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Stephen S. Roach

Stephen S. Roach

Writing for PS since 2011
175 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. A World Turned Inside Out
    roach176_Morris MacMatzenGettyImages_hamburg_port Morris MacMatzen/Getty Images

    A World Turned Inside Out

    Mar 25, 2025 Stephen S. Roach likens Donald Trump’s reversal of America’s global leadership role to a full-blown crisis, similar to COVID-19.

  2. Trump’s Self-Fulfilling Crisis
    roach175_Brandon BellGettyImages_egg_prices Brandon Bell/Getty Images

    Trump’s Self-Fulfilling Crisis

    Feb 28, 2025 Stephen S. Roach shows how the US president’s policies could create the very problems he falsely claims to be confronting.

  3. Trump’s Trade Scam
    roach174_Christopher FurlongGetty Images_trump Christopher Furlong/Getty Images

    Trump’s Trade Scam

    Jan 24, 2025 Stephen S. Roach points out that the new “External Revenue Service” would target domestic importers, not foreign producers.

  4. China’s Struggles with a Consumer Society
    roach173_CFOTOFuture Publishing via Getty Images_chinashopping C FOTO/Future Publishing via Getty Images

    China’s Struggles with a Consumer Society

    Dec 19, 2024 Stephen S. Roach wonders whether the country’s political system is at odds with the values underpinning affluent societies.

  5. Asia in Denial
    roach172_Anthony KwanGetty Images_asia economy Anthony Kwan/Getty Images

    Asia in Denial

    Nov 26, 2024 Stephen S. Roach warns of misguided optimism about the state of China’s economy and Donald Trump’s tariff agenda.

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  1. hausmann121_Artur WidakNurPhoto via Getty Images_applestoreasia Artur Widak/NurPhoto via Getty Images

    Trump’s $16 Trillion Trade Blind Spot

    Ricardo Hausmann identifies the fundamental flaw in the administration’s efforts to dismantle the postwar international order.
  2. roach176_Morris MacMatzenGettyImages_hamburg_port Morris MacMatzen/Getty Images

    A World Turned Inside Out

    Stephen S. Roach

    The geostrategic shock that has accompanied Donald Trump’s return to the White House is the functional equivalent of a full-blown crisis. It is likely to have a lasting impact on the US and Chinese economies, and the contagion is almost certain to spread throughout the world through cross-border trade and capital flows.

    likens Donald Trump’s reversal of America’s global leadership role to a full-blown crisis, similar to COVID-19.
  3. GettyImages-465335816

    Jorge Heine on the BRICS, active non-alignment, the US dollar, and more

    Jorge Heine urges the Organization of American States to demonstrate leadership in Haiti, shows how small countries can implement a foreign policy based on active non-alignment, calls on China and Europe to diversify the global monetary system, and more.
  4. fengler4_SIMON MAINAAFP via Getty Images_africadigitalbank Simon Maina/AFP via Getty Images

    Financial Inclusion Must Reach the Last Billion

    Wolfgang Fengler explains why economic growth alone is not enough to extend the ladder of opportunity to all.
  5. fofack31_Fred DufourGettyImages_usaid_bag_car Fred Dufour/Getty Images

    Dismantling USAID Could Boost African Self-Reliance

    Hippolyte Fofack

    US President Donald Trump’s dismantling of America’s foreign-aid program may be the wake-up call African leaders need. If necessity is the mother of invention, the end of USAID could galvanize African governments to confront their countries’ challenges head-on.

    sees opportunities to promote local growth following a massive reduction in foreign aid.
  6. brown118_Wakil KohsarGettyImages_afghan_girls_school Wakil Kohsar/Getty Images

    The Internal Challenge to Afghanistan’s Ban on Girls’ Secondary Education

    Gordon Brown explains why the country’s leadership crisis represents an opportunity to end gender apartheid.
  7. jmccarthy1_CRISTINA ALDEHUELAAFP via Getty Images_cocoaghana Cristina Aldehuela/AFP via Getty Images

    Central Banks Must Stem the Nature Crisis

    Julie McCarthy urges monetary authorities to use their tools to mitigate the financial risks of environmental disruption.
  8. dudley1_Justin TallisGettyImages_tether Justin Tallis/Getty Images

    The US Needs Stablecoin Legislation Now

    Bill Dudley explains why lawmakers need to move quickly to establish US leadership in digital assets and payments.
  9. krueger85_Justin SullivanGetty Images_UScarstrade Justin Sullivan/Getty Images

    Tariff Man Doubles Down

    Anne O. Krueger warns that the Trump administration’s trade restrictions will harm the very industries they aim to protect.

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