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A World of Unwelcome Replays

From high inflation to a ground war in Europe to widespread technological disruptions, the biggest challenges facing the world today are hardly unprecedented. Yet they seem to have caught policymakers largely by surprise.

STANFORD – Watch any sport nowadays, and you will be treated to instant replays that give you a detailed – often slow-motion – view of important moments. Watch the news, and you may find yourself feeling like you are similarly watching the past on playback. But these replays – of high inflation, soaring public debt, a brutal ground war in Europe, a new cold war, and the rise of potentially destructive technologies – are far from instant, and the stakes are much higher.