Justin Fox Twenty-nine years ago, historian Paul Kennedy coined the term “imperial overstretch” to describe what happens to great powers when their global commitments become too expensive to sustain. He also suggested that the US, which at the time was in the midst of a defense-spending boom under Ronald Reagan, might be overstretching things a bit. A lot of …

  On Tuesday, the arbitral tribunal issued a much-anticipated ruling in the Philippines’ South China Sea case against China. The tribunal ruled overwhelmingly in favor of Manila, determining that the extent of several major elements of Beijing’s claim and its efforts to enforce it were unlawful. While the ruling itself was quite clear and decisive, its implications are much less …

  Bloomberg The Bank of England left its key interest rate at a record low and signaled it’s readying stimulus for August as the economy reels from Britain’s decision to quit the European Union. The nine-member Monetary Policy Committee, led by Governor Mark Carney, voted 8-1 to keep the benchmark at 0.5 percent, with only Gertjan Vlieghe saying the outlook …