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The unprecedented economic weapons that have been deployed against Russia will be unquestionably painful. But the risks must not be underplayed. When fully unleashed, sanctions, too, are weapons of mass destruction.

If everyone wants a free lunch, the bill eventually will be paid by those least able to afford it. Emerging-market economies have had to learn this the hard way. Developed countries may have to learn it again.

All markets are embedded in a web of human relations, values and norms. We must rethink the relationship between market and civil society to return to a more secure and stable economic plane.

Raghuram Rajan | 1.00 CE

Inflation readings in the US have shot up in recent months. At the same time, stock markets are flirting with all-time highs. Something in all this does not add up.