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Stephen S. Roach

Stephen S. Roach

Writing for PS since 2011
149 commentaries
1 videos & podcasts

Stephen S. Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, is the author of Unbalanced: The Codependency of America and China (Yale University Press, 2014) and Accidental Conflict: America, China, and the Clash of False Narratives (Yale University Press, 2022).

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  1. Sleepwalking Toward Accidental Conflict
    roach150_Hum ImagesUniversal Images Group via Getty Images_USnavy Hum Images/Universal Images Group via Getty Images

    Sleepwalking Toward Accidental Conflict

    Feb 27, 2023 Stephen S. Roach compares current geopolitical conditions in Europe and Asia to the run-up to World War I.

  2. The Sino-American Tech Trap
    roach149_ZHONG MIN Feature ChinaFuture Publishing via Getty Images_china tech ZHONG MIN/ Feature China/Future Publishing via Getty Images

    The Sino-American Tech Trap

    Jan 24, 2023 Stephen S. Roach warns that relying on export restrictions without boosting R&D spending is a losing formula for the US.

  3. A China Optimist’s Lament
    roach148_ JOHANNES EISELEAFP via Getty Images_chinashanghai Johannes Eisele/AFP via Getty Images

    A China Optimist’s Lament

    Dec 22, 2022 Stephen S. Roach used to tout the world's greatest growth story, until the political economy of autocracy spoiled the plot.

  4. A Missed Opportunity in Bali
    roach147_SAUL LOEBAFP via Getty Images_bidenxi Saul Loeb/AFP via Getty Images

    A Missed Opportunity in Bali

    Nov 28, 2022 Stephen S. Roach explains why the Biden-Xi summit yielded little more than lofty rhetoric – and proposes a new approach.

  5. Stephen S. Roach on US monetary tightening, China’s growth sacrifice, the Sino-American rivalry, and more
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    Stephen S. Roach on US monetary tightening, China’s growth sacrifice, the Sino-American rivalry, and more

    Nov 1, 2022 Stephen S. Roach says the US Federal Reserve remains mired in the quicksand of excessive monetary accommodation, warns the Communist Party of China against “premature overreach,” proposes a three-pronged strategy for easing Sino-American tensions, and more.

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  1. bildt109_JAAFAR ASHTIYEHAFP via Getty Images_israelpalestinewestbank Jaafar Ashtiyeh/AFP via Getty Images

    Hell in the Holy Land

    Carl Bildt fears that the stage is set for another major violent conflict between Israelis and Palestinians.
  2. strain11_Chip SomodevillaGetty Images_fed Chip Somodevilla/Getty Images

    The Fed Must Not Flinch

    Michael R. Strain urges the US central bank to continue raising interest rates, despite signs of financial-sector fragility.
  3. sheng135_Carl CourtGetty Images_maldivesclimatechange Carl Court/Getty Images

    Reimagining Development

    Andrew Sheng & Xiao Geng argue that grassroots engagement and social enterprise are crucial to achieving countries' aspirations.
  4. goldberg22_ERIC BARADATAFP via Getty Images_world bank ERIC BARADAT/AFP via Getty Images

    What the World Bank Can Do About Climate Change

    Pinelopi Koujianou Goldberg explains how the institution can maximize its contribution to the global net-zero agenda.
  5. GettyImages-1171447879

    Richard Haass on Russia, Taiwan, and US democracy

    Richard Haass explains what caused the Ukraine war, urges the West to scrutinize its economic dependence on China, proposes ways to reverse the dangerous deterioration of democracy in America, and more.
  6. buiter45_Jabin BotsfordThe Washington Post via Getty Image_jeromepowell Jabin Botsford/The Washington Post via Getty Images

    Price Stability vs. Financial Stability?

    Willem H. Buiter

    If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.

    thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
  7. frankel145_ Richard Baker  In Pictures via Getty Images_exchangerates Richard Baker/In Pictures via Getty Images

    Fifty Years of Floating Currencies

    Jeffrey Frankel

    The half-century since the official demise of the Bretton Woods system of fixed exchange rates has shown the benefits of what replaced it. While some may feel nostalgic for the postwar monetary system, its collapse was inevitable, and what looked like failure has given rise to a remarkably resilient regime.

    explains why the shift toward exchange-rate flexibility after 1973 was not a policy failure, as many believed.
  8. harrington34_Drew AngererGetty Images_avril haines Drew Angerer/Getty Images

    What Do America’s Spies Really Think About China?

    Kent Harrington thinks the intelligence community’s annual threat assessment should have delved deeper on the issue.
  9. grafton2_ SIMON MAINAAFP via Getty Images_water SIMON MAINA/AFP via Getty Images

    Waking Up to the World’s Water Crisis

    Quentin Grafton, et al. see three overarching priorities for the first global water conference in almost a half-century.

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