Dear reader,

From reflections on the safeguards of liberal democracy, to a historical lens on financial stability, to the defense of a rules-based trade system – the contributions in this newsletter converge on a central question: how robust are the institutions that underpin prosperity and political stability?

Sincere regards,

Ernst Fehr, Director
Hans-Joachim Voth, Scientific Director

Liberalism under pressure

Is liberalism losing ground, or are its opponents simply more effective at mobilizing fear? And what, beyond elections, truly protects a democracy? In his lecture at the University of Zurich, Cass Sunstein, former advisor to Barack Obama and one of the world’s most cited legal scholars, argued that liberalism is under pressure, yet its strongest safeguards remain independent courts and a professional civil service.

History as a warning system

Are we on the verge of a second Great Depression? The parallels to today’s debates are striking. From debt brakes and fiscal discipline to central bank independence and the limits of global coordination, many of the tensions echo those of the 1930s. In this podcast episode hosted by Maya Eden, economic historian Barry Eichengreen argues that history is not a closed chapter, but a diagnostic tool.

Media & Dialogue

Global trade under strain: why rules still matter

Global trade is under pressure with the U.S. sharply raising import tariffs on many countries and prompting a wave of bilateral deals that have revived fears of power politics overtaking established rules. In an article on swissinfo.ch, former WTO Chief Economist Ralph Ossa explains why small, open economies such as Switzerland need to defend and adapt the rules-based system during these turbulent times.

“The US will not become Colombia”

Nobel laureate James A. Robinson argues that today’s global tensions are less the result of a historic rupture than of unresolved social and economic failures in the United States. In an interview with NZZ, he explains why Donald Trump’s rise reflects deep-seated discontent rather than a sudden break with the past, why liberal institutions have lost credibility, and why the apparent strength of autocracies such as China may prove deceptive.

Switzerland caught between the major powers

Switzerland is arguably facing its greatest challenges since World War II. Security, sovereignty, and Switzerland as a business location are at stake. On May 5, high-profile voices from politics and business will discuss the issues: Federal Councilor Martin Pfister, State Secretary Alexandre Fasel, NZZ journalist Georg Häsler, Council of States member Eva Herzog, economists Alexandra Janssen and Marco Sieber, National Council member Maja Riniker, EU representative Marie-Agnes Strack-Zimmermann, and Thomas Süssli, former Chief of the Armed Forces.