Professor of International and Public Affairs @BrownUniversity @WatsonInstitute. Author of Inflation (6 May 2025), Angrynomics, and Austerity.
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Articles by Mark Blyth
Burning Down the House
I’m driving back to the hotel after the conference dinner and Mark Blyth in the passenger seat is pointing energetically, urging me to make the left turn in his Scottish lilt, “Go! Go!” I’m thinking, who is this dude?, and during the conference I found out. Although I was not interested in his commentary about making a left turn in a dark Wellesley suburb while being blinded by oncoming headlights, I soon realized that I wanted to hear pretty much anything else he had to say.
Investing in the New Economic Regime
Overview Alan Dunne in conversation with Mark Blyth on why the economic regime is fundamentally shifting & launch of Regime Adaptive Fund Investing in the New Economic Regime Join us in person for an exciting event for investors and finance professionals as Mark Blyth, Professor of International Economics at Brown University and author of Angrynomics sits with Alan Dunne, founder of Archive Capital Advisors to discuss Investing in the New Economic Regime. The hardware of captialism still runs.
Lonely Empire
en English Quarterly Winners & Losers Mar 16, 2026 The Trump administration’s overt imperialism has unraveled the global order of shared norms and institutions faster than anyone expected. We now find ourselves at a juncture where everyone must either follow the US back into the jungle or refuse, leaving the America to its own devices. PROVIDENCE – The United States has rediscovered its inner imperialist.
Austerity - The History of a Dangerous Idea
Thursday 23 May 2013 | 1 hour 29 minutes 27 seconds Governments have advanced a policy of draconian budget cuts - austerity - to solve the financial crisis. Austerity however is a dangerous idea that has time and again led to low growth and income inequality. "Austerity" marshals an army of facts to demand that we recognize austerity for what it is, and what it costs us. Mark Blyth is professor of International Political Economy at Brown University.
British Politicast Episode 2: Austerity Economics and Central Banking
Friday 28 June 2013 | 25 minutes 4 seconds In this episode, we focus on austerity and its effects on the economy and the independence of Central Banks during times of financial crisis. The UK coalition government embarked on a programme of spending cuts when it came to power in 2010. Since then many economists and academics have held the view that the intellectual justification for austerity is fallible and it is not a sensible strategy in bad economic times.
Mark Blyth - Impact Interviews
Joel Suss, Managing Editor of our sister blog, LSE British Politics and Policy, spoke to Mark Blyth, Professor of Political Science at Brown University and author of Austerity: The History of a Dangerous Idea about what social scientists and humanities academics can do to improve the accessibility and impact of their work. Presented by Sierra Williams. Produced by Cheryl Brumley. Contributors: Joel Suss, Mark Blyth.
Las tres tecnologías que están alterando el orden mundial
Los medios de noticias tienden a centrarse en las grandes potencias, porque son las que disponen de más recursos, como resultado de economías, ejércitos y dotaciones energéticas relativamente mayores. Pero ese dominio no es gratuito. Por ejemplo, un solo portaaviones estadounidense clase Gerald R. Ford cuesta 13 000 millones de dólares, mientras que el caza F‑35 cuesta unos 100 millones de dólares.
Goedkope drones, mobiele telefoons en zonne-energie ontwrichten de bestaande wereldorde
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The three technologies disrupting the global order
News media tend to focus on the world’s major powers, because they command more resources by dint of their relatively larger economies, militaries, and energy endowments. But there are costs to such dominance. For example, a single American Gerald R. Ford-class aircraft carrier costs $13bn, while the F-35 fighter jet costs around $100mn. So, if you can build your military equipment for less than your opponent, you can gain a strategic advantage.
Las tres tecnologías que están transformando el orden mundial
Los medios de comunicación suelen centrarse en las grandes potencias mundiales, ya que controlan más recursos gracias a sus economías, fuerzas armadas y reservas energéticas relativamente mayores. Sin embargo, este dominio tiene un precio. Por ejemplo, un solo portaaviones estadounidense de la clase Gerald R. Ford cuesta 13,000 millones de dólares, mientras que el avión de combate F-35 cuesta alrededor de 100 millones.
Οι τρεις τεχνολογίες που διαταράσσουν την παγκόσμια τάξη
Project Syndicate Τα μέσα ενημέρωσης τείνουν να επικεντρώνονται στις μεγάλες δυνάμεις του κόσμου, επειδή διαθέτουν περισσότερους πόρους χάρη στις σχετικά μεγαλύτερες οικονομίες, τους στρατούς και τα ενεργειακά τους αποθέματα. Ωστόσο, υπάρχει κόστος για μια τέτοια κυριαρχία. Για παράδειγμα, ένα μόνο αμερικανικό αεροπλανοφόρο κλάσης Gerald R. Ford κοστίζει 13 δισεκατομμύρια δολάρια, ενώ το μαχητικό αεροσκάφος F-35 κοστίζει περίπου 100 εκατομμύρια δολάρια.
Las tres tecnologías que están alterando el orden mundial
Los medios de noticias tienden a centrarse en las grandes potencias, porque son las que disponen de m√°s recursos, como resultado de econom√≠as, ej√©rcitos y dotaciones energ√©ticas relativamente mayores. Pero ese dominio no es gratuito. Por ejemplo, un solo portaaviones estadounidense clase Gerald R. Ford cuesta 13 000 millones de d√≥lares, mientras que el caza F‚ÄĎ35 cuesta unos cien millones de d√≥lares.
The Three Technologies Disrupting the Global Order
News media tend to focus on the world’s major powers, because they command more resources by dint of their relatively larger economies, militaries, and energy endowments. But there are costs to such dominance. For example, a single American Gerald R. Ford-class aircraft carrier costs $13 billion, while the F-35 fighter jet costs around $100 million. So, if you can build your military equipment for less than your opponent, you can gain a strategic advantage.
Trumps Klimakrieg
Über die Beweggründe hinter der umweltfeindlichen Politik von US-Präsident Donald Trump gibt es konkurrierende Erklärungen. Handelt es sich um den Einfluss kohlenstoffintensiver Industrien in von Republikanern regierten Bundesstaaten? Oder spiegelt sie vielmehr eine ideologisch motivierte Ablehnung der Vorstellung wider, dass der Staat eine steuernde Rolle in der Wirtschaft spielen sollte?
Las tasas de interés más bajas son la política correcta por las razones equivocadas
Dictadura llena el Banco Central y los bancos con más de 100,000 millones de córdobas Tramo uno de nueva pista no tiene bahías para buses del transporte colectivo e interlocal Cómo Rosario Murillo se convirtió en la voz absoluta de la dictadura Jefe del Ejército de Nicaragua se suma a gira en China en medio de presiones de EE. UU.
Lower Interest Rates Are The Right Policy For The Wrong Reasons
As its September meeting approaches, the US Federal Reserve is once again coming under political pressure to lower rates. President Donald Trump has been calling for such a move for months – sometimes demanding cuts as large as three percentage points – and openly attacking Fed Chair Jerome Powell and individual Fed board members.
Lower Interest Rates Are the Right Policy for the Wrong Reasons
There is strong evidence to support the case for interest-rate cuts in the United States, given the disproportionate impact of higher rates on the most vulnerable. Yet with Donald Trump loudly demanding that the US Federal Reserve lower borrowing costs, the situation has become more complicated than it needed to be. PROVIDENCE – As its September meeting approaches, the US Federal Reserve is once again coming under political pressure to lower rates.
Lower Interest Rates Are the Right Policy for the Wrong Reasons
There is strong evidence to support the case for interest-rate cuts in the United States, given the disproportionate impact of higher rates on the most vulnerable. Yet with Donald Trump loudly demanding that the US Federal Reserve lower borrowing costs, the situation has become more complicated than it needed to be. PROVIDENCE β As its September meeting approaches, the US Federal Reserve is once again coming under political pressure to lower rates.
Kako Trumpova politika koči američku i svjetsku zelenu tranziciju
Postoji više suprotstavljenih teorija o tome što pokreće antizelenu politiku koju je prihvatio američki predsjednik Donald Trump. Možda odražavaju utjecaj industrije s visokim udjelom emisija ugljika u državama pod kontrolom republikanaca, možda kanaliziraju ideološko neprijateljstvo prema ideji da bi država trebala igrati bilo kakvu ulogu planiranja u gospodarstvu. U svakom slučaju, sve je očitije da Trumpova administracija želi zaustaviti dekarbonizaciju ne samo u SAD-u, već i globalno.
US President Donald Trump’s global war on decarbonization
By Mark Blyth and Daniel Driscoll There are multiple competing theories about what drives the anti-green policies embraced by US President Donald Trump. Perhaps they reflect the influence of carbon-heavy industries in Republican-controlled states. Or perhaps they channel ideological hostility to the notion that the state should play any kind of planning role in the economy.
Trump’s war on decarbonization aims to prevent China’s success in Green Tech
Trump’s climate policy is no accident, two American scholars argue. The United States aims to break China’s dominance in green technologies and weaponize fossil fuels – with drastic consequences for the planet. Sign up now and continue reading immediately No credit card details required. No automatic renewal. Sie haben bereits das Table.Briefing Abonnement? Anmelden und weiterlesen Share Copied!
US undercutting global demand for green tech
There are multiple competing theories about what drives the anti-green policies embraced by US President Donald Trump. Perhaps they reflect the influence of carbon-heavy industries in Republican-controlled states. Or perhaps they channel ideological hostility to the notion that the state should play any kind of planning role in the economy. Whatever the case, it is increasingly apparent that the Trump administration wants to halt decarbonization not only in the United States but globally.
Sunday Science: Trump’s Global War on Decarbonization
Sunday Science: Trump’s Global War on Decarbonization Published August 24, 2025 PROVIDENCE – There are multiple competing theories about what drives the anti-green policies embraced by US President Donald Trump. Perhaps they reflect the influence of carbon-heavy industries in Republican-controlled states. Or perhaps they channel ideological hostility to the notion that the state should play any kind of planning role in the economy.
Trump’s Global War on Decarbonization
The Trump administration is doing everything it can to ensure that fossil fuels remain dominant in the energy mix of the twenty-first century. If it succeeds, the short-term returns to the US will be huge; but the long-term damage to the planet will be orders of magnitude larger. Featured Starvation in Gaza and Our Global Shame Adam Smith at 250 The True Meaning of Trump’s Tariffs Will Trump’s Working-Class Base Turn on Him?
Trump’s Global War on Decarbonization - Mark Blyth
PROVIDENCE – There are multiple competing theories about what drives the anti-green policies embraced by US President Donald Trump. Perhaps they reflect the influence of carbon-heavy industries in Republican-controlled states. Or perhaps they channel ideological hostility to the notion that the state should play any kind of planning role in the economy.
The Price Of Cheap Money
Try GOLD - Free The Wall Street Journal | August 09, 2025 Inflation By Mark Blyth and Nicolò Fraccaroli Norton, 288 pages, $31.99 Inflation is both a remarkably complex and extremely simple phenomenon. The complexity lies in the variety of circumstances that typically accompany its appearance. These may include an energy or some other kind of supply shock, acute social confl This story is from the August 09, 2025 edition of The Wall Street Journal.
Opinion: The world economy is on the brink of epochal change
The world economy is like a supercomputer that churns through trillions of calculations of prices and quantities, and spits out information on incomes, wealth, profits and jobs. This is effectively how capitalism works — as a highly efficient information-processing system. To do that job, like any computer, capitalism runs on both hardware and software. The hardware is the markets, institutions and regulatory regimes that make up the economy.
The Atlantic: Světová ekonomika se promění podle lidí, jako je Trump a Musk. Pokud nepřijdeme s lepším nápadem
Kontext••11 minut Operační systém kapitalismu čeká zásadní upgrade. Výsledek závisí na politických rozhodnutích s dalekosáhlými důsledky Světová ekonomika je jako superpočítač, který provádí biliony výpočtů cen, objemu zboží a služeb a chrlí informace o příjmech, bohatství, ziscích a pracovních místech. Takhle v podstatě funguje kapitalismus: jako vysoce efektivní systém zpracování informací. Aby mohl tuto úlohu plnit, potřebuje – stejně jako každý počítač – hardware i software.
A Reboot for Capitalism’s Operating System Original
The world economy is like a supercomputer that churns through trillions of calculations of prices and quantities, and spits out information on incomes, wealth, profits, and jobs. This is effectively how capitalism works—as a highly efficient information-processing system. To do that job, like any computer, capitalism runs on both hardware and software. The hardware is the markets, institutions, and regulatory regimes that make up the economy.
Inflation Explained: Why Most People Lose, and Some Win Big
Mark Blyth and Nicolo Fraccaroli are colleagues at Brown University. Mark is a Professor of International Economics and of International and Public Affairs, as well as Director of the William R. Rhodes Center for International Economics and Finance. Nicolo is a visiting scholar and, beyond Brown, he is an economist at the World Bank. Inflation does not affect everyone equally. Some people get hit very hard by inflation, whereas others may even stand to benefit from such periods of time.
Inflation Isn’t Just About Too Much Money Supply. The Fed Alone Can’t Fix It.
We’ve Been Wrong About Inflation for Years. Fixing It Now Requires New Thinking.
Inflation Isn’t Just About Too Much Money Supply. The Fed Alone Can’t Fix It.
About the author: Mark Blyth is the William R. Rhodes professor of international economics and professor of international and public affairs at Brown University. He is the author, with Nicolò Fraccaroli, of Inflation: A Guide for Users and Losers. Ten years ago, trillions of dollars of advanced-economy government debt traded at a negative real interest rate. Deflation, not inflation, was the euro zone’s main problem, and central bank researchers wondered where all the inflation had gone.
We’ve Been Wrong About Inflation for Years. Fixing It Now Requires New Thinking.
Deflation, not inflation, was the euro zone’s main problem, and central bank researchers wondered where all the inflation had gone. Hopes that the Federal Reserve and other central banks can quash the problem by simply raising interest rates are likely to be dashed. There is good reason to believe that the old inflation regime won’t quickly return.
Trump, los aranceles y el destino del dólar
PROVIDENCE – Con la imposición de aranceles “demenciales” al resto del mundo por parte de la administración Trump, a muchos analistas les preocupa el problema del “lavado cuerdo”: imputar razones convincentes a políticas que no las tienen. Argumentan que este análisis ingenuo distrae la atención de la estafa que se está desarrollando ante nuestros ojos.
Decarbonising national growth models: derisking, ‘hobbled states’, and the decarbonisation possibility frontier
Abstract This article brings together Growth Model Theory and climate change under the assumption that economic growth will remain a policy priority during the green transition. The relevant research question from a Growth Model perspective thus becomes ‘how easy or difficult is it for specific Growth Models to switch from carbon-based growth to green growth?’ In answering this question, the article makes two main contributions.
Macrofinance and the green transformation: nudging, attracting, and coercing capital towards decarbonization
Abstract How should states secure funding to support the green transformation, where the state is an actor that is both public and dependent upon private interests? This pressing issue in international political economy (IPE) has so far generated different and dissonant scholarly discussion. This special issue brings analytic and empirical specificity to these conversations in order to map out the possible macrofinancial strategies that states have open to them.
Tariffs will raise prices. But the climate crisis is the real inflation risk
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Trump, Tariffs, and the Dollar's Fate
With the Trump Administration imposing "insane" tariffs on the rest of the world, many commentators are worried about the problem of “sane-washing”: imputing cogent rationales to policies that have none. Such naive punditry, they argue, distracts from the grift that is unfolding before our eyes. The Trump family’s moves into the crypto sphere, where its meme coins serve as an open invitation for bribes, certainly supports this interpretation.
Tariffs, the Dollar, and the End of Free Trade Consensus
Tariffs, crypto grift, and chaos—or is a deeper economic reordering already reshaping the global system? With the Trump administration imposing “insane” tariffs on the rest of the world, many commentators are worried about the problem of “sane-washing”: imputing cogent rationales to policies that have none. Such naive punditry, they argue, distracts from the grift that is unfolding before our eyes.
US jilting of free trade reflects global economic reordering
With the Trump administration imposing "insane" tariffs on the rest of the world, many commentators are worried about the problem of "sane-washing": imputing cogent rationales to policies that have none. Such naive punditry, they argue, distracts from the grift that is unfolding before our eyes. The Trump family's moves into the crypto sphere - where its meme coins serve as an open invitation for bribes - certainly support this interpretation.
Trump, los aranceles y el destino del dólar Original
Con la administración Trump imponiendo aranceles «descabellados» al resto del mundo, muchos comentaristas se preocupan por el problema del «lavado de imagen»: atribuir justificaciones convincentes a políticas que no las tienen. Argumentan que esta ingenuidad de los expertos distrae de la estafa que se está desarrollando ante nuestros ojos.
Mark Blyth | Tariffs and the fate of the dollar
With the Trump administration imposing “insane” tariffs on the rest of the world, many commentators are worried about the problem of “sane-washing”: imputing cogent rationales to policies that have none. Such naive punditry, they argue, distracts from the grift that is unfolding before our eyes. The Trump family’s moves into the cryptosphere – where meme coins serve as an open invitation for bribes – certainly support this interpretation.
Trump, les tarifs douaniers et le sort du dollar
Alors que l’administration Trump impose des droits de douane « insensés » au reste du monde, de nombreux commentateurs se sont attardés sur la couverture médiatique de ses décisions, en mettant à nouveau en lumière la notion de « sanewashing » (aseptisation), soit le fait de minimiser la radicalité ou l’incohérence des propos de M. Trump pour les rendre plus compréhensibles pour le grand public, au risque d’attribuer des justifications convaincantes à des politiques qui n’en ont pas.
Trump, Tariffs, and the Fate of the Dollar | by Mark Blyth - Project Syndicate
Donald Trump’s attempt to reindustrialize the US economy by eliminating trade deficits will undoubtedly cause pain and disruption on a massive scale. But it is important to remember that both major US political parties have abandoned free trade in pursuit of similar goals. PROVIDENCE – With the Trump administration imposing “insane” tariffs on the rest of the world, many commentators are worried about the problem of “sane-washing”: imputing cogent rationales to policies that have none.
La austeridad ha vuelto, y más peligrosa que nunca
PROVIDENCE – ¿Qué tienen en común Rachel Reeves, Javier Milei y Elon Musk? Todos predican el evangelio de la austeridad como cura necesaria para lo que aqueja a sus respectivas economías. Así, Reeves, ministra de Hacienda del Reino Unido, ha endurecido las normas de gasto e inversión públicos, a pesar de que la restricción fiscal ha sido una de las principales causas de los problemas del país en los últimos 15 años.
Vuelve la austeridad, y es más peligrosa que nunca
Fuentes: Sin permiso Quince años después de la crisis financiera mundial, la austeridad ha vuelto. Pero esta vez no es solo una idea económicamente peligrosa que promete empeorar una mala situación; en manos de Elon Musk y del presidente argentino Javier Milei, también es un arma política y una herramienta redistributiva. ¿Qué tienen en común Rachel Reeves, Javier Milei y Elon Musk? Todos predican el evangelio de la austeridad como una cura necesaria para lo que aqueja a sus respectivas economías.
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