How is the US economy performing today? How should we think about the turn against free markets by prominent figures of the Left and the Right? What economic policies might spur innovation and growth in the future? In this Conversation, Harvard economist N. Gregory Mankiw analyzes the current moment and shares his perspective on the major economic policies and ideas of the Left and the Right. According to Mankiw, the American economy remains robust and dynamic, despite only good (rather than excellent) economic growth in recent years and increased consternation about the rise of inequality. Criticizing policies that rely excessively on central planning, Mankiw calls for high-skilled immigration, innovative approaches to education, and maintaining incentives that yield investment in research and development. He also suggests some alterations in tax and welfare policies that might help ameliorate problems we face in the short and long term.

N. Gregory Mankiw: On the Economic Ideas of the Left and Right Today

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Where do things stand in the race as we head into the summer?  
 
According to veteran Democratic strategist James Carville: “It’s clearly very close. There clearly can be events that can impact the outcome. But we’re headed to an election that not many people are very excited about.” 
 
Carville argues that the Biden campaign needs a message on the economy that is forward-looking, and suggests it isn’t enough for the president to frame the election as a referendum on Trump. Carville considers how abortion and unpopularity of the MAGA movement are potentially winning issues that the Biden campaign might use more effectively. But he notes the Trump operation has been more disciplined than in 2016 or in 2020, and reflects on the limitations to date of Biden’s campaign as incumbent. Kristol and Carville also consider how the outcome of Trump’s New York trial, a debate in June (if it happens!), the conventions, and other upcoming events could shape the race.

James Carville on Biden v. Trump

Is today's anti-liberalism a new phenomenon in American politics? What might earlier eras in US history have to teach us?
 
To discuss these questions, we are joined, again, by Robert Kagan, the historian and senior fellow at the Brookings Institution. Drawing on his new book, Rebellion: How Antiliberalism Is Tearing America Apart—Again, Kagan argues that we “don’t realize that the [anti-liberal] movement we’re looking at today has been visible in every generation since the founding.” Kagan draws particular attention to the 1920s, when anti-immigration sentiment, white identity politics, and sympathy for authoritarian figures were prevalent in America. Kagan notes that the MAGA movement can be understood as a part of a long history of anti-liberalism that runs counter to the tradition of the founders, yet remains endemic to American democracy. Liberal democracy in America thus needs to be fought for and cannot simply be assumed.

Robert Kagan on American Anti-liberalism, from the 1920s to the 2020s

Where do things stand in Ukraine? How will the recently-passed aid package help Ukraine on the battlefield? How does the war in Ukraine relate to rising threats from adversaries around the globe?

To discuss these questions we are joined again by Fred Kagan, director of the Critical Threats Project at the American Enterprise Institute. Kagan explains that Ukraine continues to face serious difficulties, in part because of a critical shortage of weapons as a result of the delay in US support. Yet the recently-passed aid package should bolster defenses against Russia’s anticipated assault this summer, and potentially help Ukraine to make gains in a counteroffensive early next year. Reflecting on the war and the world situation more broadly, Kagan points to the rising alliances among Russia, China, Iran, and North Korea as a comprehensive threat to the free world. As he puts it: “These countries disagree about a lot of things. They don’t share a common ideology. But they do share a common enemy: us.… We have to recognize [it] is an entente that aims to take us down, and we have to be resisting every part of it.”

Frederick W. Kagan on Ukraine: Where Things Stand and Where Might They Be Going

What was it like serving in the Trump administration—and what might a second Trump term look like? To discuss these questions, we are joined by Mark Esper, Secretary of Defense from 2019-2020. In this Conversation, Esper considers Ukraine, China, and other foreign policy challenges facing the United States, and reflects on his experience leading the Department of Defense during the Trump administration. Esper discusses accomplishments of American foreign policy during those years, but also raises deep concern about Trump’s attempts to politicize the military and his placing unsuitable personnel at the center of key foreign policy decision-making. And he argues that these tendencies, which were kept partially under wraps in the first term, could prove to be more alarming in a second—especially considering Trump’s increasing priority of selecting personnel based on personal loyalty. In a time of what he calls “great power competition with Russia and China,” Esper argues it is vital to have a strong foreign policy team in place—and dangerous to have a bad one.

Defense Secretary Mark Esper on Trump’s First Term—and a Second?

Where do things stand in the 2024 race? What campaign strategies might increase Joe Biden’s chances? How might the economy, the border, wars in Europe and the Middle East, Trump's trials, and third-party campaigns affect the race?
 To discuss these questions, we are joined by David Axelrod, chief strategist for Barack Obama’s presidential campaigns in 2008 and 2012. Axelrod explains: “I would not count on the shock and dismay of people over the fact that [Trump] is under 91 criminal indictments, or that he engineered an insurrection, and so on. I think you’re going to get that [vote] for free, but it’s not enough to win.” According to Axelrod, the Biden campaign also should not be complacent in thinking that touting Biden’s achievements during his first term will be enough. Instead, he argues, Biden needs to focus on the economic challenges people face today—while framing the election as a contrast between Biden and Trump, and not simply as a referendum on Biden’s presidency.

N. Gregory Mankiw: On the Economic Ideas of the Left and Right Today

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