Poverty reduction requires adopting the right institutions—including monetary institutions. Emerging market economies that peg their currencies and thwart market adjustments risk overheating and might engender protectionism on the part of their trading partners. This year’s monetary...

Just two days after his reelection, President Bush announced that Social Security reform would be a top priority for his second term. The president’s commitment to tackling the "third rail of American politics" promises to be one of the most important domestic policy debates of...