Shifting Defense Budgets in a Time of Conflict

Conflict in Ukraine has cut short the “peace dividend” the world was reaping. We count the economic costs of a widespread return to a war footing. President Recep Tayyip Erdogan’s appointment of two economic realists should, at last, overturn Turkey’s upside-down monetary policy—if they are free to act. And why so many whales are washing up dead on America’s East Coast.

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