Australian foreign policy was dramatically recast 80 years ago in ways that still reverberate today. It went hand-in-hand with a far-reaching overhaul of economic life, the contours of which lasted long enough to help drive a recovery from the pandemic recession. These wartime military and…

Reserve Bank of Australia Governor Philip Lowe has a coffee mug in his office inscribed with the words “half full.” Lowe says he's an optimist about next year, as do many of his peers. They’ll have to make it through 2021 first. The global economy is in for a choppy future that may provide few…

The Treasury Department has a warning for the emerging world: The export-your-way-to-prosperity template has fallen out of favor. Once thought to be in US interests — as a way of getting plentiful cheap goods — this model of development is now meeting more skepticism. The message for Asia should be…

China kicked off the year with a record expansion that even surpassed the glory days of the 1990s, when manufacturing and export stardom beckoned. The first-quarter performance — stellar as the headlines are — masks shortcomings and vulnerabilities that will likely constrain the economy in coming…

The global recovery needs to call its agent. An economic rebound as brawny as the one projected this year ought to be a cause for celebration. It’s a relief that gross domestic product will enjoy its biggest spurt in years — perhaps even decades — following the biggest drop since the 1930s…

The Federal Reserve's rescue of the global financial system one year ago prevented a public health crisis from degenerating into market chaos. When histories of the Covid-19 pandemic are written, it would be shortsighted to ignore this exercise in financial diplomacy that cemented the dollar’s role…

The global economic recovery has suffered a glancing blow. The recent performances of big commercial powers and small-but-indicative nations point to a far-from-perfect rebound. A trio of Asian countries reporting growth this week show why the bullish scenarios tossed around at the end of 2020…

For millennia, interest rates have been the primary tool for setting the price of money. They have determined how medieval kingdoms financed faraway conquests and modern nations fought wars. They affect everything from the cost of food, shelter and transportation to healthcare and government…

Time to stop trash-talking inflation. Forecasts for a decent pickup in the pace of price increases ought be welcomed, and we’re a long way from the bad old days of the 1970s. While measures of US inflation gained at the end of last year, they are well below levels desired by the Federal Reserve…