John Lipsky has devoted much of his life striving to help boost growth and prosperity around the world. From his years as the IMF’s First Managing Deputy Director to his current role as Vice Chair of the Bretton Woods Committee he has used his research as an academic, his real-world experience as a top Wall Street economist, and his work with policymakers around the world to find pro-growth solutions.
We sat down to talk right after he finished moderating a BWC meeting where World Bank President Ajay Banga and IMF President Kristalina Giorgieva both spoke in great detail about what they see as some of the biggest challenges their institutions face. John followed up with some Bretton Woods Institutions’ historical perspective on how trade policy has gone off track.
“There's been a huge increase in the number of protectionist measures taken by countries all around the world. What has happened in the 16 previous 60 years following the creation of the Bretton Woods Institution with the goal of increasing global trade? Global trade grew faster than world output, than GDP for 60 years. In other words, yeah, trade was leading the way to generalized prosperity.
“Well, since the global financial crisis and the adoption contrary to the leaders intentions, or at least their their statements, their statements of protectionist measures, trade has been growing more slowly than GDP. In other words, it's turned into a laggard. Why? Why? Well, importantly, because of all these protectionist measures. And global growth has been unsatisfactory and and laggard.”
Dive in and see, hear what John has to the issue of free trade vs tariffs, and much, much more.
John Lipsky is a Senior Fellow of the Foreign Policy Institute of Johns Hopkins University’s School of Advanced International Studies (SAIS). He also is the President of the Hopkins-Nanjing Council, supporting the Hopkins Nanjing Center, a degree-granting joint venture program with the University of Nanjing. Previously, he was first deputy managing director of the International Monetary Fund during 2006-20, serving as acting managing director during May-July, 2011. Prior to returning to the IMF, he held positions of vice chairman of JPMorgan Investment Bank, chief economist at JPMorgan Chase, chief economist and director of research at Chase Manhattan Bank, and chief economist at Salomon Brothers. Early in his career, Mr. Lipsky spent 10 years at the International Monetary Fund. Mr. Lipsky currently is the co-chair of the Aspen Institute's Program on the World Economy; and is the immediate past Chair of the National Bureau of Economic Research. He also is the executive committee vice-chair of the Center for Global Development and a vice-chair of the Bretton Woods Committee. He is a member of the advisory boards of the Stanford Institute for Economic Policy Research (SIEPR) and the Rock Creek Group.
Share this post