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Sebastian Mallaby

Paul A. Volcker Senior Fellow for International Economics

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Greenberg Center for Geoeconomic Studies

The Power Law

February 1, 2022
The Power Law: Venture Capital and the Making of the New Future

Greenberg Center for Geoeconomic Studies

The Man Who Knew

October 11, 2016
The Man Who Knew cover

Greenberg Center for Geoeconomic Studies

More Money Than God

April 20, 2010
More Money Than God cover

Greenberg Center for Geoeconomic Studies

The World's Banker

October 1, 2004
The World's Banker cover

Alan Greenspan’s Legacy to Central Banking: ‘The Guru Can Punch Back’

October 19, 2016
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Expert Bio

Sebastian Mallaby is the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations (CFR). An experienced journalist and public speaker, Mallaby contributes to a variety of publications, including Foreign Affairs, the Atlantic, the Washington Post, and the Financial Times, where he spent two years as a contributing editor. He is the author of five books, most recently The Power Law: Venture Capital and the Making of the New Future.

Mallaby’s interests cover a wide variety of domestic and international issues, including central banks, financial markets, the implications of the rise of newly emerging powers, and the intersection of economics and international relations. His previous book, The Man Who Knew: The Life & Times of Alan Greenspan, winner of the 2016 Financial Times/McKinsey Business Book of the Year Award and the 2017 George S. Eccles Prize in Economic Writing. More Money Than God: Hedge Funds and the Making of a New Elite, was described by New York Times columnist David Brooks as “superb”; it was the recipient of the 2011 Loeb Prize and a New York Times bestseller. Mallaby’s earlier works are The World’s Banker, a portrait of the World Bank under James Wolfensohn that was named as an “Editor’s Choice” by the New York Times; and After Apartheid, which was named by the New York Times as a “Notable Book.” An essay in the Financial Times said of The World’s Banker, “Mallaby’s book may well be the most hilarious depiction of a big organization and its controversial boss since Michael Lewis’s Liar’s Poker.”

Before joining CFR, Mallaby served eight years as a columnist and editorial board member at the Washington Post and spent thirteen years with the Economist. While at the Economist, he worked in London, where he wrote about foreign policy and international finance; in Africa, where he covered Nelson Mandela’s release and the collapse of apartheid; and in Japan, where he covered the breakdown of the country’s political and economic consensus. Between 1997 and 1999, Mallaby was the Economist’s Washington bureau chief and wrote the magazine’s weekly Lexington column on American politics and foreign policy. He is a two-time Pulitzer Prize finalist: once for editorials on Darfur and once for a series on economic inequality. In 2015, he helped to found a startup, InFacts.org, a web publication making the fact-based case for Britain to remain in the European Union.

Mallaby was educated at Oxford, graduating in 1986 with a first class degree in modern history. After eighteen years in Washington, DC, he moved to London in 2014, where he lives with his wife, Zanny Minton Beddoes, editor in chief of the Economist.

affiliations

  • Clocktower Ventures, adviser
  • 201 Ventures, adviser
  • Washington Post, contributing columnist

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  • United States

    The Opportunities and Risks Inherent to Trump's AI Action Plan

    The Trump administration released its AI action plan on July 23 to coincide with its ‘Winning the AI Race’ summit in Washington. CFR convened seven of its experts to examine the plan and detail the opportunities and risks they foresee. 

    by Sebastian Mallaby, Jessica Brandt, Michael C. Horowitz, Kat Duffy, Erin D. Dumbacher, Rush Doshi and Jonathan E. Hillman July 24, 2025

  • United States

    World Economic Update

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    The World Economic Update highlights the quarter’s most important and emerging trends. Discussions cover changes in the global marketplace with special emphasis on current economic events and their implications for U.S. policy. This series is presented by the Maurice R. Greenberg Center for Geoeconomic Studies and is dedicated to the life and work of the distinguished economist Martin Feldstein. Please note there is no virtual component to the meeting. The audio, video, and transcript of this meeting will be posted on the CFR website.  

    Event with Alexis Crow, Karen Karniol-Tambour, Jens Nordvig and Sebastian Mallaby May 14, 2025 Greenberg Center for Geoeconomic Studies

  • United States

    World Economic Update

    Play
    The World Economic Update highlights the quarter’s most important and emerging trends. Discussions cover changes in the global marketplace with special emphasis on current economic events and their implications for U.S. policy. This series is presented by the Maurice R. Greenberg Center for Geoeconomic Studies and is dedicated to the life and work of the distinguished economist Martin Feldstein. Please note there is no virtual component to the meeting. The audio, video, and transcript of this hybrid meeting will be posted on the CFR website.  

    Event with Karen Karniol-Tambour, Adam Posen, Douglas Rediker and Sebastian Mallaby January 29, 2025 Greenberg Center for Geoeconomic Studies

  • United States

    What Elon Musk Gains From a Friend in the White House Link

    with Sebastian Mallaby via FT Podcast: The Rachman Review November 21, 2024

  • United States

    World Economic Update

    Play
    The World Economic Update highlights the quarter’s most important and emerging trends. Discussions cover changes in the global marketplace with special emphasis on current economic events and their implications for U.S. policy. This series is presented by the Maurice R. Greenberg Center for Geoeconomic Studies and is dedicated to the life and work of the distinguished economist Martin Feldstein.  

    Event with Karen Karniol-Tambour, Douglas Rediker, Ellen Zentner and Sebastian Mallaby October 7, 2024 World Economic Update

  • United States

    Why Capital Matters ft. Sebastian Mallaby Link

    with Sebastian Mallaby via Anirudh Suri August 28, 2024

  • United Kingdom

    Media Briefing: Update on the UK and France Elections and NATO Summit

    Play
    CFR experts discuss the results of presidential elections in France and the United Kingdom, as well as what to expect from the 2024 NATO Summit in Washington, DC.

    Virtual Event with Liana Fix, Charles A. Kupchan, Sebastian Mallaby, Matthias Matthijs and Elise Labott July 9, 2024 Europe Program

  • United Kingdom

    Britain’s Postelection Foreign Policy

    While July 4 elections are likely to end with Labour beating the Conservatives, voters can expect closer ties with Europe and a stronger emphasis on defense regardless of who wins.

    by Sebastian Mallaby June 28, 2024 Europe Program

  • United States

    World Economic Update

    Play
    The World Economic Update highlights the quarter’s most important and emerging trends. Discussions cover changes in the global marketplace with special emphasis on current economic events and their implications for U.S. policy. This series is presented by the Maurice R. Greenberg Center for Geoeconomic Studies and is dedicated to the life and work of the distinguished economist Martin Feldstein.

    Event with Karen Karniol-Tambour, Jens Nordvig, Adam Posen and Sebastian Mallaby June 17, 2024 Greenberg Center for Geoeconomic Studies

  • RealEcon

    A Tricky Balance for Development Banks and the Developing World

    The World Bank and IMF have concluded their spring meetings, but questions remain on China, lending capacity, and balancing the interests of rich and poor countries.

    by Heidi Crebo-Rediker, Sebastian Mallaby and Brad W. Setser April 24, 2024 Greenberg Center for Geoeconomic Studies

  • United States

    Sebastian Mallaby - VC, Hedge Funds, the Fed, and Theories of History Link

    with Sebastian Mallaby via Undertone April 18, 2024

  • Economics

    Virtual Media Briefing: Previewing the World Bank/IMF Spring Meetings

    Play
    CFR experts preview the upcoming World Bank and International Monetary Fund (IMF) Spring Meetings taking place in Washington, DC, from April 17 through 19.   

    Virtual Event with Heidi Crebo-Rediker, Sebastian Mallaby, Brad W. Setser and Michael Froman April 16, 2024 Media Briefings

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  • David Lipton

    Senior Fellow for Geoeconomics
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    C.V. Starr Senior Fellow for Asia Studies and Director of the China Strategy Initiative
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    Fellow for Trade Policy

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Over the past decade, the Fed kept interest rates low while it deployed trillions of dollars in stimulus and expanded its regulatory oversight. Now, the central bank is back in the spotlight for its battle against inflation.

by James McBride, Anshu Siripurapu and Noah Berman August 15, 2024 Renewing America

Technology and Innovation

The Crypto Question: Bitcoin, Digital Dollars, and the Future of Money

The dizzying rise of bitcoin and other cryptocurrencies has created new challenges for governments and central banks. Increasing popularity and high levels of market volatility have raised the stakes of the digital asset experiment.

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Daily News Brief

Cambodia and Thailand Discuss Truce

Welcome to the Daily News Brief, CFR’s flagship morning newsletter summarizing the top global news and analysis of the day.  Subscribe to the Daily News Brief to receive it every weekday morning. Top of the Agenda Cambodian and Thai military commanders met today to shore up a truce after their worst outbreak of violence in more than a decade. They committed to not targeting civilians or sending more troops to the border, a Thai army spokesperson said, while the director of Cambodia’s lower legislative house said that “armed clashes” between the countries would end. After threatening to call off trade talks with both countries due to the fighting, U.S. President Donald Trump said yesterday they would resume in light of the ceasefire. A fragile truce.  Hours before the bilateral talks, Thailand accused Cambodia of violating the truce that began at midnight local time. Cambodia’s defense ministry denied there were clashes. Thailand at first rejected outside mediation, but changed its position after Trump said he would call off tariff talks. China, Myanmar, and the United States stepped in to mediate. Both Cambodia and Thailand face a potential 36 percent tariff from the United States—the top destination for their exports—beginning August 1. The sides plan to hold another bilateral security meeting on August 4. The context. Cambodia and Thailand’s border dispute goes back decades. But in recent months a close relationship between Cambodia’s Hun Sen and Thailand’s former Prime Minister Thaksin Shinawatra—powerful politicians who had helped maintain peace—broke down. Hun Sen last month posted a recording of a call with Thaksin’s daughter, who had been serving as prime minister, to social media; controversy over its contents led to her suspension.  After weeks of rising tensions, border violence last week quickly escalated into artillery fire and airstrikes. By the time the truce was agreed, at least forty-three people had been killed and more than three hundred thousand had been displaced. “The border conflict is driving a sizable cleavage between two countries that have in the past decade built strong bilateral relations, is threatening all of mainland Southeast Asia’s economic ties—and has the potential to bring more political chaos to Thailand, which has been roiled by political instability for two decades.” —CFR expert Joshua Kurlantzick, Asia Unbound Across the Globe New deadline for Putin. Trump said yesterday that Russia had about ten to twelve days to reach a truce with Ukraine and avoid new economic penalties—significantly shortening his earlier deadline. Russia had rejected a truce proposal after previous urging by Trump; the Kremlin “took note” of Trump’s new ultimatum, a spokesperson said today. Meanwhile, as the war continues, Russia’s national airline said yesterday it cancelled dozens of flights after a cyberattack. A pro-Ukrainian group claimed responsibility. Reported ban on Lai’s travel. The Trump administration declined to allow Taiwanese President Lai Ching-te to stop in New York on a proposed trip to Central America next month, three unnamed sources told the Financial Times. Such stopovers had previously been allowed, with Lai’s predecessor conducting one during the Biden administration. Taiwan’s foreign ministry denied today that the United States had obstructed Lai’s visit. The report comes as the United States holds trade talks with China. Trump on Gaza hunger. Trump said yesterday that there is “real starvation” in Gaza, contradicting Israeli Prime Minister Benjamin Netanyahu’s claim Sunday that there was “no starvation” in the territory. Trump said Washington would work with European countries to increase aid delivery, including through “food centers.” The Trump administration has previously approved funding for an aid group in Gaza, but Israeli forces have been accused of killing hundreds of Palestinians at its aid distribution points. Landmark Colombian trial. A court found former conservative president Álvaro Uribe guilty of bribery in a case regarding tampering with witness testimony. He was accused of trying to bribe a former paramilitary to withdraw testimony that Uribe funded a paramilitary group in the 1990s. Uribe ruled Colombia from 2002 to 2010 and was close to Washington while in office. He is the country’s first ex-president to be criminally convicted at trial. Yesterday, U.S. Secretary of State Marco Rubio said that “the weaponization of Colombia’s judicial branch by radical judges has now set a worrisome precedent.”  U.S.-Argentina travel thaw. Officials from the two countries signed a statement of intent for Argentina to join a program for visa-free business and tourism travel to the United States. Finalizing the policy is expected to take up to three years. U.S. Homeland Security Secretary Kristi Noem said Argentina was strengthening its friendship with the United States under the Javier Milei administration and had the lowest visa overstay rate of all Latin American countries. China’s baby stipend. China launched a childcare subsidy policy that will pay parents the equivalent of around $500 per year for each child under the age of three, state news agency Xinhua said. Parents can claim partial payments for children born beginning in 2022 and full payments for children born after January 2025. The policy is meant to bolster the birth rate and stimulate the economy; China’s population has now shrunk for three years in a row. Indian operation in Pakistan. Indian security forces killed three people yesterday who they said were involved in the April attack on tourists in India-administered Kashmir, the country’s Home Minister Amir Shah said today. He said the Pakistanis were killed in a gun battle and that forensic tests found their rifles were used in the Kashmir attack. Pakistan’s foreign ministry did not immediately comment. It has denied claims by New Delhi that Islamabad was connected to the attacks.  Pyongyang’s stance on diplomacy. Kim Yo Jong, the powerful sister of North Korean leader Kim Jon Un, said yesterday that efforts by South Korea’s new liberal government to improve ties were “sincere” but that there was no reason for the countries to meet. Today, she said that relations with Trump were “not bad” but that Washington should drop a demand that Pyongyang denuclearize. What’s Next Today, the International Monetary Fund releases an update to its World Economic Outlook. Today, King Abdullah of Jordan visits Berlin. Tomorrow, the U.S. Federal Reserve is expected to announce its latest interest rate decision in Washington, D.C.

by CFR Editors July 29, 2025

Germany

Donald Trump’s Russia Ultimatum, With Liana Fix

Podcast
Liana Fix, Fellow for Europe at the Council, sits down with James M. Lindsay to discuss the current status of the fighting in Ukraine and the significance of President Trump’s recent ultimatum to Russian President Vladimir Putin.

Podcast with James M. Lindsay and Liana Fix July 29, 2025 The President’s Inbox

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