Economists have drawn the wrong lessons from the failures of the 1930s.

If China’s average consumption growth rate is indeed 3–4 percent over the next five to ten years, that must also be the upper limit of China’s GDP growth rate.

Rather than treat tariffs as a species of evil that must always be resisted, economists should instead debate the conditions under which they are likely to be harmful versus those under which they are likely to be beneficial.

Sophia Besch sits down with Michael Pettis to talk about the failures of our modern global trading system and how to fix them.

Sophia Besch sits down with Michael Pettis to talk about the failures of our modern global trading system and how to fix them.

Trade never clears incrementally. It only clears systemically, and external imbalances are always, and must always be, perfectly consistent with internal imbalances.