In his November 7, 2023 New York Times newsletter, the economist Paul Krugman asks a good, albeit belated, question: Why did so many economists get the inflation outlook wrong? After all, the near-consensus among mainstream economists in recent years was that inflation would persist – and even accelerate – and that this justified substantial interest-rate hikes by the US Federal Reserve. Yet the quasi-inflation of 2021-22 proved transitory. Krugman poses his question with impeccable diplomacy, professing “respect” for three authors of a September 2022 paper published by the Brookings Institution (which was then promoted by Harvard University’s Jason Furman) projecting…

We in the West like to imagine that liberal democracy spread because others were attracted by its intrinsic merits. It didn’t. It spread through military victories – a fact that the rest of the world has not forgotten. Only now, perhaps, are we learning how limited its appeal is. Several countries which we thought were in our camp turned out to be pro-Western only contingently and transactionally. The moment they saw our power waning, they began to look elsewhere. We see the shift in the reluctance of states beyond Europe, the Anglosphere and a handful of East Asian democracies to…