Can we get real about ‘tax reform,’ the Republican promise to enact deep tax cuts that will spur economic growth? Probably not, but let’s give it a try. For starters, we can stop calling it ‘reform.’ That’s a charged word, implying that the new tax system will be superior to the old. We don’t know that for a fact; the …

The 1997 Asian crisis forced Indonesia to replace a 93-year-old relic with something resembling a modern bankruptcy code. India took another 20 years—and its own $191 billion bad-debt crisis—to get to the same point. With the country’s top court backing the new insolvency code, a warped power equation between debtors and creditors is heading for a big shift. It remains …

Even more than before, President Donald Trump now has the chance to entirely reshape the Federal Reserve. Janet Yellen’s term as chair ends early next year, and her deputy, Stanley Fischer, has just resigned, citing personal reasons. Soon Trump will be able to appoint a new person to the top job and three other positions on the seven-member board — …