During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows.
The United States today is hopelessly polarized; the political Right and Left have hardened into rigid and deeply antagonistic camps, preventing any sort of progress. Amid the bickering and inertia, the promise of the 1960s—when we came together as a nation to fight for equality and universal justice—remains unfulfilled.
Ronald Reagan's Cold War strategy, well established in his first year in office, did not change: to make absolutely sure in the minds of the Soviets that they too would be destroyed in a nuclear war—even as Reagan sought an alternative through strategic defense to make nuclear missiles obsolete and thus eliminate the possibility of an all-out nuclear war.
The recent financial crisis had a profound effect on both public and private universities, which faced shrinking endowments, declining charitable contributions, and reductions in government support. Universities responded to these stresses in different ways.
In this collection of bold and wide-ranging essays, Fouad Ajami offers his views on the Middle East, commenting on the state of affairs in Iraq, Iran, Syria, Egypt and more. He brings into focus the current struggles of the region through detailed historical standpoints and a highly personal perspective.
The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises. More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises.
Adam Smith may have become the patron saint of capitalism after he penned his most famous work, The Wealth of Nations. But few people know that when it came to the behavior of individuals—the way we perceive ourselves, the way we treat others, and the decisions we make in pursuit of happiness—the Scottish philosopher had just as much to say. He developed his ideas on human nature in an epic, sprawling work titled The Theory of Moral Sentiments.
The North American Free Trade Agreement (NAFTA) was bold and controversial from the start. When first conceived, it was far from obvious that it would be possible given the circumstances of the times. This book presents an expert view of NAFTA from the perspective of economists, historians, and policy makers in the words of those who negotiated it and whose research evaluates it.
The depth of Hoover’s scholarship is reflected in the numerous books published by our fellows on a broad variety of topics and issues. This timely and prodigious output offers insight on the most pressing issues in public policy.