CAPE TOWN—As the world pursues decarbonization, the concept of a “just transition” has become ubiquitous, particularly when describing the shift away from fossil fuels in emerging and developing economies. Emissions targets at the global and national levels are viewed as the main drivers of the energy transition, and the climate policies developed to meet those targets must balance environmental and social objectives.

Alex Wong/Getty Images Economics 1 Is China’s Confidence Justified? Jayati Ghosh China’s political and intellectual elites increasingly see the country’s economic transformation as evidence that state-led development has succeeded where liberal capitalism has failed. Yet structural problems, including overcapacity and persistent inequality, suggest that triumphalism may be premature. highlights the growing triumphalism among the country's economists—and explains why it may be misplaced.

Is China’s Confidence Justified?

China’s political and intellectual elites increasingly see the country’s economic transformation as evidence that state-led development has succeeded where liberal capitalism has failed. Yet structural problems, including overcapacity and persistent inequality, suggest that triumphalism may be premature.

Cristina Gaidau/Getty Images Longer Reads 4 Keynes, Minsky, and the Economics of Uncertainty William H. Janeway Since the 2008 global financial crisis, mainstream economics has devoted more attention to how a complex financial system interacts with an equally complex real economy. Current macroeconomic and financial conditions show why this shift in focus is necessary. considers what two of the 20th century's most original economic thinkers can tell us about the current moment.

Keynes, Minsky, and the Economics of Uncertainty

Since the 2008 global financial crisis, mainstream economics has devoted more attention to how a complex financial system interacts with an equally complex real economy.........

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