Good nationalism not reflex globalism

Agreements should be judged not by how many barriers are torn down but whether people are empowered

Severe consequences if Trump wins

He could surely set off the worst trade war since the Great Depression, writes Lawrence Summers

Europe kills off the criminals’ banknote

The €500 note has an important role facilitating illicit activity

1970s street fashions, pfeatures

World stumped by stubbornly low inflation

There is no evidence that policymakers are acting strongly to restore their credibility

No free lunches but plenty of cheap ones

By improving incentives or making strategic investments we can achieve conflicting objectives

Heed the fears of the financial markets

They understood the gravity of the 2008 crisis well before the Federal Reserve

Central banks wrong about room for action

The unresolved question is how policy can delay and ultimately contain the next recession

Grasp the reality of China’s rise

Reasonable dialogue requires a recognition of the tensions between short and long-term interests

Fed looks set to make a dangerous mistake

Raising rates this year will threaten all of the central bank’s major objectives

Long-termism no panacea, but it’s a start

The real need is for a cadre of trusted, tough-minded investors that will support strong management teams

The economic traps to avoid

Clear-eyed, bold action is what the world requires if the financial drama is to subside

Europe’s failed state in waiting

Greece is no longer about numbers. It is about the high politics of Europe

Setback to American leadership on trade

We do not need more globalisation, but to make sure the globalisation we have works for all citizens

Ukraine merits debt reduction

Failure to cut burden would confirm view that private interests influence public policy too much

Time US woke up to new economic era

Failure of strategy and tactics was a long time coming and it should lead to a comprehensive review

Trade deal must work for US middle class

The view is that trade and globalisation have increased inequality in the US

Inflation should be the focus for Fed

Aborting recovery and risking a further slowing of price rises is potentially catastrophic

Morning again for the middle classes

There is little hope for integration and co-operation if it is seen as benefiting a global elite

Time to put a proper price on carbon

The fall in oil prices and declines in other energy prices make the case for a tax overwhelming

A sign of lost collective faith

The only answer is prompt and aggressive responses to failure


Lawrence Summers Lawrence H. Summers was director of the National Economic Council for President Barack Obama until November 2011. He is currently the Charles W. Eliot University Professor at Harvard University and Weil Director, Mossavar-Rahmani Center for Business & Government at the Harvard Kennedy School. He served as 27th president of Harvard from July 2001 until June 2006 and has served in a series of senior public policy positions, including secretary of the treasury of the United States, political economist for the President’s Council of Economic Advisers and chief economist of the World Bank.

In 1993 he received the John Bates Clark Medal, given every two years to the outstanding American economist under the age of 40. Mr Summers received his BS from MIT and his PhD in economics from Harvard.

Read the Larry Summers blog