The article argues that the Federal Reserve's recent rate hike decision, while justifiable on inflation grounds, highlights a critical lack of an underlying, transparent policy framework. The core problem is that the Fed's decisions appear discretionary, leading to market uncertainty because the committee's judgment, rather than clear data, dictates policy shifts. The author proposes that the Fed adopt a formal monetary policy rule—an algebraic formula linking the target rate to indicators like inflation and unemployment—to replace subjective guidance. Implementing such a rule would provide market predictability, enhance transparency, and shield the Fed from political attacks by making deviations from the standard easily quantifiable.
India’s Multialignment and Democratization of the International Order
English Summary
India's foreign policy is defined by 'multialignment,' a self-interested strategy of maintaining strong, non-ideological ties with multiple global powers rather than adhering to any single bloc. This strategy is evidenced by India's simultaneous deepening of partnerships with the US (e.g., defense cooperation) while maintaining independent, critical relationships with Russia and France. Consequently, India is a major proponent of a multipolar global order, advocating for greater representation in international institutions. For external powers, the implication is that attempts to force alignment will fail; instead, a nuanced approach that works with India to maximize mutual gains is necessary for effective policy engagement.
中文摘要
印度的外交政策以「多重結盟」（multialignment）為特徵，這是一種自利策略，旨在與多個全球大國維持強大、非意識形態的關係，而非依附於任何單一陣營。這一策略的體現是，印度同時深化與美國的夥伴關係（例如國防合作），同時與俄羅斯和法國維持獨立且關鍵的關係。因此，印度是多極全球秩序的主要倡導者，主張在國際機構中獲得更大的代表權。對於外部大國而言，其意涵是，任何試圖強迫其結盟的努力都將會失敗；相反地，採用一種與印度協作以最大化互利共贏的細膩方法，對於有效的政策參與至關重要。
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