In-Depth Archive

As the world economy stares down the most severe crisis it has seen in nearly a century, the International Monetary Fund (IMF) finds itself positioned somewhere between danger and opportunity: Danger lurks in emergent alternatives to the fund; opportunity lies in reform. Yet, reform requires change, and change does not come easily in the realm of international politics. Invariably, it creates winners and losers. The United States and Europe have long been the beneficiaries of the international financial institutions crafted during the waning hours of World War II. But the world of today is a far cry from that of […]

The current global financial crisis is unique in that, unlike most previous crises — which started in the periphery of the world economy, and whose deep and long-lasting impacts were limited to isolated parts of the globe — today’s crisis is rooted in Wall Street, at the heart of the globalized market, from where it has grown and spread worldwide. As a result, powerful, globalized economies have taken the first and hardest punches. Although still a bit groggy, they are now struggling to get back on their feet. But while economists discuss how and when economies will emerge from this […]

Get a .pdf version of this report. Throughout the Cold War, Turkey remained a staunchly secular Western ally, serving as a NATO buttress against the Soviet Union. But in the aftermath of the November 2002 elections that brought the moderate Islamist Justice and Development Party (AKP) to power, its foreign policy orientation has undergone a gradual shift. The AKP initially emphasized Turkey’s European ambitions, doing more than any previous government to move Turkey closer to EU accession. Yet in recent years, the AKP’s drive for EU membership appears to have lost momentum, while the previous domestic consensus on the country’s […]