From the economy to foreign policy to democratic institutions, the two US presidential candidates, Kamala Harris and Donald Trump, promise to pursue radically different agendas, reflecting sharply diverging visions for the United States and the world. Why is the race so nail-bitingly close, and how might the outcome change America?

While even the world’s poorest economies have become richer in recent decades, they have continued to lag far behind their higher-income counterparts – and the gap is not getting any smaller. According to this year’s Nobel Prize-winning economists, institutions are a key reason why. From Ukraine’s reconstruction to the regulation of artificial intelligence, the implications are as consequential as they are far-reaching.

Though antitrust enforcement has been gaining momentum on both sides of the Atlantic, a handful of private actors still wield extraordinary market power – and thus power over ordinary people’s lives. With some calling for more radical action, and others warning that reining in firms’ market power would be unhelpful and even harmful, we asked PS commentators what needs to be done.

After a decades-long love affair with laissez-faire policies, many governments – notably in developed countries – are increasingly seeking to shape their economies through tariffs, subsidies, public procurement, and more. But not all industrial policies are created equal, and understanding their nuances and limitations is critical to their success.

With less than two months to go until the US presidential election, the candidates’ opposing worldviews, objectives, and priorities – and their implications for international relations, the economy, and democracy – have come into sharper focus. While it is impossible to know exactly what a leader will do once in office, the contours of both a Donald Trump and a Kamala Harris presidency are remarkably well defined.

Several developments in recent years, from sustained renminbi appreciation to increasingly aggressive Western tariffs, should have eroded China’s global manufacturing dominance, but have not. Why has China’s share of global manufacturing exports continued to rise, and what might turn the tide?

After decades of facilitating and even encouraging China’s rise, the United States’ dramatic shift to a policy of containment continues apace, with both Republican and Democratic administrations imposing sweeping tariffs and other trade restrictions. How will the upcoming US presidential election affect the bilateral relationship, and what will this imply for the American, Chinese, and global economies?

With the world’s major economies pouring investment into artificial intelligence, ensuring the technology’s safety before its applications are known has become an increasingly urgent policy imperative. While a sci-fi-style AI apocalypse is not impossible, more immediate risks to both security and democracy must be addressed.

While stock markets have recovered somewhat from last Monday’s rout, investors remain rattled, fearing further volatility. What was behind the sudden selloff, and does it portend a period of escalating global economic distress – and even a US recession?

US Vice President Kamala Harris’s rise as the presumptive Democratic nominee has breathed new life into November’s presidential election. But Donald Trump remains a formidable opponent, and defeating him will require Harris to strike the right balance between supporting President Joe Biden and distinguishing herself from him with a compelling vision for America’s future.

How to design effective industrial policies has suddenly become a hot – and divisive – topic among economists and policymakers. Even those who agree that governments should intervene in the economy to bolster productivity, increase competitiveness, and tackle social and environmental challenges differ sharply on the details.

Many observers breathed a sigh of relief at the results of the European Parliament elections, because the widely predicted far-right surge did not dislodge traditional conservatives. But even if far-right forces do not dominate the next European Parliament, they have gained ground, particularly in France and Germany. Can mainstream politicians and parties reverse this trend?