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MARTIN WOLF
Economists’ Forum
Lessons to be learnt from the financial crisis: It is not enough to say that we can clear up crises afterwards. That is too complacent and too one-sided, writes Martin Wolf
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Martin Wolf is associate editor and chief economics commentator at the Financial Times, London. He was awarded the CBE (Commander of the British Empire) in 2000 “for services to financial journalism”. Mr Wolf is an associate member of the governing body of Nuffield College, Oxford, honorary fellow of Corpus Christi College, Oxford University, an honorary fellow of the Oxford Institute for Economic Policy (Oxonia) and a special professor at the University of Nottingham. He has been a forum fellow at the annual meeting of the World Economic Forum in Davos since 1999 and a member of its International Media Council since 2006. He was made a Doctor of Letters, honoris causa, by Nottingham University in July 2006. He was made a Doctor of Science (Economics) of London University, honoris causa, by the London School of Economics in December 2006.
Mr Wolf was joint winner of the Wincott Foundation senior prize for excellence in financial journalism for 1989 and 1997. He won the RTZ David Watt memorial prize for 1994, the “Accenture Decade of Excellence” at the Business Journalist of the Year Awards of 2003 and the Newspaper Feature of the Year Award at the Workworld Media Awards 2003. On December 1 2005 he was given First Magazine’s “Special Advocacy Award” at its annual “Award for Responsible Capitalism”. In January 2008, he won the AMEC Lifetime achievement Award at the Workworld Media Awards for 2007. He came second equal in the Royal Statistical Society’s awards for statistical excellence in journalism for 2008, in the category for print and online journalism. He won the “Commentator of the Year” award at the Business Journalist of the Year Awards of 2008. He was also placed among the world’s 100 leading public policy intellectuals by the British magazine Prospect and the US magazine, Foreign Policy in May 2008.
His most recent publication is Why Globalization Works (Yale University Press, 2004). - -
Lessons to be learnt from the financial crisis
The aim of this year’s report by the Bank for International Settlements is clear: it is to reduce the frequency and severity of crises. It is not enough to say that we can clear up afterwards. That is too complacent and too one-sided, writes Martin Wolf
Britain has run out of luck
What is ahead will be tougher than the expansion the UK has been used to for16 years. But it’s not the end of the world, writes Martin Wolf
How to see world economy through two crises
In the short term, the biggest monetary policy requirement is a tightening in emerging economies, many of which have strongly negative real interest rates. As important is letting jumps in energy prices pass through, forcing adjustments in energy use, writes Martin Wolf
How imbalances led to credit crunch and inflation
What explains the combination of a ‘credit crunch’ in the US with soaring commodity prices and rising inflation across the globe? Are these related events? So far this is not a return to the 1970s. But action is needed to keep this true, writes Martin Wolf
Britain’s utility model is broken
Investors have been able to buy the companies, replace the equity with debt and enjoy a licence to print money, writes Martin Wolf
Sustaining growth is the century’s big challenge
Jeffrey Sachs has produced an analysis that manages to be both pessimistic and optimistic at the same time. One might not be quite as optimistic about the solutions. But one must recognise the salience of the challenges, writes Martin Wolf
Useful dos and don’ts for fast economic growth
Achieving sustained, rapid growth turns out to be very hard. This is no objection to the findings of the Growth Report – it is, rather, an admission of how little we know about such a complex economic, social and political process, writes Martin Wolf
Britain is better off outside the euro
If a country is to join the eurozone, its people must be willing to cope with the consequences forever, writes Martin Wolf
Emu’s second 10 years may be tougher
The eurozone is a triumph as a monetary union. Yet it is much less so as an economic union. Its creation has not caused the acceleration in dynamism that proponents hoped for – if anything, structural reforms have slowed, writes Martin Wolf
Preserving the open economy at times of stress
Everybody should remember, above all, that the opening of the world economy is the west’s greatest economic policy achievement. It would be a tragedy if it were to turn its back on the world when the rest of humanity is at last turning towards it, writes Martin Wolf
