The vision crafted at Bretton Woods in 1944 opened markets, boosted trade, and created billions of jobs. The United States’ collaborative leadership paved the way for decades of growth and prosperity both at home and abroad. But that system is aging poorly. After the twin shocks of the Global Financial Crisis and now the Coronavirus crisis, there is an open question of whether capitalism still works. Rising skepticism about the value of international cooperation and global trade means people are turning inwards for answers – towards protectionism and isolationism.
The GeoEconomics Center will come at this challenge with the core principles that free markets and international cooperation provide the best structure to enable human potential, but it is time for capitalism to evolve.
On the domestic front, the GeoEconomics center will establish The Inclusive Growth Project in order to show how advanced economies can once again achieve widespread prosperity in the post COVID-19 world. The project will examine the economic fractures which existed before COVID-19, including the rise of wealth, income, and intergenerational inequality within advanced economies. Our work will assess the consequences of aging demographics, low productivity growth, and automation on countries’ growth potential.
On the international front, the GeoEconomics Center will establish The Bretton Woods 2.0 Project. Through research and convening we will build a blueprint for reform of the Bretton Woods Institutions, with a focus on adapting to the rise of China. The project will ask three fundamental questions: Do the IMF, World Bank, and WTO each serve the purpose for which they were created? How can they be reformed? Would different institutions work better?
Diversity, Equity, and Inclusion Sep 14, 2020
COVID-19 has revealed the cost of disrupted education and child care inequality
By Nicole Goldin
Out of this COVID-19 crisis comes the opportunity to reimagine education to better supply today’s young generation with the skills to meet the demands of an even more rapidly changing economy; and to recognize and mitigate the burdens of care, disproportionately faced by women, to increase productivity and facilitate economic participation.
Future of Capitalism Jun 12, 2020
How COVID-19 is worsening America’s racial economic divide
By Nicole Goldin
While the White House cheered the surprising jobs numbers on June 5, many Americans—especially people of color, women, lower-skilled workers, young people, or rural residents—remain out of work and left behind by this nascent recovery.