Dear Reader,
As the global recession deepens, state capitalism is making a comeback. Does this signal the end of the free market as we know it? In the May/June 2009 issue of Foreign Affairs, Eurasia Group president Ian Bremmer warns against this spate of government intervention especially in emerging-market economies. For developing countries, he argues, short-term benefits will likely be offset with future losses in productivity and inefficiencies. The United States must lead by example and embrace free market capitalism or risk further weakening the global economy. Subscribe today to read this timely article -- and get one year of Foreign Affairs delivered to your home of office -- for only $19.95.
Also in this issue, two experts debate whether or not the current financial crisis will lead to the grave economic stagnation as seen in Japan's "lost decade" of the 1990s. In the March/April 2009 issue, Richard Katz argued that the United States economic slump is not a replay and was born from correctable policy mistakes, not deep structural flaws. Responding, Robert Madsen counters that not only is the U.S. at risk, but the entire world teeters on disaster, to which Katz writes a reply. Your Foreign Affairs subscription includes full access to the online archives, so you can read both the original article and the discussion that followed.
China's rapid economic growth coupled with the current financial crisis make the China-U.S. economic policy more crucial than ever -- and protectionism is not the answer, argues Asian economics expert Derek Scissors. He explains that casual calls for a G-2 to discuss bilateral trade are not enough. Delving into the complexity of market reform, Scissors makes specific and pragmatic recommendations on how the Obama administration should engage China. Also on this topic, Elizabeth C. Economy and Adam Segal, Senior Fellows at the Council on Foreign Relations, encourage U.S. policymakers to remain flexible in their diplomatic approach to China.
This issue also includes an exclusive excerpt from Power Rules by Leslie Gelb, President Emeritus of the Council on Foreign Relations, on the decline of the U.S. as a nation and a world power, which, he argues, is a serious but reversible situation. In our book review section, you'll find Zbigniew Brzezinski's critique of War of Necessity, War of Choice by Richard Haass, President of the Council on Foreign Relations, and Fouad Ajami's review of Itamar Rabinovich's book on Syria.
Subscribe today for only $19.95 -- 67% off the cover price -- to read these articles and more. Your subscription includes six 200-page issues -- that's 1,200 pages -- delivered to your home or office. You'll also get exclusive content on the recently relaunched www.ForeignAffairs.
Best,
James F. Hoge Jr.
Editor, Foreign Affairs
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