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.
Women’s Rights Are Democratic Rights
English Summary
The article argues that global liberal democracy is undergoing a significant decline, challenging post-Cold War assumptions about its permanence. Key evidence points to the consolidation of power by autocracies (e.g., China, Russia), the slide of established democracies into illiberalism (e.g., Hungary, Turkey), and the rise of coups in regions like Africa. Furthermore, the rule of law is weakening even in historically stable democracies, suggesting a global trend toward authoritarianism. Policy implications suggest that international strategy must urgently reassess the resilience of democratic institutions and develop proactive measures to counter the global spread of illiberal governance.
中文摘要
本文論述全球自由民主制正經歷顯著衰退，挑戰了戰後冷戰結束以來關於其持久性的假設。關鍵證據包括威權政體（例如中國、俄羅斯）權力的高度鞏固、既有民主國家滑向非自由主義（例如匈牙利、土耳其），以及非洲等地區政變的增加。此外，即使在歷史上穩定的民主國家，法治也正在削弱，這暗示著全球正趨向威權化。政策意涵指出，國際戰略必須緊急重新評估民主制度的韌性，並制定積極措施以應對非自由治理的全球擴散。
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