Today, the critical questions we ask include, “What are you going to do with the training you’ve acquired?” and “How are you going to use the researc… - Minouche Shafik

We are living in a time of great divisions in our societies – between rich and poor, amongst different races and religions, and across fundamental values and principles. We see the rise of truculent nationalism and troubling fault lines in democracies across the world at a time when our most pressing challenges—such as climate change—require more international agreement. We are on the cusp of many technological revolutions in fields like artificial intelligence, neuroscience, quantum and nano technologies. At the same time, we are aging rapidly and coping with mental health challenges and worsening wellbeing.

Reciprocity also helps address the old problem of asymmetric adjustment of global imbalances. Suppose a deficit country wishes to contain the supply of credit and build resilience in its financial system by raising the buffer. If a surplus country whose banks are lending to the deficit country reciprocates, its banks should be incentivised to lend less to the deficit economy, and more to their domestic economy. That should increase domestic demand in the surplus country, and hence demand for deficit country exports, reducing the overall level of imbalances.

But we must take into account the rights of all members of our community. The encampment has created an unwelcoming environment for many of our Jewish students and faculty.