Global economy

Round the world in a vast, unlovely barge

From our UK edition

Ships change not just their location but their identity throughout their lives. Medieval trading vessels became warships at royal command. The Queen Mary was a troop ship during the second world war. Ian Kumekawa, of Harvard University, has had the clever idea of following a modern ship through its metamorphoses and asking how these changes in use reflect the economic conditions of our time. But this ship is no Queen Mary. He calls it the Vessel, because it changes its name and owner so many times. Without its superstructure, no one would give it a second glance. It has neither an engine nor a rudder. It had to be mounted on a heavy-lift ship or towed to reach it destination.

Mission creep has infected the IMF and the World Bank

The following is a transcript of a speech delivered yesterday by the Treasury Secretary Scott Bessent. In the final months of World War Two, Western leaders convened the greatest economic minds of their generation. Their task? To build a new financial system.  At a quiet resort high up in the mountains of New Hampshire, they laid the foundation for Pax Americana.  The architects of Bretton Woods recognized that a global economy required global coordination. To encourage that coordination, they created the IMF and the World Bank.   These twin institutions were born after a period of intense geopolitical and economic volatility.

IMF