Don’t expect a second War on Poverty, regardless of who wins the US election. Picking up where Lyndon Johnson left off in the 1960s would seem a logical response to the campaign’s relentless criticism of economic inequality. But appearances are deceiving. Most proposals to reduce inequality — conspicuously from Hillary Clinton — are aimed at the middle class. Spillovers ...

  One of the surprises of the 2008 global financial crisis is that the “great recession” that followed did not trigger much of a protectionist backlash. Developments this week suggest that, in the absence of more enlightened and coordinated political leadership, this may be changing. As output collapsed after the financial system’s “sudden stop” in the fall of 2008, and ...

  Many things have gotten harder as the world settles into a protracted spell of low oil prices and sluggish growth — from avoiding deflation to creating jobs. One thing has gotten easier, as well as more urgent: eliminating fossil-fuel subsidies. Governments have long paid lip service to this idea. The G-20 has been promising to phase out fuel subsidies ...