Adam Tooze
Adam Tooze
History - Economics - Theory Columbia University. Born UK, raised FRG. Mensch mit Migrationshintergrund. Chartbook Newsletter: https://adamtooze.substack.comSource
New York City, NY
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By pushing for more oil production, the US is killing its climate pledges

By pushing for more oil production, the US is killing its climate pledges

The UN’s Intergovernmental Panel on Climate Change (IPCC) report has driven home just how dangerous the climate crisis is. Faced with this unprecedented and unique challenge, the central question is: can we change course rapidly enough to contain the damage and preserve a halfway liveable planet? If the stark findings of the IPCC were not alarming enough, they are all the more so given the mounting evidence that the impetus for large-scale climate action may be ebbing. Given the onrushing disaster, we may be forgiven mood swings. Earlier this year, it seemed that the balance of political...

Aug 12
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The Rise and Fall and Rise (and Fall) of the U.S. Financial Empire

The Rise and Fall and Rise (and Fall) of the U.S. Financial Empire

If 2020 confirmed one thing, it was the centrality of the dollar to the global economy. may already have passed us in a political and strategic sense, but U.S. financial influence is proving more enduring. This is reassuring in the sense that the U.S. Federal Reserve has once again acted as a responsive and generous steward of the dollar-based financial system. But it is also a cause of puzzlement and frustration.While China and Russia experiment with alternatives to the dollar-based payment system, in Europe the buzzword of the day is “strategic autonomy.” Given the increasing aggression...

Jan 15
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Did Xi Just Save the World
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Did Xi Just Save the World
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“China will scale up its Intended Nationally Determined Contributions by adopting more vigorous policies and measures. We aim to have [carbon dioxide] emissions peak before 2030 and achieve carbon neutrality before 2060.”Xi Jinping’s speech via video link to the United Nations General Assembly on Sept. 22 was not widely trailed in advance. But with those two short sentences China’s leader may have redefined the future prospects for humanity.That may sound like hyperbole, but in the world of climate politics it is hard to exaggerate China’s centrality. Thanks to the gigantic surge in...

September 25, 2020
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The Normal Economy Is Never Coming Back

The Normal Economy Is Never Coming Back

As the coronavirus lockdown began, the first impulse was to search for historical analogies—1914, 1929, 1941? As the weeks have ground on, what has come ever more to the fore is the historical novelty of the shock that we are living through. As a result of the coronavirus pandemic, America’s economy is now widely expected to shrink by a quarter. That is as much as during the Great Depression. But whereas the contraction after 1929 stretched over a four-year period, the coronavirus implosion will happen over the next three months. There has never been a crash landing like this before. There...

April 9, 2020
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The Coronavirus Is the Biggest Emerging Markets Crisis Ever

The Coronavirus Is the Biggest Emerging Markets Crisis Ever

We used to think that the 2007-2008 financial crisis set the standard for a savage global shock. But that crisis took more than 12 months to spread from the overbuilt suburbs of California and southern Spain to the financial centers of the world. The coronavirus pandemic has taken just three months to engulf first China and now Europe and North America. As it has swept west it has triggered an economic crisis whose violence is set to exceed anything we have previously witnessed.The global shock has an uneven chronology. In the West it was the virus that triggered the financial crisis. In...

March 28, 2020
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