Global Economic Outlook: Beyond the Headlines
Drawing on his broad perspective and extensive experience as a senior public official in both the U.S. and abroad, Larry Summers evaluates key global economic trends, decoding what they will mean for investors and corporate strategies moving forward. Shedding light on the major forces shaping the economy that go far beyond the breaking news cycle of government shutdowns, tax reform, and midterm elections, Summers will provide an illuminating near and midterm outlook for businesses. Taking a deep dive into crucial, overriding issues such as the continuing evolution of globalization and trade; revolutions in technology and the means of production; and the growing polarity in global systems, Summers’ insights will leave individuals and organizations equipped to navigate, and profit from, the future global economy.
Economic Possibilities for Our Children
Dr. Summers believes what we have seen so far is only the beginning of profound changes in the global economy that will arise from technological innovation. He describes how the world will be different a decade and a generation from now and he offers advice on how businesses, investors, managers, and governments should prepare. Dr. Summers foresees great opportunities, but warns that success cannot be taken for granted.
The American Future
Dr. Summers draws on his extensive experience to present a compelling vision for what the United States must do to restore to prosperity at home and strengthen its influence abroad. At a moment when American strength and vitality is both more in question and more essential than ever before, Dr. Summers discusses the key challenges and opportunities facing America.
Larry Summers in the News
A leading authority on domestic economics and international finance, LARRY SUMMERS is one of the most distinguished voices discussing the global economy. Drawing on extensive experience as a senior public official in both the U.S. and abroad, Summers evaluates key global economic trends, decoding what they will mean for investors and corporate strategies moving forward.
Here’s what he has to say about the state of our economy:
8.16.2023 Summers Sees 10-Year Yields Averaging 4.75% in Coming Decade | Bloomberg
7.01.2023 Opinion: The Affirmative Action Ruling is Big. Now Elite Colleges Need to Think Bigger. | The Washington Post
3.14.2023 Lawrence H. Summers on the Global Economy | Foreign Policy
Larry Summers likens the current pain in tech to the dot-com bubble – “Peloton equals Pets.com”
Former U.S. Secretary of the Treasury LARRY SUMMERS compares the current pain in tech to the dot-com bubble in riveting talks. Summers, an expert on domestic economics and leading authority on international finance, offers a reality check to those feeling the impact of the downturn: “Part of it is not coming back.” The former Chief Economist of the World Bank talks audiences through the confluence of events that has led to massive layoffs, including the fallout from the FTX implosion, “the immediately consequential” economic cold war with China, and what’s ahead for crypto and big tech regulation in the U.S.
For those apprehensive that we’re entering another 2008, Summers astutely refocuses the conversation, speaking to the combination of a tech sector that has over-extrapolated from past success – “a kind of excessive euphoria in tech” – and the overheating of the economy, resulting in the raising of real interest rates. Summers remains optimistic, identifying growth sectors ripe for transformation and metrics that deserve a second look, like the real measure of productivity. “There will be opportunity in distress for people to find jewel and build jewels; there will be new technologies and new business ideas that will succeed.”
Larry Summers has a trillion-dollar climate spending plan
Former Treasury Secretary LARRY SUMMERS is calling on the World Bank to loosen its lending limits to combat climate change and think in the "trillions not the billions." Now that President Biden has passed some $370B in new domestic climate spending, focus is shifting to the international arena and Summers wants bank reform to be a central part of that discussion. In an op-ed for Project Syndicate titled “A New Chance for the World Bank,” Summers offers an illuminating view of the potential for the organization to, as he says, “step up and do the right thing.” He lays out a step-by-step roadmap to position the World Bank as a major vehicle for crisis response, post-conflict reconstruction, “and, most importantly, for supporting the huge investments necessary for sustainable and healthy global development.” President Bill Clinton said that Larry Summers “has the rare ability to see the world that is taking shape and the skill to help to bring it into being.”
As his prescient commentary on rising inflation over the past year generated headlines and led to countless appearances in the media – with everyone from the public to private companies to President Biden turning to him for guidance – Summers has pivoted his attention to the global challenges of combatting climate change. As the renowned economist told Axios, the World Bank should take "the immense opportunity to catalyze finance and greatly accelerate the green energy and green agricultural transition.” During the 1990s, he was a leader in crafting the U.S. response to international financial crises arising in Mexico, Brazil, Russia, Japan, and Asian emerging markets. As one of President Obama’s chief economic advisors, Dr. Summers’ thinking helped shape the U.S. response to the 2008 financial crisis, to the failure of the automobile industry, and to the pressures on the European monetary system. Summers’ keen ability to name problems while they are still on the horizon and offer actionable strategies to offset their arrival makes him an in-demand voice for conversations where clarity, clear-headedness, and solutions are on the agenda. Summers recently said, “this is a moment that is extraordinary and urgent in the economic and financial sphere in the same way that it is in the security sphere.”
Larry Summers is in high demand for his insight on the intersection of economics and foreign policy
Most recently, LARRY SUMMERS has provided insight on the geopolitical landscape, especially in terms of the effectiveness of economic sanctions on Russia in response to the crisis in the Ukraine. Appearing on CNN’s GPS with Fareed Zakaria, Summers said, “We have inflicted more damage, more quickly with more unity on our side on the Russian economy that almost anyone would have expected. There is more we can do to cut off Russian financial institutions and energy production and we need to keep those threats in reserve to exert maximum leverage.” While acknowledging the complexity of this strategy, the former U.S. Treasury Secretary offers his expert analysis of how these sanctions will impact the markets, supply chains, and inflation, pivoting to focus on the preservation of world order.
With his breadth of experience, Summers is a highly regarded voice in this dynamic conversation, and as a keynote speaker he receives rave reviews such as, “Larry was insightful, brilliant, provocative, and very engaging,” (Commonfund) and “the conference was extremely successful. Larry’s speech was extremely well received. He is a master speaker!” (Chinese Financial Association).
Larry Summers leads the conversation on how supply chain dynamics and inflation will impact the global economy
An expert on domestic economics and leading authority on international finance, LARRY SUMMERS brings incomparable expertise to the complex and dynamic topics of inflation and supply chain issues. The interconnectedness of global supply chains and inflation pose difficult policy challenges, and no one is better positioned to weigh in – Summers has been a key economic decision-maker for decades, serving two different presidencies, the U.S. Treasury, and remaining a sought-after advisor to Biden’s White House. The breadth of his experience balanced with his command of nuanced details ensure Summers is uniquely positioned to speak on today’s most pressing issues, from Sino-U.S. Relations to the evolving impacts of the global health pandemic. The former U.S. Treasury Secretary has been vocal and non-partisan in his views on inflation, issuing warnings since the beginning of the Biden presidency, and remains a top voice that credible sources turn to for fearless reasoning. With no industry going unaffected, Summers is an in-demand thought leader for his analysis on supply chain ‘pinch points’ and how they relate to world affairs, offering timely and candid insights tailored to each audience’s focus.
Lawrence Summers’ economic commentary influences monetary policy and the markets, and he remains one of the preeminent economists of our time
When LAWRENCE SUMMERS talks, people take notice, and by that, we mean the Treasury Department, the President’s economic team, and all others interested in the global economy and financial markets. Economic policy makers value Summers’ insights when considering their next move, as they are doing now while making policies which impact inflation, stimulus, taxes, infrastructure investment, and trade, for example. As the former Secretary of the Treasury and Director of the White House Economic Council, Summers has been the preeminent force of American economic policy for decades, recently advising the Biden administration when they called him after his critique of their recent policy decisions. The Biden administration has sought him out multiple times for advice. He’s featured everywhere in the media for his insights – he's spoken authoritatively on cryptocurrency and infrastructure investment in Bloomberg, wrote an Op-Ed about tax evasion in The New York Times, and more. Summers is consistently ahead of the curve, causing The New York Times to write about his warnings of inflation, amongst pushback from the current administration and Politico to share about the same topic. He’s a contributing columnist at the Washington Post, and an economic contributor at the Financial Times, writing and speaking about inflation, stimulus, economic recovery, and other hot topics of today.
Larry Summers is a sought-out voice for his expertise on taxes, trade, tariffs, and economic policy
A former U.S. Secretary of the Treasury and Director of the White House Economic Council LARRY SUMMERS is a leading authority on domestic economics and finance, and in-demand for his insights on tax and economic policy during the Biden administration. He is frequently cited in major media publications for his expertise on hot topics, such as this Bloomberg article featuring his commentary on the Biden Aid Plan’s effect on the economy, a video discussion in Yahoo! Finance about student debt and the economy, an episode on Firing Line about the post-pandemic economy leading to inflation, and in the Stephanomics podcast talking about the economic response to COVID-19. Insightful, candid, and taking into account both the big and small picture, these interviews are perfect examples of why Summers is such a substantive and in-demand speaker. Summers’ tenure at the U.S. Treasury coincided with the longest period of sustained economic growth in U.S. history, and he is the only Treasury Secretary in the last half century to have left office with the national budget in surplus. A regular contributor to the Financial Times, Summers made headlines for an op-ed he co-wrote in the Washington Post, “Many companies pay nothing in taxes. The public has a right to know how they pull it off.” His sharp analysis has become the basis of articles in The New York Times, The Financial Times, Bloomberg, and Central Banking. Summers is sought out by corporations and trade associations for his engaging commentary on economic policy and audiences hail Summers as “engaging” (PIMCO) “authoritative and thoughtful” (BCA Research) “a master speaker” (Chinese Finance Association) and “fantastic” (Global Agriculture Forum).
Economist Larry Summers is sought out by medical and healthcare groups to discuss the balance of monetary and human costs of the pandemic
Lawrence Summers' expertise on how health crises impact economics and vice versa led the Journal of the American Medical Association (JAMA) to publish a lead story written by Summers. The viewpoint, titled "The COVID-19 Pandemic and the $16 Trillion Virus" discusses the balance of monetary and human costs, and gives suggestions for how medical communities should handle crises now and in the future, supported with economic evidence. Summers is a valued voice on the impact of domestic economics on different fields. He always receives high praise for his events, with former White House advisor David Gergen saying, "People will look back and say...in the early 21st century, Larry Summers was the guru people looked to for understanding and enlightenment with regard to the economy here and internationally."
Larry Summers is a leading voice on the global economy
LARRY SUMMERS' tenure at the U.S. Treasury coincided with the longest period of sustained economic growth in U.S. history, and during the Obama Administration he emerged as a key economic decision-maker who worked directly in crafting policy solutions to respond to the economic crisis. With his Washington Post column regularly making headlines in top outlets and his shrewd insights sought-out the world over, Summers has been in-demand to speak everywhere from the World Economic Forum to Federal Reserve Banks nationwide. Drawing on his broad perspective and extensive experience as a senior public official in both the U.S. and abroad, Summers evaluates key global economic trends, decoding what they will mean for investors and corporate strategies moving forward. He sheds light on the major forces shaping the economy that go far beyond the breaking news cycle to provide an illuminating near and midterm outlook for businesses. His rave reviews from recent events include:"Larry was great and delivered exactly what we wanted from him. He is a professional and he comes across very authoritative and thoughtful." (BCA Research).
Larry Summers offers insights on fintech
World-renowned economist Larry Summers is a leading voice on financial technologies and what companies across industries need to know about the future of the financial system. A board advisor for the Digital Currency Group, a venture capital company focused on the digital currency market and at the epicenter of blockchain technology, Summers was one of the first financial leaders to endorse blockchain technology's business potential beyond cryptocurrency. He addressed blockhains's future impact on the financial industry at the elite financial tech conference Consensus, and his prescient comments on "Blockchain in a Global Context," in which he declared it "overwhelmingly likely" blockchain would change finance forever, instantly resulted in headlines in CNBC, CoinDesk, Fortune, and more. Summers' Wall Street Journal and Washington Post op-eds on the "Future of Banking" and why "Fintech Won't Destabalize the Financial System" have been drivers of the national conversation.
Former Treasury Secretary Lawrence H. Summers is one of America’s leading economists. In addition to serving as 71st Secretary of the Treasury in the Clinton Administration, Dr. Summers served as Director of the White House National Economic Council in the Obama Administration, as President of Harvard University, and as the Chief Economist of the World Bank.
Dr. Summers’ tenure at the U.S. Treasury coincided with the longest period of sustained economic growth in U.S. history. He is the only Treasury Secretary in the last half century to have left office with the national budget in surplus. Dr. Summers has played a key role in addressing the major financial crisis for the last three decades.
During the 1990s, he was a leader in crafting the U.S. response to international financial crises arising in Mexico, Brazil, Russia, Japan, and Asian emerging markets. As one of President Obama’s chief economic advisors, Dr. Summers’ thinking helped shape the U.S. response to the 2008 financial crisis, to the failure of the automobile industry, and to the pressures on the European monetary system. Upon Summers’ departure from the White House, President Obama said, “I will always be grateful that at a time of great peril for our country, a man of Larry’s brilliance, experience and judgment was willing to answer the call and lead our economic team.” The Economist recognized his influence when it defined the “Summers Doctrine,” an approach to economic policy during financial crises that fuses a microeconomic “laissez faire” mentality with macroeconomic activism. “Markets should allocate capital, labour and ideas without interference, but sometimes markets go haywire, and must be counteracted forcefully by government.”
Summers’ five years as President of Harvard represented a time of major innovation for the University. He focused on equality of opportunity and removing all financial obligation from students with family incomes below $60,000 a year. He launched a major effort to make Boston, and Cambridge in particular, the global leader in life sciences research, with the formation of major programs for stem cell research and genomics. Perhaps most importantly, he led efforts to renew Harvard College with dramatic increases in study abroad programs, faculty-student contact, and collaboration across the University during his tenure.
Currently, Dr. Summers is the President Emeritus and the Charles W. Eliot University Professor at Harvard University, where he became a full professor at age 28, one of the youngest in Harvard’s recent history. He directs the University’s Mossavar-Rahmani Center for Business and Government. Summers was the first social scientist to receive the National Science Foundation’s Alan Waterman Award for scientific achievement and, in 1993, he was awarded the John Bates Clark Medal, given to the most outstanding economist under 40 in the United States. He was elected to the National Academy of Sciences in 2002. He has published more than 150 papers in scholarly journals.
Summers chairs the board of the Center for Global Development and serves as vice chair of the Peterson Institute for International Economics and as a board member or advisory board member to a number of other non-profits and public policy organizations. He is a contributor to Bloomberg’s Wall Street Week and a contributing columnist to The Washington Post. He is an advisor to businesses and investors and serves on the board of Square, States Title/Doma and SkillSoft Corporation. He also consults with or advises a range of companies in the finance and technology sector, including D. E. Shaw & Co and Citi.
He has co-chaired major international panels ranging from the G20s High Level Independent Panel on Pandemic Preparedness and Response to the Council on Foreign Relations study group on the Transatlantic Relationship to the Center for American Progress’ Commission on Inclusive Prosperity. He launched a Task Force on Fiscal Policy with Mayor Bloomberg and chaired the Commission on Global Health, lauded by the UN Secretary General who noted that it “will bring more than health – it will bring equity, and contribute to a life of dignity for all.”
President Bill Clinton said that Larry Summers “has the rare ability to see the world that is taking shape and the skill to help to bring it into being.” He has been recognized as one of the world’s most influential thinkers by Time, Foreign Policy, Prospect and The Economist magazines among many others. In his speeches, television appearances, newspaper columns and public commentary, he continues to move forward the debate on national and global economic policy.