand-focused approach to taming inflation is all wrong. Innovation & Technology [Disrupting the Disruptors]( [Roger McNamee]( considers what new economic conditions mean for an industry whose growth (and misbehavior) defined an era. [PS Longer Reads: Revitalizing the Struggle for Human Rights]( [Revitalizing the Struggle for Human Rights]( [Gareth Evans]( offers eight principles to guide advocates as they try to put progress back on track. Economics & Finance [The Double Transformation]( [Diane Coyle]( urges antitrust regulators to update their thinking to accommodate the net-zero transition. Economics & Finance [Ending the Austerity Pandemic]( [Isabel Ortiz]( and [Matthew Cummins]( warn that governments are returning to the same failed belt-tightening policies of the past. [Secure your copy of PS Quarterly: The Year Ahead 2023]( Politics & World Affairs [What China's Zero-COVID Drama Foreshadows]( [Nancy Qian]( thinks the recent protests – and the government's response – point to a broader political challenge. Economics & Finance [Higher Immigration or Higher Interest Rates for America?]( [Ricardo Hausmann]( and [Dany Bahar]( explain why the persistence of Trump-era xenophobia among US policymakers could lead to economic stagnation. [PS Big Picture: The Zero-COVID Revolution?]( [The Zero-COVID Revolution?]( [Qian Liu]( [Yi Fuxian]( [Shang-Jin Wei]( and more consider the impact and implications of recent protests in China. Sustainability Now [What the COP15 Biodiversity Conference Must Do]( [Juan Manuel Santos]( hopes world leaders will deliver a breakthrough for nature equivalent to the Paris climate agreement. Politics & World Affairs [China’s Zero-COVID Muddle]( [Minxin Pei]( warns that the government’s refusal to devise a comprehensive and systematic exit strategy could create the worst of two worlds. [PS Quarterly: The Rich World Must Act with Solidarity on Loss and Damage]( [The Rich World Must Act with Solidarity on Loss and Damage]( [Nicola Sturgeon]( urges other advanced-economy governments to see aside additional funds for irreparable climate-driven harms. Politics & World Affairs [Iran’s Conservative Tightrope]( [Djavad Salehi-Isfahani]( explains why the country’s hardliners may no longer be able to force their will on the public. Culture & Society [FIFA’s World Cup Follies]( [Ian Buruma]( dives into the thicket of fatuousness, hypocrisy, and greed that the tournament has become. [Register now for our upcoming event, Nature's Moment, streaming December 16 at 3 PM CET.]( 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. Receipt of this newsletter does not guarantee rights to re-publish any of its content. This newsletter is a service of [project-syndicate.org](. © Project Syndicate, all rights reserved. [Unsubscribe from this list](