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.
Book reviews: From climate gossip to the brains behind MAGA
English Summary
The article reviews four new publications that analyze the intellectual and historical drivers of contemporary global shifts, ranging from climate diplomacy to the rise of American anti-liberalism. These works examine the personal dynamics of UN climate negotiations, the haphazard legacy of Asian partitions, the ideologues behind the MAGA movement, and the impact of academic narratives on China policy. The central argument is that individual agency and ideological frameworks are critical, often overlooked factors in shaping international relations and domestic political trends. Consequently, policymakers must look beyond immediate crises to understand these deeper ideological roots to effectively navigate geopolitical rivalries and strengthen multilateral cooperation.
中文摘要
本文評析四部新著，探討形塑當代全球變局的思想與歷史誘因，議題涵蓋氣候外交至美國反自由主義的興起。這些作品深入研究了聯合國氣候談判的個人互動、亞洲分治的草率遺產、MAGA 運動幕後的意識形態推手，以及學術論述對對華政策的影響。核心論點指出，個人能動性與意識形態架構是影響國際關係與國內政治趨勢的重要因素，卻往往被忽視。因此，決策者必須透析眼前危機之外的深層意識形態根源，方能有效應對地緣政治對抗並強化多邊合作。
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