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But unlike many Chinese entrepreneurs, she mixed with critics of the party, organizing dinners and salons that brought together liberal intellectuals, retired officials and longtime dissenters.

Now, Ms. Geng is set to stand trial in Beijing on Tuesday and may spend years in prison for her support for those at odds with China’s deepening authoritarianism,

“It’s a selective system of enforcement,” Ms. Cai added. “They can make up whatever they want when they want to slap a crime on you.”

Not long ago, the struggle between racial liberalism and racial conservatism was a battle fought inside the Democratic and Republican parties. Now it’s a battle fought between the parties.

As African-Americans and other racial minorities increasingly occupy positions of influence and authority in American society, they also face backlash from those on the right whose opposition to ceding power is fierce, whether their opposition is veiled or out in the open. This opposition is now lodged solidly in the contemporary Republican Party, and the two parties regularly confront each other with rising intensity over the issue.

the importance of ethnicity and race in American politics is growing, not diminishing.

the pandemic has pushed all of the country’s problems to the center of American life. It has also highlighted how our political class, disproportionately wealthy and white, dithers for weeks, only to produce underwhelming “rescue” bills that, at best, do no more than barely maintain the status quo.

The median wealth of a U.S. senator was $3.2 million as of 2018, and $900,000 for a member of the House of Representatives. These elected officials voted for one-time stimulus checks of $1,200 as if that was enough to sustain workers, whose median income is $61,973 and who are now nearly two months into various mandates to shelter-in-place and not work outside their homes. As a result, a tale of two pandemics has emerged.

The crisis spotlights the vicious class divide cleaving through our society and the ways it is also permeated with racism and xenophobia.

Fast-food restaurants have a problem: Customers are returning but workers aren’t.And, increasingly, neither are their dining rooms.

broke? Or do I want to be broke working 40 hours a week and working my life away?’”

That’s 1,734,000 openings vs. an estimated 1,475,000 unemployed people, the Fed data shows.

FOR MUCH of the past half-decade, the operative word in the energy sector was “abundance”. An industry that had long sought to ration the production of fossil fuels to keep prices high suddenly found itself swamped with oversupply, as America’s shale boom lowered the price of oil around the world and clean-energy sources, such as wind and solar, competed with other fuels used for power generation, such as coal and natural gas.

In recent weeks, however, it is a shortage of energy, rather than an abundance of it, that has caught the world’s attention.

Britain’s miffed motorists are suffering from a shortage of lorry drivers to deliver petrol. Power cuts in parts of China partly stem from the country’s attempts to curb emissions. Dwindling coal stocks at power stations in India are linked to a surge in the price of imports of the commodity.

They feel that China, the world’s biggest emitter, is doing more than it is given credit for, including plans to peak coal consumption by 2025 and add more new wind and solar power capacity by 2030 than the entire installed electricity system of the US.

Wang, a key consultant on China’s decarbonisation strategy and five-year plan, said his country had delivered a policy framework and detailed roadmap to cut emissions, while other nations were congratulating themselves on vague long-term promises

“To reach our targets, we have outlined a change to our entire system, not just in the energy sector but across society and the economy. Nobody knows this.”

Putin on Thursday opened the door to nationalizing the assets of Western companies pulling out of Russia and exhorted senior officials to “act decisively” to preserve jobs.

“I have no doubt that these sanctions would have been implemented no matter what,” Mr. Putin said in televised remarks on Thursday, arguing that his intervention in Ukraine served merely as a pretext for the West to try to wreck Russia’s economy.

“This will be a gigantic, transformational downturn,”

NATO’s purpose is primarily the defense of Europe.

But NATO, from its origins, was never primarily concerned with aggregating military power. Fielding 100 divisions at its Cold War height, a small fraction of Warsaw Pact manpower, the organization could not be counted on to repel a Soviet invasion and even the continent’s nuclear weapons were under Washington’s control.

Rather, it set out to bind Western Europe to a far vaster project of a U.S.-led world order, in which American protection served as a lever to obtain concessions on other issues, like trade and monetary policy.

Behind the strikes, inflation numbers and talk of all the difficult decisions politicians have to make are a multitude of trapped people, their choices shrinking. People in bad relationships who cannot leave because rents and mortgages have gone up so being single is no longer viable. People who would like to have a child, or another child, but cannot afford its care, or who would like to return to work after having a child but the sums just don’t work. People in bad jobs with no security or benefits who cannot quit and look for alternatives because they have no savings to buffer rising costs. The end result is a crisis not just of the economy, but of freedom.

With that crisis, an entire liberal ambition becomes thwarted. We talk of liberalism in grand abstract terms, as the noble heart of an ideal political order that promotes human rights, the rule of law, civil liberties and freedom from religious dogma and prejudice

But when economic arrangements themselves become coercive and abusive, then political liberalism can coexist with, and indeed mask, a state of illiberalism and bondage. In the throes of personal challenges, lofty political ideals feel remote and irrelevant. All that people like Jane and others have the time or energy to register is a set of invisible oppressive economic forces that simply must be weathered because they are facts of nature

For Sam Bankman-Fried and his crypto exchange FTX, the simple answer is that a leaked balance sheet leads your biggest rival, himself under federal scrutiny, to instigate a sort of “bank run” you cannot possibly cover, exposing billions of dollars in shortfalls you apparently created by riskily investing money that wasn’t yours.

How do you make a multibillion-dollar company disappear in a week?

And revealing yourself, in the process, to be a very new kind of financial villain — one who pitches not just the prospect of profit but also deliverance from the corrupt speculative system in which you “made” your “billions.”

The United States and China, the world’s two largest climate polluters, have agreed to jointly tackle global warming by ramping up wind, solar and other renewable energy with the goal of displacing fossil fuels.

The United States and China, the world’s two largest climate polluters, have agreed to jointly tackle global warming by ramping up wind, solar and other renewable energy with the goal of displacing fossil fuels, the State Department said Tuesday.

The statements of cooperation released separately by the United States and China on Tuesday do not include a promise by China to phase out its heavy use of coal, the dirtiest fossil fuel, or to stop permitting and building new coal plants. That has been a sticking point for the United States in months of discussions with Beijing on climate change.

Israel’s war with Hamas and Russia’s full-scale invasion of Ukraine have made the world a more “scary and unpredictable” place than at any other time since the Second World War, Dimon contended. “Here in the US, we continue to have a strong economy,” he said. “We still have a lot of fiscal and monetary stimulus in the system. But these geopolitical matters are very serious — arguably the most serious since 1938.

What’s happening ... right now is the most important thing for the future of the world — freedom, democracy, food, energy, immigration. We diminish that importance when you say, ‘What’s it going to do to the market?’ Markets will be fine. Markets can deal with stuff. Markets go up and down. Markets fluctuate.”

That said, the conflict in the Middle East — in which at least 1,400 Israelis have been murdered and 9,000 Palestinians killed in Israeli attacks on Gaza since October 7 — has rattled a financial system already gulping at the prospect of inflation proving sticky and interest rates staying higher for longer. The region accounts for 48 per cent of global energy reserves and produced 33 per cent of the world’s oil last year. Previous crises, such as Saddam Hussein’s invasion of Kuwait in 1990 and the Arab oil embargo of 1973-74, resulted in big price shocks — although so far, at about $86 a barrel, oil has roughly returned to its pre-October 7 level, while gas prices have risen only slightly.

What actually drives the Kremlin are the tough ideas and interests of a small group of longtime lieutenants to President Vladimir Putin, as well as those of the Russian leader himself. Emboldened by perceptions of the West’s terminal decline, no one in this group loses much sleep about the prospect of an open-ended confrontation with America and Europe

In fact, the core members of this group would all be among the main beneficiaries of a deeper schism.

Consider Mr Putin’s war cabinet, which is the locus of most decision-making

Despite the $300bn mega-bankruptcy of Evergrande, the risk of an immediate 2008-style crisis in China is slight.

let us linger over the significance of this point. What China is doing is, after all, staggering. By means of its “three red lines” credit policy, it is stopping in its tracks a gigantic real estate boom. China’s real estate sector, created from scratch since the reforms of 1998, is currently valued at $55tn. That is the most rapid accumulation of wealth in history. It is the financial reflection of the surge in China’s urban population by more than 480mn in a matter of decades.

Throughout the history of modern capitalism real estate booms have been associated with credit creation and, as the work of Òscar Jordà, Moritz Schularick and Alan M. Taylor has shown, with major financial crises.

one of the most absurd features of modern Britain is that “we’re not building houses in a housing crisis”

The average British home now costs about nine times average earnings: one estimate I recently read reckoned that the last time UK houses were this expensive was in 1876.

Across England, between 2021 and 2022, 21,600 social homes were either sold or demolished, but only 7,500 were built.

In 2008, the U.S. Federal Reserve and Treasury Department also stepped in during the subprime lending crisis to coordinate the restructuring of troubled institutions. But creditor and investor rights and the political risks of bailing out banks limited what American regulators can do; arrangements were reached only after hard bargaining with banks and investment houses. In China, financial institutions have to do what the government tells them.

The government’s hand is everywhere. The most fundamental asset in China — land — is owned or controlled by the state. The value of China’s currency, the renminbi, is government-managed and regulators are widely believed to intervene in trading on the country’s stock markets.

Most of China’s biggest and most powerful companies, including all of its major banks, are state-owned, and executives are usually members of the Communist Party, which controls top-level corporate appointments.

The two nations share several historical parallels. The last time they traded places in population, in the 18th century or earlier, the Mughals ruled India and the Qing dynasty was expanding the borders of China; between them they were perhaps the richest empires that had ever existed

But as European powers went on to colonize most of the planet and then industrialized at home, the people of India and China became among the world’s poorest.

As recently as 1990, the two countries were still on essentially the same footing, with a roughly equal economic output per capita. Since then, China has shaken the world by creating more wealth than any other country in history. While India, too, has picked itself back up in the three decades since it liberalized its economy, it remains well behind in many of the most basic scales.

You probably use a device with a chip made by TSMC every day, but TSMC does not actually design or market those chips. That would have sounded completely absurd before the existence of TSMC. Back then, companies designed chips that they manufactured themselves. Chang’s radical idea for a great semiconductor company was one that would exclusively manufacture chips that its customers designed. By not designing or selling its own chips, TSMC never competed with its own clients. In exchange, they wouldn’t have to bother running their own fabrication plants, or fabs, the expensive and dizzyingly sophisticated facilities where circuits are carved on silicon wafers.

The innovative business model behind his chip foundry would transform the industry and make TSMC indispensable to the global economy. Now it’s the company that Americans rely on the most but know the least about

I wanted to know more about his decision to start a new company when he could have stopped working altogether. What I discovered was that his age was one of his assets. Only someone with his experience and expertise could have possibly executed his plan for TSMC. 

the conservative movement itself, was a fusion of two different mentalities.

economic conservatives. These were people that anybody following contemporary Republican politics would be familiar with. They spent a lot of time worrying about the way government intrudes upon economic liberty. They upheld freedom as their highest political value. They admired risk-takers. They worried that excessive government would create a sclerotic nation with a dependent populace.

the traditional conservative, intellectual heir to Edmund Burke, Russell Kirk, Clinton Rossiter and Catholic social teaching. This sort of conservative didn’t see society as a battleground between government and the private sector. Instead, the traditionalist wanted to preserve a society that functioned as a harmonious ecosystem, in which the different layers were nestled upon each other: individual, family, company, neighborhood, religion, city government and national government.

Daron Acemoglu and James A. Robinson, in their book “Why Nations Fail: The Origins of Power, Prosperity, and Poverty,” as an illustration of their thesis that what separates successful states from failed ones is whether their governing institutions are inclusive or extractive.

Extractive states are controlled by ruling elites whose objective is to extract as much wealth as they can from the rest of society. Inclusive states give everyone access to economic opportunity; often, greater inclusiveness creates more prosperity, which creates an incentive for ever greater inclusiveness.

public policy has exacerbated rather than mitigated these trends