1775 Massachusetts Avenue NW Washington, DC 20036 www.brookings.edu BROOKINGS Annual Report 2014

QUALITY. INDEPENDENCE. IMPACT. Five Programs, Brookings One Brookings Photo by Paul Morigi The challenges facing the world today—from transnational terrorism to sustainable economic growth to energy and climate change—are complex and interconnected. Solving them demands a multidimensional approach that employs a range of disciplines and addresses both root causes and long-term effects. The breadth of expertise and collaborative atmosphere at Brookings enable just this approach. Each of Brookings’s five research programs—Economic ­Studies, Foreign Policy, Global Economy and Development, Governance Studies, and the Metropolitan Policy Program—could be its own think tank. But if they operated in isolation, important synergies would be lost. The multifaceted solutions to today’s biggest problems don’t come out of single-issue silos. They come out of one Brookings. 1 Co-Chairs’ Message President’s Message

hen Robert Brookings decided, rom our founding 98 years ago, Brookings’s mission has included engaging fellow nearly a hundred years ago, to citizens in our scholars’ work. We don’t just produce and disseminate research and create and fund a nonprofit recommendations—we find ways to test and improve them through dialogue and debate. organization to study how the Hence the integral importance of our Communications Department, our public spaces like Wfederal government might F the Falk Auditorium, our prominence in the media, and our collaboration with other think operate more effectively, tanks, universities, civic organizations, governing bodies at all levels, international agencies, bert

he could not have possibly imagined what m and the private sector. a would result. But the institution he founded L In recent years, new technologies have enhanced our ability to deepen, broaden, and is now, a century later, widely recognized accelerate outreach and feedback. As a result, our constituencies are expanding geographically and as the global leader in (and role model for) demographically. Two examples: social media enables us to share with the public our data on the nonprofit organizations—popularly known as makeup of Congress and the dynamics of the electoral process; our videoconferencing capacity allows hoto by Katherine Katherine by hoto p “think tanks”—seeking to develop nonpartisan students and faculty in Istanbul—fellow citizens of the world—to interact with our annual Sabanci Morigi Paul by Photo solutions for the full range of issues facing Lecturer in Falk. governments at all levels. In October 2013, during the public launch of our Second Century Campaign, we formalized The success of this enterprise is a testament not just to Robert Brookings’s vision, but also to the this commitment to facilitating public engagement in the life of Brookings. We call it the Jefferson dedicated work over many decades of extraordinary scholars and equally committed supporters and Imperative. Why? Because America’s third president believed that a well-informed, educated, and donors. empowered citizenry is crucial to a healthy, efficacious democracy. While governments in the United States and abroad still face many seemingly intractable The United States needs help in that regard now and in the decades ahead. Polarization of the problems, there is no doubt that policymakers, from mayors and governors to legislators and body politic and dysfunction of the federal government are at alarming levels. Much of the media presidents, have benefited from the research and ideas generated by Brookings scholars. And this is landscape is a balkanized, fact-free zone. Versions of this lamentable phenomenon are evident around equally true whether the challenge before us is a breaking crisis that demands a rapid response or a the world. We believe that Brookings, with its dedication to nonpartisanship, empirical research, and long-term challenge that requires fundamental re-thinking and comprehensive solutions. civil discourse, can help revive Jefferson’s wisdom, nationally and globally. Our goal is to ensure that this important work can continue—and be enhanced—in Brookings’s To deepen our research further, we have launched partnerships with some of the world’s leading next hundred years. public-spirited universities, carrying forward yet another of Jefferson’s many passions. Toward that end, Brookings has launched the Second Century Campaign—a $600 million We’ve invested in new strategies and technologies to send and receive information in real time comprehensive campaign designed to place Brookings’s financial resources at a level that ensures and in multiple ways. We’ve renovated Falk to increase its audience capacity, both physically and the Institution’s preeminence in the think tank world. However, that is not merely out of a desire virtually through audio-visual facilities. Literally every month our Communications and Information for preeminence for its own sake, admirable as that might be, but rather out of a conviction that Technology colleagues introduce innovations on our website, brookings.edu—a domain name that we our continued leadership can indeed produce the type of scholarship and research—and practical like to think is a reminder of our obligation to educate the public. solutions—that can help governments achieve their complicated mission much better. In this era of crowdsourcing and user-generated content, we have greater access than ever before For this overarching reason, we very much appreciate the support of so many individuals, to ideas that come from a public that we’re trying to inform and engage. Twitter, Facebook, online corporations, and philanthropies from around the world in helping to get the Second Century video discussions, blog comments, and email provide a high-tech analogue to the Q&A sessions that Campaign off to a strong start, while also continuing their support of Brookings’s current day-to-day are a standard feature at our public events at 1775 Massachusetts Avenue, which, I can assure you, needs. We are in their debt, and look forward to thanking them personally when the occasion arises. will not just survive but prosper in the digital age. We also want to thank—and commend—Brookings’s administrators and scholars for their Important as social media is, it doesn’t tell the full story, not least because postings tend to be achievements over the past year and their continued efforts to provide useful research and innovative instantaneous and brief. That’s one reason why the long-form journalistic and thought pieces that we policy solutions to the array of challenging issues now facing policymakers around the world. began producing in 2013 under the rubric of the Brookings Essay have become a brand-enhancing ­ staple of our presence on the Internet. Readers—including many who had not been visitors­ to our site—have taken notice. We hope you will too. We’ll keep you abreast of progress as we make further strides in the Jefferson Imperative. We hope you agree that our centenary in 2016 is an occasion to reaffirm and update not just the found- ing values and principles of our own Institution, but those of our nation as well. John L. Thornton David M. Rubenstein Co-Chair of the Board Co-Chair of the Board

Strobe Talbott President

2 3 President Bill Clinton delivers the inaugural Brookings Impact T he Power and Robert S. Brookings Promise of President’s Lecture Independence Bringing Long-Form t a time when the lines between research organizations and advocacy groups are Writing into the Digital Age becoming increasingly blurred, media In the spirit of Brookings’s commitment to outlets—from major newspapers to high-quality, independent research, in 2013 the Institution launched the Brookings Essay as independent bloggers—are asking questions a multi-platform, long-form product designed A about how research is financed. With to engage audiences in open dialogue and political polarization remaining a great stumbling block debate. Through eye-catching graphics, inspired prose, interactive maps, embedded videos, and to policy breakthroughs and partisan goals too often timelines, Brookings Essays immerse readers in trumping sound policy, people want—and deserve—to critical issues with in-depth analysis of events know where their statistics and analyses are coming from. and their consequences, and the policy options for responding to them. By stimulating national In short, independence has never been more important and international conversations on key topics, and transparency never more critical to ensuring impact. the Brookings Essay embodies the goals of the Brookings takes these questions very seriously. Since its Jefferson Imperative: engaging informed citizens in President the governance of their nations and world. founding, Brookings has believed that the value of its The inaugural essay, “A Deadly Triangle” by scholarship—to all sides of any debate—is in the absolute Clinton William Dalrymple, opens with grenade blasts commitment to empirical research and thoughtful, and a Kabul guesthouse bombed to rubble as Launches an introduction to the complex interactions well-considered conclusions. Brookings scholars bring between India, Pakistan, and Afghanistan and the a range of perspectives and there is no “Brookings internal politics that inform the region’s strategic position” on issues. Instead, working in an atmosphere Premier Forum relationships. of intellectual freedom and the highest standards of Photo by Paul Morigi With a haunting description of a Corsican “If you look everywhere n 2014, the Institution launched the war memorial, Margaret MacMillan’s “The Rhyme academic rigor, Brookings experts conduct policy analysis Robert S. Brookings President’s Lecture of History” launches a journey through time to and make recommendations based on the facts, without a in the world where there’s to provide a highly visible annual platform investigate the “what ifs” and “whys” of the First predetermined outcome. a genuine commitment to for statesmen and business leaders from World War. shared decisionmaking, good Iaround the world to deliver major, news- Other Brookings Essays have examined gun Senior Fellow Robert Brookings is funded by a diverse balance of control, the role of sub-national governments Kagan and noted historian making policy speeches. things are happening.” in India and China, the roots of the European Margaret MacMillan corporations, individuals, foundations, and governments The inaugural speaker was Bill Clinton, —Bill Clinton, 42nd President, Union, and NSA surveillance, among other topics. (right), author of the representing a wide range of views. This diversity makes United States of America founder of the Clinton Foundation and 42nd Nearly 300,000 visitors have viewed the first seven Brookings Essay “The Brookings beholden to only one master: the facts. One President of the United States. He took the Brookings Essays, making them among the most Rhyme of History: Lessons of the Great War,” stage in Falk Auditorium for a conversation popular content on the Brookings website. reason that endowments and unrestricted funding are compare current tensions with Brookings President Strobe Talbott that so important to the Brookings mission is that they give around the globe to the covered an enormous range of issues, from period preceding the start scholars the ability to pursue independent research and climate change and energy to the global of World War I in 1914 follow the findings—wherever they may lead. economy and inequality. Staying true to As contentious debate and partisan gridlock continue Brookings’s commitment to engaged citizenry, the first event was webcast live and the public to hamper progress on the urgent issues of our time, was invited to submit questions for President Brookings’s independence is, and always will be, a rare Clinton via Twitter using #ClintonatBrookings, and valuable asset. and many participants live-tweeted their own commentary during the event. For years to come, this exclusive forum will showcase leaders from the highest levels, giving attendees the opportunity to hear i g firsthand perspectives from the individuals i Mor

shaping our world. l u a P y b Photo Photo 4 5 Economic Studies

Examining the Fiscal Vice President and Director of Economic Studies Ted Gayer, the Joseph A. Pechman Senior Fellow (right), discusses the future of Fannie Mae and Freddie Mac with Director of the Federal Housing Impacts of Finance Agency Mel Watt Retirement Trends or the past two decades Americans over age F60 have increasingly delayed their exit from the workforce. This reversal of a century-old trend may help reduce the soaring costs of entitlement programs such as Social Secu- rity and Medicare. In Closing the Deficit, Senior Fellows Henry Aaron, the Bruce and i g i Virginia MacLaury r o Chair, and Gary Burt- less, the John C. and by Paul M Paul by

o Nancy D. Whitehead t o

Investigating Policy Options Ph Chair, explore the possible impact of to Meet Economic Challenges this development on the federal deficit. photo by Monty Rakusen/Getty Images As the nation faces Distinguished Fellow in Residence Ben Bernanke (left) a prolonged jobs gap and Senior Fellow David Wessel, Director of the Hutchins and long-run fiscal ith a focus on revitalizing eco- Watt, new director of the Federal Housing Center on Fiscal and Monetary Policy (center), greet “Don (Kohn) is challenges, Closing nomic growth, improving the Finance Agency, who spoke on “The Future of Stanley Fischer, Vice Chair of the Federal Reserve, prior the Deficit provides labor market, and advancing Fannie Mae and Freddie Mac.” always so wise to an event on central banking after the Great Recession an important look economic opportunity, the Eco- This year, Brookings welcomed former and balanced at a crucial segment nomic Studies program analyzes Federal Reserve Chairman Ben Bernanke as a that it is a of the employment Wcurrent and emerging economic distinguished fellow in residence and Louise delight to read market and presents policy issues facing the United States and the Sheiner and David Wessel as senior fellows, a potential path for world. Economic Studies experts provide rig- adding new expertise to an already deep bench anything that future recovery. orous, nonpartisan, independent analyses to of scholars with rigorous academic credentials he writes. And improve the quality and efficacy of economic and high-level policy experience. I have this policies. overwhelming Examining the Systems Shaping Recovery that Promote Opportunity sense that I Economic Studies experts assess and The Center on Children and Families, led by should just say recommend policies to improve the tepid Senior Fellows Isabel Sawhill and Ron Haskins, I agree with economic recovery and the fragile labor market. the Cabot Family Chair, convened the first him.” Scholars looked at the causes of the financial annual Social Mobility Summit to examine the crisis and Great ­Recession to help prevent their policy challenges posed by stagnant rates of —Christina Romer, recurrence through events like “The State of social mobility. Organized by Policy Director former Chairman, the U.S. ­Financial System Five Years after the Richard Reeves and featuring keynote remarks President’s Council of ­Crisis,” held simultaneously at Brookings and from ­Senator Kirsten Gillibrand (D-NY) and Economic Advisors Stanford University, and “Recovery Road? An House Budget Committee Chair Paul Ryan i g i

Assessment of the Auto Bailout and the State of (R-WI), the ­Summit focused on how events at r U.S. Manufacturing,” which featured Chrysler critical life stages affect outcomes. Decisions o head Sergio ­Marchionne, Brookings Trustee on child-bearing are key determinants of by Paul M Paul by o

­Steven Rattner, and Lawrence Summers­ of success, and Sawhill’s new book, Generation t o

­Harvard. Economic Studies also hosted Mel Unbound, will offer insights into how family Ph 6 7 Economic Studies

Representative Paul Ryan (R-WI) and Senior Fellow Ron Haskins, the Cabot Family Chair and Co-Director of the Center on Children and Families (right), participate in Assessing the the Social Mobility Summit Government’s Role ith travelers facing rising costs, flight delays, and traffic congestion, and with the advent of new technologies such as driverlessW cars, Searle Freedom Trust Senior Fellow Clifford Winston examines the role of government in aiding or impeding transportation efficiency. His recent work includes an exploration of airport privatization, which found that “the potential annual benefits from private airport competition nationwide could amount to billions of dollars,” improve travelers’ welfare, and

PHOTO BY PAUL MORIGI PAUL BY PHOTO increase profitability of airlines and airports. Charles Evans, President of the Federal Reserve Bank of Chicago (second from right), contributes to a panel discussion on global monetary policy Over the past year, Winston, a microeconomist alongside (left to right) Vitor Constancio, Vice President of the European Central Bank; Senior Fellow Eswar Prasad, the New Century Chair in who specializes in the analysis of industrial International Trade and Economics; Alexandre Tombini, Governor of the Central Bank of Brazil; and Raghuram Rajan, Governor of the Reserve Bank organization, regulation, and transportation, has of India examined the application of market practices to infrastructure projects, public versus private structure impacts child well-being and social sector effectiveness for strengthening the U.S. mobility. New Ways to Make Data transportation system, and the government’s The Center on Children and Families also Accessible ability to implement large projects like the launched the Social Mobility Memos blog, which MORIGI PAUL BY PHOTO Affordable Care Act website. By supporting explores the challenges of increasing social mobil- ata visualization can make complex experts like Winston, the Searle Freedom ity and opportunity and provides recommendations information understandable to a wider Trust helps Brookings bring a wide range of on ways that education, family, and work can pro- audience. Economic Studies employs Concentrated Focus on perspectives to its scholarship. mote greater economic success. innovative approaches to making Dits research more accessible and compelling. Fiscal and Monetary Policy Searle Freedom Trust Senior Fellow Clifford Winston For example, Hamilton Project Director Melissa ow effective are monetary policies, such as sustained low interest Kearney made a video explaining the conclusions rates and quantitative easing, at advancing the economic recovery Director of the Engelberg from her research on how popular television can and what risks might they pose for financial markets? How Center for Health Care Reform Alice Rivlin, the influence teen pregnancy. A series of interactive can fiscal policies such as tax reform better promote economic

Leonard D. Schaeffer Chair SHARON FARMER BY PHOTO maps showing county-by-county breakdowns of growth and help heal the labor market, while also achieving long- in Health Policy Studies and Sergio Marchionne, property taxes, income taxes, itemized deductions, Hterm sustainability? To help answer these important questions, Glenn Hutchins, the founding director of the Chairman and CEO and earned income credits was the most-viewed chairman of the Second Century Campaign and vice chair of the Brookings Board, Congressional Budget Office of Chrysler, gives his content on the Brookings website this year. made a $10 million grant through the Hutchins Family Foundation to establish the (center), stands with current assessment of the Graphs examining the persistent problem Hutchins Center on Fiscal and Monetary Policy. CBO Director Douglas government’s 2009 of long-term unemployment appeared in several With David Wessel, 30-year veteran of the Wall Street Journal, as director Elmendorf (left) and former bailout of the automotive media outlets, drawing more attention and readers and an advisory council chaired by Lawrence Summers and N. Gregory Mankiw of Director Robert Reischauer industry to the Brookings Papers on Economic Activity, Harvard, Hutchins Center scholars strengthen fiscal the program’s flagship academic conference and and monetary policy by generating new thinking publication. and constructive criticism, and providing a forum for In “Ten Questions You Were Afraid to Ask reasoned debate. about Obamacare,” Fellows (and practicing At the Hutchins Center launch, Brookings

physicians) Kavita Patel and Darshak Sanghavi released papers by current and former central SHARON FARMER BY PHOTO in the Engelberg Center for Health Care Reform bankers on the zero lower bound, international discussed the basics and complexities of the banking reform, and risks to the Fed’s independence. Affordable Care Act in plain language. Ben Bernanke delivered the keynote address, just days before completing his term at the Fed and joining Brookings.

“Brookings is stockpiling some MORIGI PAUL BY PHOTO Hutchins Center experts also look at the global of the best economic brainpower Vice Chair of the Board ramifications of policies. Wessel led a panel featuring Glenn Hutchins speaks at Reserve Bank of India Governor Raghuram Rajan in America.” the launch of the Hutchins that discussed the global impact of the Federal —Jon Hilsenrath, Chief Economics Correspondent, Center on Fiscal and Reserve scaling back long-term bond purchases. As Wall Street Journal Monetary Policy China deregulates and liberalizes its financial sector, Donald Kohn, the Robert S. Kerr Senior Fellow, shared lessons from U.S. and U.K. Explore beyond the highlights. macroprudential regulation at Tsinghua University in Beijing. >Visit brookings.edu/economics

PHOTO BY PAUL MORIGI PAUL BY PHOTO and follow @BrookingsEcon 9 Foreign Policy

Dealing with the Rising NATO Secretary- General Anders Fogh Asian-Pacific Rasmussen (left) and Giant Senior Fellow Fiona Hill, Director of the hina’s rise Center on the United poses a States and Europe, central confer ahead of an strategic event examining how Cchallenge for the NATO is evolving United States, partic- to address new ularly as the emerg- security challenges ing power asserts a larger international role and builds a modern military on top of its established economic strengths. There is no consensus among policymak- ers and pundits over i g i whether the bilateral relationship will descend into danger- ous confrontation or

Photo by Paul Mor Paul by Photo reach friendly col- laboration. Senior Fel- President of the United low Michael O’Hanlon, States Barack Obama the Sydney Stein, Jr. speaks at the 10th annual Chair in International Interpreting a Changing World Saban Forum Security, and former photo by Pacific Press/Getty Images Deputy Secretary of State James Stein- berg explore this hether addressing overarching “Superpowers Don’t Get to Retire,” Kagan’s essay “I think challenge in their ­geopolitical trends or the erupt- on U.S. leadership in The New Republic, catalyzed the Saban book, Strategic Reas- ing crisis of the moment, Foreign intense debate, including among President Obama surance and Resolve: Policy scholars provide objective and his top advisors. In Still Ours to Lead: America, Forum… U.S.-China Relations analysis, important context, and Rising Powers, and the Tension between Rivalry and has done in the 21st Century, Wpractical policy recommendations Restraint, Project Director and Deputy Director outstanding which makes focused to inform public debate and help policymakers of Foreign Policy Bruce Jones, a former United work, and it recommendations respond. With more than 40 full-time scholars, Nations senior advisor, wrote about the future of for establishing sus- Foreign Policy’s research agenda covers the world’s international power through a U.S. lens. provides us a tainable cooperation critical regions and key issues such as energy mechanism based on deliberate security, non-proliferation, and humanitarian Framing the Debate on Global Challenges where we don’t strategies to address affairs. Bolstered by the work of overseas research As negotiations with Iran over its nuclear program just scratch the the key security centers in China, Qatar, and India, Foreign Policy approached a turning point, Brookings experts pro- dynamics between is uniquely configured to address breaking devel- vided balanced insights into Tehran’s ambitions, its surface of these them. opments and the interconnected challenges that complicated internal politics, and potential courses issues.” affect the global order. of action. Senior Fellow Robert Einhorn, a former —Barack Obama, special advisor to the Secretary of State, delivered President, United States Defining New Roles for a New Reality recommendations in Preventing a Nuclear-Armed of America Foreign Policy launched the Project on Interna- Iran. Senior Fellow Kenneth Pollack explored tional Order and Strategy in February to explore worst-case scenarios in Unthinkable: Iran, the the global order and how critical countries are Bomb, and American Strategy, which was recog- shaping its evolution, for good or for ill. Scholars nized among the New York Times’s 100 Notable ang w

like Senior Fellows Robert Kagan and Ted Piccone Books of 2013. Senior Fellow Suzanne Maloney’s ls A h

and Fellow Jeremy Shapiro are drawing on their widely followed Iran@Brookings blog provided a p al State Department and White House experience to forum for discussion on questions involving Iran. R

examine implications for U.S. strategy and global Brookings scholars were hard at work on by to

cooperation and provide policy recommendations. other critical questions on the Middle East, with Pho 10 11 Martin Indyk, then-U.S. Foreign Policy Special Envoy for Israeli- Brookings India Founders Circle Palestinian Negotiations the Founders Circle is a group of business and civic (left), discusses the leaders from India and the united states whose Middle East peace support and advice helped launch brookings India A Front-Row Seat negotiations with U.S. in new Delhi in 2013. to Policy in Progress Secretary of State John Kerry in Paris in ongtime brookings trustee alan batkin Antoine van Agtmael, garten rothkopf September 2013 and his wife, Jane, made a new $1 million Nita Ambani and Mukesh Ambani, reliance commitment to establish the alan and Industries ltd. “I am Jane batkin International leaders Forum Rahul Bajaj, bajaj auto ltd. confident that Lseries, which enables brookings to host foreign Shyam S. Bhartia and Hari S. Bhartia, Jubilant as China and leaders for major policy addresses. the dedicated bhartia group the United resources provided by this twenty-year term Kumar Mangalam Birla, aditya birla group endowment will allow Foreign Policy to leverage Gaurav Dalmia, Dalmia group States build brookings’s unparalleled convening power to Steven A. Denning, general atlantic llC this new provide a platform for visiting dignitaries to speak Swati Desai and Nishith Desai, nishith Desai model of publicly about critical current issues with a high- associates level Washington audience. Adi Godrej, godrej group major-country Kris Gopalakrishnan, Infosys relationship, Trustee Alan R. Batkin Baba Kalyani, bharat Forge the Brookings Onkar S. Kanwar and Neeraj R. S. Kanwar, apollo Institution will tyres Rana Kapoor, yes bank continue to Sunil Kaushal, standard Chartered bank play a positive Charles R. Kaye, Warburg Pincus role and make Sid Khanna, IeP Fund advisors Private limited an important

Photo by glen by Johnson Photo Shiv Vikram Khemka and Uday Khemka, sun group Geetanjali Kirloskar and Vikram Kirloskar, Kirloskar contribution.” systems ltd. —Wang Yi, Foreign Chilean President Michelle Rajiv B. Lall, IDFC Minister, People’s experts examining prospects for democracy in Bachelet speaks during Kiran Mazumdar-Shaw, biocon Republic of China Egypt, instability and crisis in Iraq, and broader an Alan and Jane Batkin relations between the U.S. and the Islamic world. International Leaders Rajan Bharti Mittal and Rakesh Bharti Mittal, Senior Fellow Elizabeth Ferris, co-director of the Forum about her work to bharti enterprises Project on Internal Displacement, presented rec- strengthen democracy Sanjay Nayar ommendations for addressing the refugee crisis in and eliminate inequality in Vineet Nayar and Varun Nayar, sampark Syria, while TÜSI˙AD Senior Fellow Kemal Kiri¸sci, her country Ajay Piramal, Piramal enterprises ltd. director of the Turkey Project in the Center on the Dattaraj V. Salgaocar, V. M. salgaocar group United States and Europe, discussed refugee inte- Shardul Shroff and Pallavi Shroff, amarchand & MorIgI Paul by Photo gration in Turkey. Vice President of Foreign Policy Mangaldas & suresh a. shroff & Co. Martin Indyk took a leave of absence to serve as Malvinder Mohan Singh, Fortis healthcare limited Senior Fellow Katharine change, and technological development to his U.S. special envoy for Israeli-Palestinian negotia- Harsh Pati Singhania, J.K. organisation H.S. Moon, the SK-Korea role as director of the John L. Thornton China tions, returning to Brookings on July 1, 2014. Krishen Sud, sivik global healthcare, Inc. Foundation Chair in Center. Senior Fellow Qi Ye now heads the

Photo by Paul MorIgI Paul by Photo Tata Group Korea Studies (right), Brookings-Tsinghua Center for Public Policy in Strengthening Scholarship on Asia Adil Zainulbhai and Ashraf Dahod, Dawat-e-hadiyah speaks with Ho-Young Beijing, where he delivers in-depth insights into Foreign Policy scholars also examined the implica- (america), a Corporation sole Ahn, Ambassador of the how China is balancing its economic growth and tions of rebalancing American policy toward Asia, Rapid Response to Ukraine-Russia Crisis Arshad Zakaria, new Vernon Capital Republic of Korea to the environmental challenges. United States, about the which comes amid territorial conflicts in the East The appointment of Katharine H.S. Moon s the ukraine crisis evolved into a ukraine-russia dispute with major role democratization and and South China Seas, Trans-Pacific Partnership implications for relations between the West and russia, Foreign Policy globalization are playing as the inaugural SK-Korea Foundation Chair in trade negotiations, evolving energy policies, and scholars provided insightful analysis and policy recommendations. in transforming U.S.-Korea Korea Studies further enriched Foreign Policy’s shifting centers of power. Center for East Asia senior Fellow Clifford gaddy and Fiona hill, the stephen and barbara relations Asia expertise. Under the direction of Fellow Tanvi Policy Studies Director Richard Bush, the Michael AFriedman senior Fellow and director of the Center on the united states and Madan, the India Project will collaborate closely H. Armacost Chair and the Chen-Fu and Cecilia europe, drew on their book Mr. Putin: Operative in the Kremlin to explain the cal- with Brookings India, the Institution’s new center Yen Koo Chair in Taiwan Studies, emphasized the culations behind the russian leader’s actions. senior Fellow steven Pifer, former in New Delhi, to track developments in Asia’s importance of global connections: “Getting out u.s. ambassador to ukraine, complemented their work with his own analysis and second emerging giant. of Afghanistan, staying out of Libya, Syria, and recommendations for u.s. and european policy. Ukraine, and working hard to get a nuclear deal as the crisis deepened, Foreign Policy took a leadership role in explaining with Iran—all strengthen the United States to play developments and policy options through op-eds in the Washington Post, New well in the main area of geopolitics: East Asia.” York Times, and Financial Times, as well as testimony on Capitol hill and dozens China is central to any conversation about of briefings with senior policymakers, senators, members of Congress, and the Asia, and Foreign Policy enhanced its capacity on media. During the crisis, Foreign Policy hosted speeches by international leaders, the country with the addition of two new center including german Foreign Minister Frank-Walter steinmeier in February and nato Explore beyond the highlights. directors. Senior Fellow Cheng Li brings his secretary-general anders Fogh rasmussen in March. >Visit brookings.edu/foreignpolicy

knowledge of political transformation, generational MorIgI Paul by Photo or follow @BrookingsFP 12 13 Global Economy and Development

The Paradox of U.S. Dollar Dominance ven with rising debt, political dysfunction, Eand years of uncon- ventional monetary policies, the U.S. dollar remains the world’s most trusted reserve currency. Senior Fellow Eswar Prasad, the New Cen- tury Chair in Inter- national Trade and Economics, examined this paradox in The Dollar Trap: How the

i U.S. Dollar Tightened g Its Grip on Global l Mori u

a Finance. “The U.S. is not eager to keep its currency strong. Photo by P by Photo This inevitably leads Liu Yandong, Vice Premier of the People’s Republic of China, and Hillary Rodham Clinton, former U.S. countries to focus Secretary of State (right), discuss the importance of early childhood development programs and their potential for accelerating long-term economic growth and productivity on exports to boost Shaping the Global Economic Agenda growth,” he explained in the Wall Street Photo by IMF Photo/Ryan Rayburn Journal—among the Then-Prime Minister of Italy Enrico Letta talks with Vice President many media outlets, and Director of Global Economy and Development Kemal Dervi¸s and including the Harvard nder the leadership of Vice President including the specific difficulties in sustain- “In such a Nonresident Senior Fellow Carlo Bastasin (right to left) ahead of an Business Review and and Director Kemal Dervi¸s, the Edward ing long-term growth in regions such as Latin connected age, address in which he outlined his views on how Italy and Europe should the Financial Times, M. Bernstein Scholar, the Global ­America. The Brookings Global-CERES Economic where we are move forward following the economic crisis that covered the Economy and Development program and Social Policy in Latin America (ESPLA) Ini- book. continued to respond to the changing tiative’s report Latin America Macroeconomic Out- all looking for Ueconomic landscape around the world, look in the Global Context: Are the Golden Years solutions, often offering analysis, debate, and recommendations on for Latin America Over? was discussed and cited to problems the issues that will determine our common future. during the 2013 International Monetary Fund/ World Bank Annual Meetings. In January 2014, we are all

Trends in the Global Economy the Africa Growth Initiative launched its annual experiencing, ess

Despite a predominantly favorable global narra- Foresight Africa report at a full-house event. ity Pr

having people s r tive for developing countries’ economic prospects, e iv

who can bring n

recent data shows weaknesses in many emerg- Examining Prospects for Europe’s Future U n

ing economies. This has revived the debate on The May 2014 European Parliament elections you together to whether the “convergence” of average incomes is came amid uncertainty over the European Union’s like Brookings nce Pri a long-term structural trend or just a cycle. Global political direction and challenges to its monetary is so important scholars have been making the case that conver- union. Brookings experts engaged in research to getting it gence as a “secular” trend is here to stay thanks and dialogue on the region’s long-term growth to globalization and the spread of technology. This prospects and a renewed vision for the European right.” influential work includes Kemal Dervi¸s’s regular Union in the 2020s. Global released Europe’s —Julia Gillard, former Project Syndicate column and Senior Fellow and Crisis, Europe’s Future, which examined the crisis Prime Minister, Australia New Century Chair in International Trade and from its onset to draw policy lessons for domestic i Economics Eswar Prasad’s Tracking Indices in the and international finance and social policies. Sup- g

Global Economic Recovery (TIGER), a joint effort ported by a grant from the Stavros Niarchos Foun- l Mori u with the Financial Times. dation and launched in Athens, Greece: From Exit a Research by Global scholars has also high- to Recovery? discussed the country’s experience in

lighted differences among countries and regions, the financial crisis, from its adoption of the euro P by Photo 14 15 Senior Fellow and Deputy Director of Global Economy and Development Global Economy and Development Homi U.S. Trade Representative Michael Froman discusses how U.S. trade Kharas (right) listens as policy, including the African Growth and Opportunity Act (AGOA), Support for Global Education Rajiv Shah, Administrator must adapt to shifts in the global economic landscape of the U.S. Agency n June 2014, Foreign Minister of Norway for International Børge Brende and Brookings President Development, discusses Strobe Talbott signed a Memorandum of the role of the U.S. Understanding for Norway’s intent to support government in the fight Ithe Center for Universal Education with a gift of against global poverty $4 million over three years. This grant will sup- port independent policy research and dialogue on the global education agenda, how learning is mea- sured, the improvement of education resources, and reaching the most marginalized children and youth around the world. Brookings is grateful for Norway’s long-standing support of the Foreign Policy program, as well as previous support for work on international climate policy, and looks forward to broadening its relationship to focus on improving global education. i g r e ori

M Distinguished Fellow Julia Gillard, Senior Fellow and Director of the Center for Universal Education Rebecca Winthrop, President Strobe Talbott, Norwegian Ambassador to the United States Kåre Photo by Paul Paul by Photo Aas, and Norwegian Foreign Minister Børge Brende

President of the African Sharon Farm by Photo (left to right) Development Bank Donald Kaberuka offers insight on the importance of to potential policy responses for recovery. finding new and efficient Global’s work and events have fed into the ways to leverage private economic debate on the eurozone and the broader capital in Africa, as discussion on the future of European institutions. well as maximizing and Over the last year, Brookings hosted several senior sharing revenues from African countries’ natural European leaders, including Enrico Letta, then- resources prime minister of Italy; Benoit Coeuré, member “It’s always of the Executive Board of the European Central oni Bank; Eleni Dendrinou-Louri, then-deputy gover- al

dd a thrill to be

a nor of the Bank of Greece; and Reza Moghadam, M

s

with Brookings director of the European Department at the Inter- i g

and Brookings’s national Monetary Fund. ori experts, who M Photo by Chri by Photo Creating the Sustainable

are always Development Goals Paul by to

shaping a Pho Informing the U.S.-Africa Economic With the Millennium Development Goals expiring Relationship brighter future in 2015, the global community is working toward for all of us.” consensus around a set of sustainable develop- Building Consensus on Global Education or years, U.S. engagement in Africa has emphasized poverty reduction, ment goals to succeed them. After Senior Fellow As part of Global’s work on development, the —Rajiv Shah, foreign aid, and addressing catastrophes like the tragic spread of HIV/ and Deputy Director Homi Kharas played a promi- Center for Universal Education has partnered with Administrator, U.S. AIDS. While important, these priorities have not kept pace with Africa’s nent role as lead author and executive secretary UNESCO’s Institute of Statistics to convene a Agency for International emergence as a premier site of innovation and entrepreneurship. The for a United Nations high-level panel charting a global task force to develop and build consensus Development (USAID)

y course for global development, he was named one around new ways to globally measure what mat- Africa Growth Initiative continued to engage U.S. policymakers around the trade a

F s and investment agenda, including Power Africa, Trade Africa, the Africa Growth of Foreign Policy magazine’s leading global thinkers ters in education. This effort has included active

and Opportunity Act (AGOA), and the pending Electrify Africa Act. Ju lito of 2013. participation by ministers of education and other ge n

Brookings convened thought leaders on these issues through its Africa A Brookings experts contributed to this debate actors in over 100 countries. Former Prime Minis- Policy Dialogue on the Hill, held in partnership with the Congressional African through work on poverty trends, data, education, ter of Australia Julia Gillard, now a distinguished

Staff Association. Global scholars testified on the African Economic Commu- by Photo and accountability, and work specific to Africa, fellow at Brookings, is working closely with the nity before the Subcommittee on Africa, Global Health, Global Human Rights, Carol Graham, the Leo Pasvolsky Senior Fellow (left), where many of the development challenges are Center to identify ways to scale up and finance and International Organizations. This work coalesced around the U.S.-Africa explores the economics of happiness with Dan Harris of most acute. A number of Brookings’s recommenda- quality learning opportunities and make education, Leaders Summit in August 2014, for which Brookings offered the White House ABC News at an event in New York’s Bryant Park tions—particularly around global education, scal- especially for girls, a global priority. recommendations on the Summit’s structure, format, and agenda and convened ing up successful development interventions, and a high-level public forum that featured a dynamic group of business leaders, U.S. development finance strategies—have been Explore beyond the highlights. entrepreneurs, and public figures. actively debated at key forums like the annual >Visit brookings.edu/global Brookings Blum Roundtable on Global Poverty. or follow @BrookingsGlobal 16 17 Governance Studies

Bringing Data to the People or more than 30 years, Senior Fel- Flow thomas Mann and his collaborator, Norman ornstein of the american Enter- prise institute, have produced Vital Sta- tistics on Congress, a unique examination of Congress and its members. this year, Governance Studies brought this hallmark publica- tion online, making each chapter’s data sets available as downloadable PDFs and Excel spread-

Photo by toM WilliaMS toM by Photo sheets. Members of Senior Fellow Benjamin Wittes, Editor in Chief of Lawfare, testifies before the Senate the general public Intelligence Committee about the NSA’s surveillance program were encouraged to timely Messengers of independent insight explore and submit their own analyses Photo by JEWEl SaMaD/GEtty iMaGES and findings about Congressional demo- graphics, election rom implementation of the Affordable of American Progressives”—dove deep into partisan “(The Center trends, and campaign Care Act to the implications of the NSA views, while FixGov delivered timely analysis on the for Effective finance. Governance leaks, Governance Studies scholars congressional primaries. Studies also pro- helped leaders and citizens understand FixGov is the most viewed blog on the Brook- Public duced an innovative complex policy issues in the United ings website, with readers from inside and outside Management) multimedia video F States and around the world. Washington, and has been cited in major outlets really is at the that explored some including Politico, Huffington Post, and CNN. By heart of what of the statistics in Advising through a Government Shutdown using #FixGov on Twitter, the public can be part of greater detail. On the eve of the 2013 government shutdown, the conversation. FixGov includes resources such as we need to Brookings launched the Center for Effective Public graphs on different dimensions of gridlock, a review do to make Management and its accompanying policy blog, of the Tea Party’s GOP battles, and examinations the United FixGov. Under the direction of Senior Fellow and of issues from “Why the McCutcheon Decision is founding Director Elaine Kamarck, Center experts Worse than it Looks” to what Affordable Care Act States of provided insights on the impasse and possible enrollment trends mean for Democratic candidates America what resolutions. to comparisons of marijuana legalization in Colo- our founders “This shutdown, if it comes to pass, will cost rado and Washington. intended billions of dollars,” Senior Fellow Thomas Mann, The Center also launched the Initiative on 21st the W. Averell Harriman Chair in American Gov- Century Capitalism to examine the purpose of the and what Co-Chair of the Board ernance, told C-SPAN. Kamarck shared ideas for corporation and how stakeholders’ understanding of our people David Rubenstein (left) fixing a broken Congress, while Senior Fellow Sarah it—including issues of executive compensation and and Vice President of deserve.” Governance Studies Binder interpreted unfolding events for the Wash- short-term trading—drives public policy and regula- —Al Gore, Jr., 45th Vice Darrell West (center) ington Post’s Monkey Cage blog. tory decisions. President, United States speak with former Vice What effect will continuing discord on Capitol of America President of the United Hill have on budget negotiations and the task of Giving Educators and States Al Gore prior to governing? Two reports—“2013 American Values Industry an Objective View the launch of the Center Survey: Libertarianism in the 21st Century” and Brookings experts also provided an indepen- for Effective Public

“Faith in Equality: Economic Justice and the Future dent voice to hotly debated issues in education. MoriGi Paul by Photo Management 18 19 Governance Studies

Continued Support for Research on School Choice harter schools—which didn’t even exist 25 years ago—now have a student market share of least 20 percent in 32 large school districts. As part of efforts i g Cto provide exemplary education for all children, school choice and competition—through charters and open enrollment in regular public schools— have entered public discussion as empirically promising components of public school reform. Photo by Paul Mori Paul by Photo Professor Nathaniel Persily of Stanford Law School With support from the Walton Family Foun- (right) responds to a question from Senior Fellow dation, the Brown Center on Education Policy Thomas Mann at an event on voting rights after the has, since 2011, produced the Education Choice Supreme Court’s decision in Shelby County vs. Holder and Competition Index (ECCI), which scores large “I’m grateful school districts in 13 categories of policy and practice. These criteria include less-examined to be here factors—like availability of transportation—that at Brookings impact lower-income families’ ability to choose today schools. ECCI presents the data in an interactive discussing format intended to create public awareness of the differences among districts in their support of emerging school choice, provide a framework for improving national choice and competition, and recognize leaders among school districts in choice and competition Photo by Paul Morigi security Senator Lisa Murkowski (R-AK) with Brookings threats. I’m systems. Managing Director William Antholis Senior Fellow In 2014, the Walton Family Foundation Elaine Kamarck, also a keen fan renewed its funding for ECCI, continuing to enable i Director of g of the Lawfare scholarship that charts and analyzes develop- the Center for blog, as are ments in education choice and competition. Effective Public Management, many who are Senior Fellow Grover “Russ” Whitehurst, the at the Center’s

Photo by Paul Mori Paul by Photo in this national Herman and George R. Brown Chair in Education launch in Cameron Kerry, the Ann R. and Andrew H. Tisch Studies and Director of the Brown Center on Authored by Senior Fellow Tom Loveless, the September 2013 security field, Distinguished Visiting Fellow, moderates a conversation Education Policy, announces findings from the 2013 2014 Brown Center Report on American Educa- so we with Microsoft General Counsel and Executive Vice Education Choice and Competition Index report tion revealed that “after all of the debate, the costs President Brad Smith (left) at an event on “The Future appreciate in tax revenue, and blood, sweat, and tears going i of Global Technology, Privacy, and Regulation” your work on into implementation,” some states with Common g Core-like standards did not see gains in some test that, as well.” scores. The Report’s investigation of homework —John Carlin, Assistant found that, despite recent media portrayals, only a Privacy, National Security, and the Law Attorney General,

small minority of students has a heavy homework Mori Paul by Photo Edward Snowden’s leak of classified National National Security, U.S. load and that it has not increased for the average Security Agency (NSA) intelligence transformed Department of Justice student. the data security and privacy landscape. Under the As information technology evolves at a break- Amplifying Brookings Scholarship leadership of Senior Fellow Benjamin Wittes, the neck pace, the policy frameworks for governing rom Jonathan Rauch’s Atlantic cover story on the gay marriage Lawfare blog produced “Inside NSA: We Brought i new innovations are lagging behind. To help busi- movement to a Brown Center Chalkboard post on deeper learning, in a Recording Device So You Don’t Have To,” g ness leaders and policymakers stay ahead of the Brookings scholarship gained traction in traditional and online media an exclusive series of podcasts with NSA officials technology policy curve, the Center for Technol- outlets. discussing topics ranging from content versus

ogy Innovation launched the TechTank blog to FSenior Fellow William Galston, the Ezra K. Zilkha Chair in Governance Stud- metadata collection in surveillance efforts to cor- Mori Paul by to

examine key questions in areas such as health ies, became a regular columnist at the Wall Street Journal, writing about the porate responsibility for customer information. Pho care, education, economic development, innova- “barista economy,” the social contract, and other topics at the intersection of These subjects joined the many hard secu- tion, and governance. In addition, Vice President governance and socioeconomic trends. Meanwhile, Senior Fellow E.J. Dionne, rity choices examined by Governance Studies. and Director of Governance Studies Darrell West, Jr. augmented the reach of his regular Washington Post column with frequent National Security Law Fellow and Managing Edi- the Douglas Dillon Chair in Governance Stud- tweets to his some 75,000 followers. tor of Lawfare Wells Bennett wrote extensively ies, testified on Capitol Hill about wireless spec- Using a comprehensive media outreach strategy and a range of tools, from about new paradigms for prosecuting terrorism trum governance and wrote about “How Mobile blogs and Twitter to op-eds and press interviews, Governance Studies drove suspects, while guest speaker Robert Litt, gen- Devices Are Transforming Disaster Relief and engagement with its scholars’ research, analysis, and commentary, connecting eral counsel with the Office of the Directorate of Explore beyond the highlights. Public Safety” for the Center’s Mobile Economy with policymakers and the public around the world. National Intelligence, discussed legal questions >Visit brookings.edu/governance Project. surrounding the agency’s data collection methods. or follow @BrookingsGS 20 21 Metropolitan Policy

Inspiring Action in Cities and Metropolitan Areas n June 2013, Brookings released The Metro­ politan Revolution by Vice President Bruce Katz and Fellow Jennifer Bradley. The book—Brookings’s best-selling in the past Ifive years—is changing the way political, business, philanthropic, and civic leaders across the country ­collaborate to compete. Manufacturing has become a priority again in Louisville and Lexington, and San Antonio and Miami are investing in infrastructure. Chicago and New York City are training workers with the skills they need, while St. Louis and Detroit are stewarding nascent innovation districts and San Diego and Portland are designing globally focused economic strategies. The Metropolitan Revolution has received widespread media coverage from key opinion-makers including columns by David Brooks and Thomas Friedman of the New York Times and Edward Luce of the Financial Times.

The Metropolitan Revolution app explains what the metro revolution is, why it matters, and how to get involved e rt a Du s e l i Empowering Cities and Metropolitan Areas Photo by Aqu by Photo photo by David Gn Photography/Getty Images Mexico City Mayor Miguel Ángel Mancera (left) and Chicago Mayor Rahm Emanuel sign an economic partnership agreement, stewarded by the Global Cities Initiative, to strengthen the relationship between the two cities and expand job growth and n an era marked by economic volatility and petitiveness through joint initiatives in trade, inno- “Local economic opportunities demographic transformation, cities and met- vation, and education. governments ropolitan areas face supersized challenges. An “Metro North America” by Research Analyst increasingly gridlocked federal government Joseph Parilla and Senior Fellow and Deputy and civil means that cities, metro areas, and their state Director Alan Berube identified the top metro- society, as well Ipartners must be at the vanguard of problem- politan trading relationships in the U.S., Canada, as business solving. The mission of the Metropolitan Policy and Mexico. “FDI in U.S. Metro Areas” by Senior leaders Program is to support them. Policy Analyst and Associate Fellow Devashree Saha, Policy Analyst Kenan Fikri, and Senior and urban Galvanizing Cities to Go Global Research Assistant Nick Marchio tracked foreign planners, have Now in its third year, the Global Cities Initiative: direct investment at the metropolitan level for the come together A Joint Project of Brookings and JPMorgan Chase first time. to chart their is helping metropolitan areas grow jobs through trade. The Initiative’s newly launched Global Cit- Supporting the Advanced Economy own course ies Exchange works with 21 metropolitan areas Advanced industries—such as automotive, aero- to spark job nationwide on developing and executing strategies space, and information technology—are at the creation and to increase economic competitiveness by focusing heart of a strong metropolitan economy, driving catalyze long-

on exports and foreign direct investment. Portland, innovation and productivity through high rates of ll e Oregon’s metro export plan is already creating new research and development investment and employ- term economic b amp business opportunities in Japan, Brazil, and China ing disproportionate numbers of skilled STEM growth.” tt C e r

for its sustainability firms. (science, technology, engineering, and math) —Judith Rodin, B At a GCI forum in November 2013, Chicago workers. President, Rockefeller

Mayor Rahm Emanuel and Mexico City Mayor In “The Hidden STEM Economy,” Associate Foundation, in the by Photo Miguel Ángel Mancera entered into a Global Cit- Fellow Jonathan Rothwell demonstrated that one foreword to The Trustee Peter Scher and former U.S. Trade Representative Carla Hills listen as William Daley, former Chief of Staff under President Obama (left ies Economic Partnership. This first-of-its-kind in five U.S. jobs relies on a high level of STEM Metropolitan Revolution to right), discusses issues in global trade at a Global Cities Initiative forum in Phoenix, Arizona agreement aims to increase employment, expand skills. These skills increasingly power advanced advanced industries, and strengthen global com- manufacturing and services industries and connect 22 23 Increasing numbers of companies from Metropolitan Policy advanced services sectors, like software and life sciences, are concentrating in urban-centered innovation districts. Vice President and Co- Learning from Director of the Metropolitan Policy Program Our Stakeholders Bruce Katz, the Adeline M. and Alfred I. Johnson “When I read Chair in Urban and Metropolitan Policy, and he Metropolitan Policy Program relies Nonresident Senior Fellow Julie Wagner explained (The Rise of heavily on the Metropolitan leadership in “The Rise of Innovation Districts” how these Innovation Council—a network of business, districts, from Cambridge’s Kendall Square to Districts), civic, and philanthropic leaders—as Tfinancial and intellectual partners. this group of Seattle’s South Lake Union, are combining the it started to economic, physical, and networking assets that stakeholders advances and supports solutions help innovative firms and workers thrive. In June crystallize all that leverage the unique assets of partner 2014, with support from Brookings, Detroit Mayor the elements metropolitan areas. Mike Duggan announced plans to establish an that were In october 2013, Metro presented plans to innovation district in his city in collaboration with already the Council on research and policy work, on-the- university, civic, and corporate leaders. ground engagements, and network-building happening in activities for three of the Program’s emerging Promoting Opportunity for All Chattanooga, areas of work: skills and the advanced economy, Six years after the start of the Great Recession, and then transformative infrastructure, and innovation districts. Photo by rAlPh AlsWANG by Photo falling unemployment and rising output at the made (me) Yuki Noguchi of NPR leads a conversation with Tennessee Governor Bill Haslam and Colorado Governor John Hickenlooper (left to right) on their national level belie the continued economic the gathering also included a special efforts to expand advanced industries and the need for a supportive federal platform struggles facing many workers and families. In understand discussion on the future of Detroit. Moderated by “The Plummeting Labor Market Fortunes of Teens what we Fellow Jennifer bradley, the discussion featured and Young Adults,” Fellow Martha Ross and other needed to do the Kresge Foundation’s laura trudeau, the authors found that younger workers are bearing to take them to Detroit Economic Growth Corporation’s George the brunt of those struggles. Rising inequality has Jackson, and Vice President of the Metropolitan become a focal point for debate, particularly in the next level.” Policy Program bruce Katz. Panelists discussed major cities like New York, San Francisco, and —Andy Berke, Mayor, the investments underway in Detroit and the Boston. In “All Cities Are Not Created Unequal,” Chattanooga, Tennessee implications of Detroit’s bankruptcy for other Senior Fellow Alan Berube found that inequality cities and metropolitan areas. Greater Seattle’s Latest Engagement with the Metropolitan Innovation Capacity: in these cities is much higher than the national average and that mayors can do more to promote leadership Council at the october meeting and Smart Buildings social and economic mobility. throughout the year was crucial to the successful development of Metro’s emerging areas of work. hree years ago, Metro worked with Efforts to reduce inequality and promote leaders in the Puget sound region employment opportunities must go beyond sum- through the brookings-rockefeller mer jobs and minimum wage programs, however. In Project on state and Metropolitan “Beyond Shovel Ready,” Senior Fellow Rob Puentes TInnovation to help develop a plan for maintaining and Research Assistant Joseph Kane provided the Greater seattle’s edge as a center of innovation. first-ever definition of infrastructure jobs, which today the region is developing new offer above-average wages to individuals without capabilities in smart building technologies to meet oF DEtroIt shAbu CCsD/CIty KWAbENA by Photo a college degree, and argued that policymakers rising global demand. the Puget sound regional CEO of the Henry Ford Health System Nancy M. Schlichting (left), Detroit Mayor Mike should focus on the opportunity these 14 million Duggan (second from right), and Detroit City Council President Brenda Jones (far Council organized public and private leaders (and growing) infrastructure jobs present. right) listen as Vice President and Co-Director of the Metropolitan Policy Program to harness the region’s unparalleled market Bruce Katz discusses the role of innovation districts in fostering economic growth strengths in software and information technology, in Detroit strong sustainability ethos, and network of higher education institutions to design, test, and scale new data- and technology-driven energy millions of workers with less than a bachelor’s efficiency solutions. degree to well-paying jobs in fields such as health the three-pronged “smart building” effort is care, computer systems, and installation and

already delivering results. these efforts include maintenance. Senior Fellow and PhotoGrAPhy KEVIN bECKEr/AllÉE by Photo the launch of a high-performance buildings In February 2014, Metro hosted Colorado Co-Director of the Denver Mayor Michael Hancock (left) stands with former pilot at four sites to test energy consumption- Governor John Hickenlooper and Tennessee Gov- Metropolitan Policy Chicago Mayor Richard Daley, Chairman of the Global management using cloud computing, the opening ernor Bill Haslam at an event that highlighted Program Amy Liu (left) Cities Initiative, after participating in a GCI forum in greets Gene Sperling, Denver, Colorado of a smart buildings Center hub, and a new efforts to bolster advanced industries in their Director of the National sustainable building technology degree program states. Tennessee used recommendations from the Economic Council and Brookings report “Drive!” to launch a $10 million at a community college. Assistant to the President the seattle region is, like other metro areas Skills Gap Grant Competition encouraging work- for Economic Policy, that have benefited from the support of the force innovation. Colorado referenced the Brook- before an address in brookings-rockefeller Project, improving its ings report “Launch!” in its creation of a 10-year, which he laid out the innovation, trade, and skills assets to further $150 million matching grant program to accelerate Obama administration’s Explore beyond the highlights. growth and prosperity in the next economy. commercialization of the state’s advanced industry perspective on U.S. >Visit brookings.edu/metro

technologies. manufacturing MorIGI PAul by Photo or follow @BrookingsMetro 24 25 The Second Century Campaign

“In a time when our politics are archly divisive and we cannot even perform the basic tasks of governance, Brookings is igi prepared and r able to lead. Paul Mo Paul y b

Leadership o t

takes resources, Pho which is what Trustee Victoria P. Sant explains why she makes the chooses to engage with Second Century Brookings’s work during Campaign the launch of the Second Century Campaign in so vitally October 2013 important.” Former Mayor of New —Glenn Hutchins, York City Michael Chair, Second Century Bloomberg speaks with Campaign and Vice President Strobe Talbott Chair, Board of Trustees igi

(right) following the r launch of the Second

Century Campaign Mo Paul y earlier that day b o

Building the Future of Policy Research t Pho

he challenges facing the U.S. and the Talbott added, “For Brookings to address the international community when Brook- nation’s crises, we need to be confident of our own ings was founded in 1916 were very fiscal sustainability over the long term.” different from those the world is deal- Co-Chair of the Board John Thornton noted ing with today. The tools to overcome the critical role of donors to Brookings’s success. T them, though, remain the same—effec- “We haven’t gotten here alone. It has taken gener- tive policymaking driven by an engaged, informed ous investments throughout our history to build citizenry and undergirded by high-quality, indepen- an Institution as distinctive and lasting as this. dent research. As Brookings approaches its cen- That remains as true today as it was when Robert tenary and with the policy agenda growing at an Brookings came to Washington.” unprecedented pace, Brookings launched the $600 The problems the world will face at the end Co-Chair of the Board million Second Century Campaign—the largest of our second century in 2116 are hard to predict. John Thornton and in think tank history—to build capacity to tackle But two things are certain: they will be even more President Strobe Talbott pressing issues and reach new audiences. complex and interconnected, and Brookings will be listen as Second Century As of the launch of the Campaign in October in great demand to provide the kind of research and Campaign Chair and Vice Chair of the Board 2013, generous contributors had already commit- analysis that has made it the indispensable resource Glenn Hutchins (left to ted nearly $400 million toward that total. “The it is today. There will be Brookings moments like so right) explains how the igi Second Century Campaign will provide the means many that have come before—when the challenges r Campaign will elevate for our scholars to elevate their game and to take are immense and governing institutions are not Brookings’s work to

on the problems that may seem intractable and up to the task of solving them. Now is the time to Mo Paul meet the needs of an y b o

insoluble but that we can and will fix,” said Cam- help meet those challenges head on by investing in t ever-more complex and

paign Chair Glenn Hutchins. President Strobe Brookings’s future. Pho interconnected world 26 27 Support for Brookings PHOTO BY PAUL MORIGI PAUL BY PHOTO Trustee Phil Knight discusses Brookings’s research agenda with Distinguished Fellow Javier Solana (right)

Brookings Trustees and guests gather at

the Chihuly Garden MORIGI PAUL BY PHOTO Connecting People with and Glass museum Co-Chair of the Board John Thornton speaks with Trustee Paul Achleitner in Seattle during the during a break at a Board meeting November Board Innovative Thinking meeting

PHOTO BY AZZURA PHOTOGRAPHY

he terrific work that Brookings experts do to help policymakers is driven by the engine of philanthropy. Resources contributed by Brookings donors—indi- viduals, corporations, foundations, and PHOTO BY PAUL MORIGI PAUL BY PHOTO T governments—enable Brookings to bring Co-Chair of the International Advisory Council and Trustee together top minds for informed discussion of press- Antoine van Agtmael (right) and Trustee Alfonso Fanjul listen ing issues. Through dedicated outreach and frequent as a panel of Brookings experts discusses developments opportunities to hear from Brookings experts, the in the Arab Spring countries three years after the popular Institution connects its supporters with innovative uprisings ideas that shape the public debate, frame the policy agenda, and advance practical solutions to meet the challenges of today’s world.

Engaging Private Sector Leaders with Policy Research Through the Brookings Council, business and com- munity leaders are able to speak with Brookings experts in intimate settings and private meetings. The Council’s annual program of scholar briefings, Co-Chair of the Board panel discussions, conference calls, and other activi- David Rubenstein welcomes ties enables real dialogue on key issues and breaking Trustees and members of developments across the world. Council mem- PHOTO BY PAUL MORIGI PAUL BY PHOTO the International Advisory bers bring an important perspective to Brookings’s Then-Acting Vice President of Foreign Policy Ted Piccone listens as Vice Council to dinner at the research as well, since so many of them are working Chair of the Board Suzanne Nora Johnson (right) leads a conversation on Newseum, which featured on the front lines of the U.S. and global economy. issues facing policymakers and business leaders in Latin America during remarks from U.S. Secretary

Their real-world experiences ground Brookings a session of the 2014 International Advisory Council meeting MORIGI PAUL BY PHOTO of State John Kerry 28 29 Support for Brookings

A Firsthand View of America’s Future mpirical research and scholarly analysis about the drivers of innova- scholarship and strengthen understanding of how tion, entrepreneurship, and economic growth can provide valuable economic, social, and foreign policy responses to insights into pivotal issues. But for getting deeper into the important issues may play out when they are implemented. questions, there’s no substitute for experiencing them firsthand Brookings is grateful to the Council for its financial Ethrough conversations with public and private sector decisionmakers and vis- support and intellectual engagement in the Institu- its to key facilities where the future is coming to life. To give members of the tion’s scholarship. Board of Trustees and the International Advisory Council these unique oppor- The Robert S. Brookings Society, launched in Members of the Foreign Policy Leadership Council tunities, Brookings organized its first domestic study tour, building on previous 2013, provides a forum for emerging professionals John Popp and Trustee Ben Jacobs (right) discuss the international excursions to Russia, China, India, and Cuba. Starting in Seattle, and leaders to engage with top experts from Brook- program’s recent activities during the launch of the where the group joined substantive sessions at the Brookings Board meeting, ings on the most critical public policy questions Second Century Campaign the itinerary included stops in Williston, North Dakota, Las Vegas, and Silicon facing decisionmakers in the U.S. and around the Valley. world. The Society gets a first look at Brookings PHOTO BY PAUL MORIGI PAUL BY PHOTO Over the course of a busy week, the travelers met with business leaders research and analysis and invitations to exclusive Co-Chair of the International Advisory Council and Trustee like Starbucks Chairman, President, and CEO Howard Schultz and visited inno- events that offer opportunities for rich intellectual Paul Desmarais, Jr. shares his key takeaways from the vation centers including Microsoft’s campus, where they heard from then-CEO exchanges with Brookings scholars and a network 2014 International Advisory Council meeting Steve Ballmer, Boeing’s Everett Delivery Center, Tesla Motors, and Genentech’s of peers. Most recently, the Society calendar has pilot plant. Tour participants also saw fracking operations in the frigid oil fields featured conversations with Senior Fellow Thomas of the Bakken formation and took an exclusive tour of the Hoover Dam. Mann, Fellows Douglas Elliot and Richard Reeves, Throughout the trip, travelers gained new and valuable insights into an and President Strobe Talbott. Trustee Bart American renaissance built on growing energy independence, a commitment Friedman (left) Brookings Beyond the Beltway to innovation, and pragmatic, problem-solving leadership at the state and local participates in levels. …and Across the Globe a Nominations Brookings has been an important part of the Wash- and Governance Participants in the U.S. Study Tour visit a pilot plant at Genentech’s research

ington policy community for nearly a century. But, as MORIGI PAUL BY PHOTO Committee meeting facility in San Francisco gridlock in the federal government has forced state- alongside General and local-level leaders to take more responsibility Counsel Ona Alston for solving problems, there has been an increased Dosunmu demand for high-quality policy research and analysis outside the nation’s capital. To answer this need, Brookings has begun expanding Council activities beyond its longstand- PHOTO BY PAUL MORIGI PAUL BY PHOTO ing cities of Washington and New York to connect new audiences with innovative ideas for meeting the most difficult challenges. In Los Angeles, Trustee Robert Abernethy hosted Peter W. Singer, then- Senior Fellow and Director of the Center on 21st PHOTO BY PAUL MORIGI PAUL BY PHOTO Century Security and Intelligence, and in Boston,

President Strobe Talbott listens as Starbucks Chairman, President, and CEO Howard Schultz (left) explains his company’s smart growth strategy during a Board of Trustees meeting in CHURCHES KIMBERLY BY PHOTO Seattle

Trustee Hanzade Do˘gan Boyner leads a conversation on the recent financial uncertainty in Europe during a session of the 2014 International

PHOTO BY AZZURA PHOTOGRAPHY AZZURA PHOTOGRAPHY BY PHOTO MORIGI PAUL BY PHOTO Advisory Council meeting 30 31 Support for Brookings

Brookings Welcomes Four New Trustees rookings elected four new Trustees to the Board in 2014. They join a Trustee Lawrence Fish hosted Managing Director distinguished group of leading business executives, academics, and Bill Antholis and Trustee Ann Fudge hosted Vice community leaders who help govern the affairs of the Institution. President of Governance Studies Darrell West. The Board, which meets three times per year, approves the fields of Looking ahead, Brookings is planning an expanded Bscholarly investigation and safeguards the independence of the Institution’s

presence in additional cities, including Chicago and origi

M work. Brookings welcomes its newest members to the Board of Trustees:

San Francisco. ul Pa

y W. Edmund Clark b

An increasingly interconnected and global-

ized world also has an increased interest in policy- origi President and CEO hoto M P relevant research to help inform the international ul TD Bank Group Pa Trustees Ezra Zilkha (right) and Ben Jacobs y b

community about options for tackling important exchange views between sessions at the March challenges. Brookings opened overseas centers in hoto

P Board meeting Beijing in 2006 and in Doha in 2008 to provide Trustee Pete Higgins (left) talks with Vice President and Co-Director of regional platforms for discourse on issues facing the Metropolitan Policy Program Bruce Katz, the Adeline M. and Alfred I. Asia and the Middle East. Both centers are firmly Johnson Chair in Urban and Metropolitan Policy Betsy Z. Cohen established as valued resources for the media and Chief Executive Officer the public and private sectors and have established The Bancorp critical links with the work that Brookings experts are doing in Washington. With the support of the Brookings India Found- ers Circle—a group of business and civic leaders from India and the United States—the Institution launched Brookings India in 2013. The center in Arthur R. Collins New Delhi is a resource for developing practical Managing Partner solutions for the challenges facing the world’s largest theGROUP democracy. Indian experts are working closely with colleagues in the Brookings India Project in Wash- ington to elevate the profile of India-related issues origi

with policymakers around the world. M ul

Through public and private events, frequent Pa y Peter Scher b publications, and media outreach, Brookings experts Executive Vice President and hoto origi across the U.S. and internationally are having a P Head of Corporate Responsibility M

major impact on global policy debates. An expanded ul Trustee Abby Joseph Cohen (right) listens as Trustee JPMorgan Chase & Co. Pa y

b Cyrus Freidheim, Jr. poses a question during a joint presence and network help broaden the Institution’s meeting of the Board and International Advisory

national and international reach and provides oppor- hoto P tunities for engagement with new audiences. Council Trustees Cheryl Cohen Effron, Crandall Bowles, and Ellen Futter Expanding Leadership to Meet the (left to right) at the March Board Challenges of the Next Century meeting In response to an annual budget that has nearly doubled and a footprint that now includes three international centers and several new initiatives, Brookings added a new position of co-chair of the Board of Trustees. Joining John L. Thornton, who has been chair of the Board since 2002, David M. Rubenstein, co-founder and co-CEO of the Carlyle Group and a Brookings Board member since 2009, brings substantial management experience to the leadership of the Institution.

Brookings Council member Joanne Barker (left) and Trustee Beatrice Welters discuss the

origi origi themes President Clinton M Trustees Al Engelberg (left) M laid out in his remarks ul ul

Pa Pa during the inaugural

y and Tracy Wolstencroft confer y b b after the launch of the Second Robert S. Brookings hoto hoto

P Century Campaign P President’s Lecture 32 33 International Advisory Council Program Leadership Councils Fostering Global rookings’s five research programs have composition, size, and role of these leadership Engagement established advisory boards of busi- councils varies according to program needs; some ness, civic, and philanthropic leaders convene as intimate, working-level conversations through the who provide strategic thinking about that include other program supporters and stake- International Bresearch topics and outreach activi- holders, and others focus more on expert briefings ties, as well as financial support. The about pressing policy issues. Advisory Council

ECONOMIC STUDIES FOREIGN POLICY GLOBAL LEADERSHIP METROPOLITAN COUNCIL LEADERSHIP COUNCIL he Brookings International Advisory COUNCIL LEADERSHIP COUNCIL Council, established in 2006, brings Wilbur Ross, Chairman Dominic Barton Suzanne Nora Johnson, AIG The Kresge Foundation Chair together business and community H. Rodgin Cohen, Charles Bronfman Alcoa Foundation Lear Corporation

i Vice Chairman Deborah Duncan g leaders from across the world for in- i Paul L. Cejas Bank of America Lennar Urban Julia Coronado depth discussions of global challenges. Mor Lou Anne King Jensen Ronald Cohen Bluegrass Economic Living Cities, Inc. ul

T a With 34 members from 25 countries Jason Cummins Tawfic Khoury Advancement Movement Jonathan E. Colby (BEAM) Lumina Foundation on five continents, the Council helps give Brook- Marcello Estevao Jonathan Schaffzin ings research a truly global perspective and helps Howard E. Cox Annie E. Casey Foundation The John D. & Catherine T. Photo by P by Photo Chris Faulkner-MacDonagh Ercument Tokat MacArthur Foundation Alan Dachs expand the reach of its impact. Throughout the Senior Fellow Fiona Hill, Director of the Center on the United States and Europe, CenterState Corporation for year, members of the Council have opportunities Stephen Freidheim Economic Opportunity McKnight Foundation discusses the impact of the situation in Ukraine on the European Union and NATO Mick Davis GOVERNANCE to engage with Brookings experts in Washington Jeffrey A. Goldstein Microsoft Corporation during a session of the 2014 International Advisory Council meeting Chris DeLong STUDIES COUNCIL The Civic Council of Greater and their home countries. George Kellner Kansas City Mario M. Morino Feng Deng Rebecca Arbogast The centerpiece of the International Advisory Evan Morris Comcast NBCUniversal Charles Stewart Mott Joshua Donfeld Daniel Berger Foundation Council is its annual meeting in Washington, Andrew Plepler The Nathan Cummings Dorothy Dwoskin which features a range of panel discussions and International Advisory Council William D. Budinger Foundation National Center for the Nancy D. Prior Antoine W. van Agtmael Yukitoshi Funo Juan Pardinas Middle Market (NCMM) conversations with Brookings scholars, along with Alfonso Fanjul Louis W. Cabot Steven A. Denning Co-Chairman of the IAC Chief Executive Officer Director General Steven Rattner opportunities to hear from senior policymakers. Senior Adviser Institute for International Economic IMCO Raj Fernando Paul Desmarais, Jr. New Economy Initiative of Garten Rothkopf Studies Mexico Daniel Cruise These meetings enable members to share their Chris Rokos Southeast Michigan Former Chairman Senior Advisor to the Board Lawrence K. Fish Ashmore EMM, LLC Toyota Motor Corporation Victor Pinchuk Gary L. Ginsberg The Dream Fund at UCLA views and give insights into pressing policy topics Japan Founder Tim Ryan RBC Capital Markets Paul Desmarais, Jr. EastOne Ltd. David Fisher Joel Z. Hyatt Cheryl Cohen Effron and how breaking events affect their home coun- Co-Chairman of the IAC Pablo González Guajardo Ukraine Paul Saltzman James D. Robinson III tries and regions. Chairman and Co-CEO Chief Executive Officer Bart Friedman Robert D. Jensen FedEx Corporation Power Corporation of Canada Kimberly-Clark de México Marian Puig Paul Schott Stevens The Rockefeller Foundation Mexico EXEA Vartan Gregorian William Kamela Ford Foundation Mohammed Mahfoodh Spain Rob Roy 2014 International Advisory Council Alardhi J. Jon Imaz Yasuyuki Sugiura Chairman CEO Itamar Rabinovich Andrew Gundlach Jeri Kubicki GE Meeting: The Return of Geopolitics Rimal Investments Repsol President Michael L. Tipsord Louis Salkind Oman Spain Israel Institute Roger Hertog Daniel Z. Levine The George Gund Foundation The Brookings International Advisory Council con- Bronfman Distinguished Nonresident Debra Valentine San Diego Regional Economic Mukesh Ambani Takashi Kawamura Senior Fellow Benjamin R. Jacobs Robyn Lippert The Heinz Endowments Development Corporation vened in Washington for its ninth annual gather- Chairman Chairman and CEO Brookings Heather Wingate Reliance Industries Hitachi, Ltd. Israel Suzanne Nora Johnson Hitachi, Ltd. Victoria P. Sant ing at a time of increased attention to geopolitics India Japan Michael Lopez Nassef Sawiris and the global economic issues that drive business Rahul Bajaj Andrónico Luksic Chief Executive Officer David Kamenetzky Carol Melton James A. Johnson Siemens Corporation Chairman Vice Chairman Orascom Construction Industries decisionmaking around the world. Through sessions Bajaj Auto Limited Banco de Chile Egypt Samer Khoury R. Hewlett Pate JPMorgan Chase & Co. Surdna Foundation on Asia, the Middle East, Latin America, Europe, India Chile Tokyo Sexwale Edward Lamont Edgar Rios Tom Kaplan Lynn Thoman American leadership and competitiveness, social Hakeem Belo-Osagie Philip Mallinckrodt Sexwale Family Foundation Chairman Group Head of Wealth Management Republic of South Africa Dan W. Lufkin Monica Keany UnitedHealth Group, Inc. Etisalat Nigeria Schroders PLC A. Alfred and Judy Taubman mobility, and NSA surveillance, as well as briefings Charles Sirois Nigeria United Kingdom John G. Macfarlane III from Secretary of State John Kerry and other senior Chairman of the Board Claude Wasserstein Richard A. Kimball, Jr. Antoine W. van Agtmael Nicolas Berggruen Jorge Mandelbaum Canadian Imperial Bank of Commerce policymakers, members of the Council explored Chairman Chairman of the Advisory Board Canada Richard Nye Seymour and Kate Weingarten Kohlberg Kravis Roberts & Jeffrey Walker Berggruen Holdings CIPPEC (Center for the Co. critical issues around the world. United States Implementation of Public Policy) Kihak Sung John G. Popp Heather West Mallory Walker Argentina Chairman and CEO Russia’s incursion into Ukraine—and whether George David Youngone Corporation Joseph L. Rice III William Walker Chairman Jaime J. Montealegre South Korea John H. White, Jr. it heralds a return to the great power struggles of Coca-Cola Hellenic Bottling Company President Stephen Robert Greece Sigma Management, S.A. Dato’ Sri Tahir Carol Wilner Tracy R. Wolstencroft the previous century—found its way into almost Costa Rica Chairman and CEO Mick Davis Mayapada Group David Rogers Ezra K. Zilkha every discussion. Likewise, with Europe having Founding Partner Javier Monzón Indonesia X2 Resources Limited Chairman David M. Rubenstein Adam and Ariel Zurofsky just concluded parliamentary elections, partici- United Kingdom Indra Marcus Wallenberg Spain Chairman Haim Saban pants examined the messages that voters had sent John Elkann Skandinaviska Enskilda Banken AB to their home governments and implications for Chairman Hutham S. Olayan Sweden Joseph N. Sanberg FIAT SpA President and CEO, Olayan America the future of the European Union. China also Italy The Olayan Group Yuanqing Yang Saudi Arabia Chairman and CEO William A. Shutzer came in for close examination, as the effects of its Lenovo Group José Oliu Creus China Jay Snyder slowing growth ripple outward to the rest of the President Banc Sabadell Dieter Zetsche David S. Steiner global economy and its territorial disputes with Spain Chairman Daimler Corporation George Tsunis Japan, Vietnam, and the Philippines threaten to Jorma Ollila Germany Chairman escalate. Royal Dutch Shell Poju Zabludowicz Netherlands Mortimer B. Zuckerman 34 35 Board of Trustees Honor Roll of Contributors Cash and In-Kind Contributions Received July 1, 2013-June 30, 2014

John L. Thornton Arthur B. Culvahouse, Jr. Edgar Rios Honorary Trustees Nemir Kirdar $2,000,000 and Above $250,000–$499,999 Mohammed Mahfoodh Alardhi Lear Corporation Co-Chair of the Board Partner Co-Founder and Managing Founder, Executive Chairman Brookings O’Melveny & Myers LLP Director Zoë Baird and CEO Bill & Melinda Gates Foundation Anonymous Altman/Kazickas Foundation Lenovo Group Limited Wenzi Capital Partners President Investcorp The William and Flora Hewlett Alcoa Foundation Amgen Andrónico Luksic David M. Rubenstein Alan M. Dachs The Markle Foundation Co-Chair of the Board President and CEO James Rogers Donald F. McHenry Foundation Bank of America AT&T Markle Foundation Brookings Fremont Group Retired Chairman and CEO Rex J. Bates Distinguished Professor in the The Hutchins Family Foundation S.D. Bechtel, Jr. Foundation Australian Civil-Military Centre– Mars, Incorporated Co-Founder and Co-CEO Duke Energy Practice of Diplomacy and Richard C. Blum The Carlyle Group Paul Desmarais, Jr. International Affairs JPMorgan Chase & Co. Richard C. Blum and the Department of Defence The MasterCard Foundation Chairman and President Chairman and Co-CEO Wilbur Ross School of Foreign Service The John D. & Catherine T. Barrick Gold Corporation The McKnight Foundation Blum Capital Partners, LP Honorable Dianne Feinstein Glenn Hutchins Power Corporation of Canada Chairman and Chief Strategy Georgetown University Vice Chair of the Board Officer MacArthur Foundation Robert Bosch Stiftung Anne T. and Robert M. Bass MetLife, Inc. Geoffrey T. Boisi Brookings Kenneth M. Duberstein WL Ross & Co. LLC Rajan Bharti Mittal Chairman and CEO David M. Rubenstein British Foreign & Commonwealth Nicolas Berggruen Microsoft Corporation Co-Founder Chairman and CEO Vice Chairman and Managing Roundtable Investment Partners Silver Lake The Duberstein Group, Inc. Haim Saban Director Embassy of the State of Qatar Office BP plc Eric M. Mindich LLC Chairman and CEO Bharti Enterprises Limited John L. Thornton CENTCOM (U.S. Army The Andrea and Charles Charles Stewart Mott Foundation Suzanne Nora Johnson Cheryl Cohen Effron Saban Capital Group, Inc. Louis W. Cabot, chair emeritus Vice Chair of the Board Founder Mario M. Morino Intelligence and Security Bronfman Philanthropies The NASDAQ OMX Group, Inc. Chairman Brookings Conjunction Fund Victoria P. Sant Co-Founder and Chairman Cabot-Wellington LLC $1,000,000–$1,999,999 Command) CAF–Development Bank of Latin Northrop Grumman Corporation Former Vice Chairman President Venture Philanthropy Partners Alfred B. Engelberg The Summit Foundation Anonymous The Clearing House Association America Occidental Petroleum Corporation Goldman, Sachs & Co. Kenneth W. Dam Trustee Samuel Pisar, Ph.D. Max Pam Professor Carnegie Corporation of Comcast NBCUniversal Ambassador Paul L. Cejas PepsiCo Strobe Talbott The Engelberg Foundation Leonard D. Schaeffer International Lawyer of American & Foreign Law President Founding Chairman and CEO New York and Paris New York Government of Denmark W. Edmund Clark Richard Perry Alfonso Fanjul University of Chicago Law School Brookings WellPoint Ford Foundation Timothy C. Collins Chairman and Chief Executive James D. Robinson III Hanzade Do˘gan Boyner, Do˘gan Victor Pinchuk Foundation Steven A. Denning Robert J. Abernethy Officer Peter Scher General Partner and Co-Founder Philip Knight Group ConocoPhillips Pioneer Natural Resources Chairman President Fanjul Corp. and Florida Crystals Executive Vice President RRE Ventures General Atlantic Cecilia Yen Koo and the Doha Carbon & Energy Forum Howard Cox Ploughshares Fund American Standard Development Corporation and Head of Corporate Responsibility Ralph S. Saul Co., Inc. Vishakha N. Desai, Ph.D. Koo Family Cheryl Cohen Effron Alan and Lauren Dachs RBC Capital Markets Bart Friedman JPMorgan Chase & Co. Former Chairman Special Advisor for Global Affairs Paul M. Achleitner Senior Partner CIGNA Corporation Richard Merkin and Blair W. Effron Daimler Repsol Foundation Columbia University Non-Executive Chairman Cahill Gordon & Reindel Amy W. Schulman The Rockefeller Foundation The Financial Services Forum George A. David Rio Tinto Senior Lecturer Michael P. Schulhof Deutsche Bank AG Thomas E. Donilon Ann M. Fudge Harvard Business School Chairman and CEO Cheryl and Haim Saban Google Inc. The Davis Foundation Stephen Robert Former U.S. National Security Liaquat Ahamed Former Chairman and CEO Global Technology Investments Advisor United Arab Emirates Hitachi, Ltd. Deloitte LLP Charles W. Robinson Former Chief Executive Officer Young & Rubicam Brands Lynn Thoman Senior Partner Fischer Francis Trees and Watts, Co-Chair Larry D. Thompson University of Nevada, Las Vegas Hotel Properties Limited Feng Deng Wilbur and Hilary Ross Ellen V. Futter O’Melveny & Myers LLP Inc. Leon Lowenstein Foundation Executive VP of Governmental Washington University in The International Fund for Steve and Roberta Denning Rob Roy, Switch President Affairs, General Counsel and Lawrence K. Fish Dominic Barton American Museum of Natural Andrew H. Tisch Corporate Secretary St. Louis Agricultural Development Paul Desmarais, Jr. Victoria and Roger Sant Former Chairman and CEO Global Managing Director History Co-Chairman of the Board and PepsiCo, Inc. Citizens Financial Group, Inc. (IFAD) Dubai Cares The Sasakawa Peace Foundation McKinsey & Company, Inc. Chairman of the Executive Brian L. Greenspun Committee Michael L. Tipsord $500,000–$999,999 Gail and Benjamin Jacobs Alfred and Gail Engelberg Peter L. Scher Cyrus F. Freidheim, Jr. Robert M. Bass Chairman and CEO Loews Corporation Vice Chairman and Chief Chairman Anonymous (2) Kenneth M. Jacobs European Union Eric E. Schmidt President Greenspun Media Group Operating Officer Old Harbour Partners, LLC Keystone Group, L.P. Beatrice W. Welters State Farm Insurance Companies Laura and John Arnold Foundation Embassy of Japan Alfonso Fanjul Tokyo Sexwale Pete Higgins Founder and Co-Chairperson David Friend The Brown Foundation, Inc. The Japan Foundation Center for FedEx Corporation Alan R. Batkin Founding Partner AnBryce Foundation Antoine W. van Agtmael Shell Executive Chairman Chairman Second Avenue Partners Senior Adviser of Houston Global Partnership Raj Fernando Carbonite, Inc. Siemens Corporation Converse Associates, Inc. John H. White, Jr. Garten Rothkopf Shirley Ann Jackson, Ph.D. President and CEO Annie E. Casey Foundation Keppel Group Fiat The Starr Foundation Henry Louis Gates, Jr. Former Chairman Crandall Bowles President Taco, Inc. Chevron Director, Hutchins Center for Ashmore EMM, LLC The Korea Foundation Fidelity Investments State Street Corporation Chairman Rensselaer Polytechnic Institute African & African American Ray and Barbara Dalio Ralph S. Saul The Springs Company Tracy R. Wolstencroft John C. Whitehead, David and Marianna Fisher Tom Steyer and Kat Taylor Benjamin R. Jacobs Research CEO chair emeritus Echidna Giving Searle Freedom Trust The Lee and Juliet Folger Fund John Templeton Foundation Hanzade Do˘gan Boyner Senior Advisor/Founder Heidrick and Struggles Harvard University Vice Chairwoman The JBG Companies Stephen M. Wolf Exxon Mobil Corporation Sembcorp Industries Ltd. Mark T. Gallogly and Peter A. Thiel William A. Haseltine, Ph.D. Do˘gan Holding Sirketler¸ Grubu Daniel Yergin Managing Partner Richard A. Kimball, Jr. President Genentech–A Member of The State Farm Mutual Automobile Elizabeth B. Strickler Lynn Thoman and the Leon A.¸S. Vice Chairman Alpilles, Inc. Chief Strategy Officer IHS, Inc. The Haseltine Foundation Roche Group Insurance Company GE Lowenstein Foundation Accretive Health Inc. Paul L. Cejas Chairman Ezra K. Zilkha Japan International Cooperation ST Engineering Pablo R. González Lei Zhang Haseltine Global Health, LLC Time Warner, Inc. Chairman Klaus Kleinfeld President PLC Investment, Inc. Founder and CEO Zilkha & Sons, Inc. Agency Surdna Foundation Good Ventures Toyota Chairman and CEO Teresa Heinz Hillhouse Capital Management The JPB Foundation Government of Switzerland The George Gund Foundation W. Edmund Clark Alcoa, Inc. Chairman UN University World Institute Daniel B. Zwirn Heinz Family Foundation Liberty Mutual Group President and CEO Philip H. Knight Taipei Economic and Cultural Hess Corporation for Development Economics TD Bank Group Managing Partner Chairman Zwirn Family Interests, LLC Joel Z. Hyatt Lumina Foundation Representative Office in the Pete Higgins Research Abby Joseph Cohen Nike, Inc. Stavros Niarchos Foundation United States Kenneth M. Jacobs Investcorp International Inc. Verizon Communications President, Global Markets Nigel Morris Chairman and CEO Government of Norway Turkish Industry and Business Institute; and Senior Investment Company Institute Visa Inc. Managing Partner Lazard Association (TUSIAD) Investment Strategist QED Investors Qualcomm Incorporated The Jenesis Group Jeffrey C. Walker Goldman, Sachs & Co. James A. Johnson, Steven Rattner and U.S. Agency for International KAIST (Korea Advanced Institute John Hazen White, Jr. James Murren chair emeritus Betsy Z. Cohen Maureen White Development Chairman and CEO Chairman for Science and Technology) Tracy R. Wolstencroft Chief Executive Officer MGM Resorts International Johnson Capital Partners The Rodel Foundations The Bancorp Kaye Family Foundation Xcoal Energy & Resources $100,000–$249,999 Thomas C. Ramey Ann Dibble Jordan Alfred P. Sloan Foundation Samer Khoury Poju Zabludowicz, Tamares Real Arthur R. Collins Former Chairman The Andrew H. and Ann R. Tisch Anonymous (8) Richard A. Kimball, Jr. Estate Holdings Managing Partner Liberty International, Liberty Vernon E. Jordan, Jr. theGROUP Mutual Group Of Counsel Foundation Robert John Abernethy Embassy of the Kingdom of the Adil Zainulbhai Akin Gump Strauss Hauer & Howard Cox UnitedHealth Group, Inc. Paul Achleitner and Deutsche Netherlands Lei Zhang Steven Rattner Feld, LLP Advisory Partner Chairman Antoine van Agtmael, Sunrise Bank AG Nemir Kirdar Ezra K. Zilkha Greylock Willett Advisors LLC Foundation AIG Kohlberg Kravis Roberts & Co. D.B. Zwirn Foundation The Walton Family Foundation 36 37 Honor Roll of Contributors

$50,000–$99,999 James J. Manzi $25,000–$49,999 A. Alfred Taubman Douglas M. Kaden VOX Global Asian Development Bank Institute Wayne P. Limberg Anonymous (2) The James S. McDonnell Anonymous (3) United Nations Foundation Joel and Ricki Kanter Seymour and Kathleen Weingarten Anders Aslund Eric Lohr All Nippon Airways Co., Ltd. Foundation Allen & Company LLC Varkey GEMS Foundation Ewing Marion Kauffman John C. Whitehead Harley D. Balzer Bruce K. and Virginia N. MacLaury Martin Neil Baily Mid-America Regional Council American Express Enzo Viscusi, Eni S.p.A. Foundation Stephen M. Wolf William Horton Beebe-Center Jeffrey Marlough Rahul Bajaj The MITRE Corporation Aramco Services Company Mallory Walker James C. Kautz Xerox Corporation Steven J. Bennett Zachary Marshall Banco Sabadell Mitsubishi Corporation (Americas) The Bank of Tokyo-Mitsubishi Judy and Fred Wilpon Family Bill Kayser Marion Bestani Daniel Martinez Bank of America Merrill Lynch The Leo Model Foundation UFJ, Ltd. Foundation, Inc. Lee Klingenstein $5,000–$9,999 John Beyrle Donald F. McHenry Alan and Jane Batkin Jaime J. Montealegre Rex J. Bates The World Bank Group Marie L. Knowles Anonymous Erik Blumenkranz Thomas F. McLarty Hakeem Belo-Osagie National Center for the Middle Heinrich Böll Foundation Daniel H. Yergin and Angela Stent Robert and Arlene Kogod Amsterdam International Institute Craig Brenner Kara Ramirez Mullins and Blackstone Charitable Foundation Market The Brodsky Family Foundation KPMG LLP for Development Jerry Brookings Sean F. Mullins Booz Allen Hamilton New Silk Route CitiMortgage $10,000–$24,999 Toby Devan Lewis Battushig Batbold Adem Bunkeddeko Sakura Namioka Crandall C. Bowles Nihon Keizai Shimbun-sya The Civic Council of Greater Anonymous (2) Linklaters LLP, on behalf of the Steffi and Robert Berne Theodore Bunzel Diana Negroponte Bruhn-Morris Family Foundation (NIKKEI) Kansas City Liaquat and Meena Ahamed Advancing Good Governance Robert O. and Sylvia Blake Louis W. Cabot Vijay Nilekani The Morris and Gwendolyn Nomura Foundation The Coca-Cola Company Province of Alberta, Canada in International Development Boise State University Embassy of Canada Robert C. Nurick Cafritz Foundation Richard Nye The Council for the United American Society of Clinical Seminar Zoë Baird Budinger and Jacqueline Carter Tamara O’Neil Abby Joseph Cohen The Olayan Group States and Italy Oncology Gordon Litwin and Anne Luzzatto William Budinger Samuel G. Charap Robert Orttung H. Rodgin Cohen Palantir Technologies Cummins Inc. Eileen A. Aptman LMI Government Consulting William M. Cameron Katherine Clark Harris Samuel Plimpton Jonathan E. Colby Pearson plc Kenneth W. Dam The Loreen Arbus Foundation Daniel S. Loeb Ellen Chesler and Roberta Cohen Presidency and Executive Politics Development Initiatives Poverty The Peter G. Peterson Foundation Edith B. Everett Arnhold Foundation Malcolm R. and Celia Lovell Matthew J. Mallow William T. Coleman, Jr. Section of the American Research Ltd. John G. Popp FutureWorld Foundation Elizabeth E. Bailey Bertil P. Lundqvist Linda S. Daines Lewis Collens Political Science Association Deborah L. Duncan Marian Puig GEICO Joanne Barker Frederic V. Malek Charles W. Duncan, Jr. Cheryl Costa Helen Raffel eBay Inc. Thomas C. Ramey and Greenberg Traurig LLP Daniel Berger Michael L. Martell, Morrison Elinor K. Farquhar The Morton and Dinah Danseyar Peter B. Reddaway Embassy of France Perrin Ireland Brian L. and Myra S. Greenspun Anders Brag Cohen LLP Flatiron Strategies Family Foundation Mustafa S. Riffat Mimi Frankel, Frankel Family Raytheon and the Greenspun Family Bristol-Myers Squibb Foundation Edward and Dale Mathias Nancy M. Folger Jill Dougherty Richard Ringelstetter Foundation Joseph L. Rice III Foundation Paul Britton McGraw Hill Financial Forum for the Future of Higher Spencer Edge Robertson Foundation for Mitzi and Cyrus Freidheim James D. Robinson III Huntington Ingalls Industries Carter Cafritz Arjay Miller Education Mboh Elango Government, Inc. Stephen Freidheim Christopher Rokos Institute for American Values Conrad Cafritz Mitsui & Co. (U.S.A.), Inc. Leslie I. Gold, Ph.D. Elliott Company of Indianapolis, Blair Ruble Bart Friedman and George Rowe Intesa Sanpaolo Caterpillar Inc. James J. Murren Susan and John Gutfreund Inc. B. Francis Saul II Wendy A. Stein Sabancı University Frank F. Islam Central Compilation and Northern Trust Steve and Sheila Hamp Pierre Estey Henry B. Schacht Ann M. Fudge San Diego Regional Economic Johnson & Johnson Translation Bureau NTT Corp. Cynthia R. Helms Lisa Frenkiel Erin Schaffner Victor and William Fung Development Corporation Betsy Karel Cerner Corporation George F. Ohrstrom Information Technology Industry Ellen V. Futter Robert Schulz Foundation Jonathan Schaffzin Peter Kimmelman The Commonwealth Fund Ono, Inc. Council Toby Gati Jennifer Scully Lerner Jeffrey A. Goldstein Amy Schulman Daniel Levine Control Risks Geryl T. Pearl Nicholas Jakobson Ted and Rachel Gayer Kristina A. Server Graham Capital Management Securities Industry and Financial Lockheed Martin Corporation Everett R. Cook George L. Perry James M. Kemper Elisa B. Glazer Alvin Sherman Andrew Gundlach, Anna-Maria Markets Association Robert E. Marks Corning Incorporated Foundation Steven Pifer Donald A. King Jr. Gwendolyn Goffe Henry Silver and Stephen Kellen Foundation William A. Shutzer Marsh & McLennan Companies, Arthur B. Culvahouse, Jr. Robert C. Pozen The Lewin Group, Inc. David B. Golder Anne Snouck-Hurgronje William A. Haseltine Charles Sirois Inc. The Curtis Family Foundation Frederic A. and Susan Rubinstein Allison Nathan Theresa Grimison Edwin Soforenko Foundation The Heinz Endowments Standard Chartered Bank Marubeni America Corporation David E. R. Dangoor William R. Salomon Newsdesk Media Marion Guggenheim Marjorie H. Sonnenfeldt Hewlett-Packard Company The Stupski Foundation Mitsubishi Heavy Industries Anthony and Darian Downs Shimizu Corporation Betty Ann Ottinger Henry E. Hale Robert M. Weekley Hitachi Foundation Krishen Sud America, Inc. Kenneth M. Duberstein Stanley S. Shuman James and Theodore Pedas Chester Hall Frank A. Weil HSBC Holdings plc Sullivan & Cromwell LLP Morgan Stanley Emerson Steven J. Simmons Family Foundation Henry Heilbrunn Robert Weinberger Indra Taconic Capital Advisors LP Mario M. Morino R. S. Evans Foundation Skoll Centre for Global Marie Ridder Nancy Maisto Hewett Shannon and Paul Wolfe The Israel Institute Nelson Talbott Foundation National Endowment for the Arts Facebook Entrepreneurship Robert J.T. Rosenfeld Steedman Hinckley D. Kenneth Woodard James A. Johnson Tata Group of companies Sarah and Peter O’Hagan Nick Farmer Emily and Robert E. Smith James Philip Rubin Nathan Hultman Tom Kaplan, Wolfgang Puck Fine Ercument Tokat Lisa O’Kelly Roger C. Faxon Sojitz Foundation Frederick Stavis Kent Insley Dining Group Tudor Investment Corporation The Alexander S. Onassis Public Lawrence K. Fish James E. Staley Margaret L. Tomlinson Donald Jensen George A. Kellner United Nations Office for the Benefit Foundation (USA) David Friend Andrew and Patricia Steffan United Nations Economic Vernon E. Jordan, Jr. Tawfic Khoury Coordinator of Humanitarian Samuel Pisar John L. Furth Michael A. Steinberg Commission for Africa John Josinger Korea International Trade Affairs James E. Rogers General Motors Foundation Michael Sternberg John Usdan Catherine Kelleher Association (KITA) United Technologies Corporation Arthur N. Rupe Foundation Donna Gerstenfeld Sumitomo Corporation of America Josh S. Weston Thomas L. Kempner Ned Lamont Bernard van Leer Foundation Sanofi US Goldman Sachs Paul and Chandler Tagliabue Randall White Douglas Kiessling Laredo Petroleum, Inc. Marcus Wallenberg, Foundation Leonard D. Schaeffer Patrick W. and Sheila Proby Gross Larry D. Thompson Malcolm H. Wiener Christopher Kiple Lennar Urban Asset Management (FAM) Software & Information Industry Agnes Gund Michael L. Tipsord Llona Kitzing Dan W. Lufkin, Peter Jay Sharp Claude Wasserstein Association The Harris Family Foundation Toshiba America, Inc. Up to $4,999 Andrew Klaber Foundation Beatrice W. and Anthony Welters Sumitomo Mitsui Banking June R. Hechinger Ranvir Trehan Anonymous (6) Dan Klausing Brookings strives to be complete Philip Mallinckrodt, The The Western Union Company Corporation Honda North America, Inc. Trend Micro Fred Altman Christopher S. Koza and accurate in recognizing the Schroder Foundation Ariel and Adam Zurofsky Taiwan Semiconductor Joel Hyatt Paul Verbinnen and Louise Arias Alan Kritzler generous support of our donors. Manufacturing Company ITOCHU International Inc. Cecilia Greene Dan Henry Lee III We regret any omissions or errors. 38 39 STATEMENT OF ACTIVITIES STATEMENT OF FINANCIAL POSITION Years Ended June 30, 2014 and 2013 (in thousands) As of June 30, 2014 and 2013 (in thousands) Preliminary and Unaudited* Preliminary and Unaudited*

TEMPORARILY PERMANENTLY FY 2014 FY 2013 2014 TOTAL 2013 TOTAL UNRESTRICTED RESTRICTED RESTRICTED TOTAL TOTAL ASSETS OPERATING ACTIVITIES Cash and cash equivalents $ 41,849 $ 29,465 Revenue and Support Grants, contributions and accounts receivable, net 90,492 100,680 Investment return designated for operations $ 10,202 $ 3,261 – $ 13,463 $ 12,996 Inventory 278 340 Grants, contracts, and contributions 14,720 68,768 $ 6,238 89,726 80,277 Investments 321,910 286,847 Brookings Press 1,829 – – 1,829 1,716 Property and equipment, net 39,714 43,094 Facility and other revenue 2,563 (19) – 2,544 2,574 Other assets 1,755 2,205 Net assets released from restrictions— 71,639 (71,639) – – – TOTAL ASSETS 495,998 462,631 Satisfaction of program restrictions Total Operating Revenue 100,953 371 6,238 107,562 97,563 Liabilities and Net Assets Liabilities OPERATING EXPENSES Accounts payable and accrued expenses 7,116 10,323 Program Services Bonds payable and lines of credit 40,659 42,221 Economic Studies 17,191 – – 17,191 14,740 Accrued compensated leave 1,810 1,689 Foreign Policy 22,907 – – 22,907 19,926 Accrued post-retirement benefit obligation 2,084 2,148 Global Economy and Development 10,554 – – 10,554 9,587 Deferred revenue 1,112 2,030 Governance Studies 6,846 – – 6,846 6,691 TOTAL LIABILITIES 52,781 58,411 Metropolitan Policy Program 11,951 – – 11,951 12,513 N et AsSETS Other Research 160 – – 160 535 Unrestricted 212,657 186,151 Brookings Press 2,565 – – 2,565 2,775 Temporarily restricted 148,721 142,468 Communications 2,388 – – 2,388 2,275 Permanently restricted 81,839 75,601 Total Program Services 74,562 – – 74,562 69,042 TOTAL NET ASSETS 443,217 404,220 Supporting Services TOTAL LIABILITIES AND NET ASSETS $495,998 $462,631 Management and General 20,960 – – 20,960 21,571 Fundraising 3,462 – – 3,462 2,901 Operating RevenuesProgram Services Expenses Total Operating Expenses 98,984 – – 98,984 93,514 Net Operating Activity 1,969 371 6,238 8,578 4,049 Change in net assets before non-operating 86% 31% activities 1,969 371 6,238 8,578 4,049 Gifts and Grants Foreign Policy

NON-OPERATING ACTIVITIES 23% 2% Economic Studies Investment return in excess of amounts Publications designated for operations 16% Metropolitan Policy Program Realized gain (loss) on sale of investments 8,297 2,192 – 10,489 10,978 10% Endowment 9% Unrealized gain (loss) from investments 26,151 5,882 – 32,033 18,915 Governance Studies Interest and dividends, net 227 1,069 – 1,296 1,809 2% 4% Investment return designated for operations (10,202) (3,261) – (13,463) (12,996) Miscellaneous Publications

Total investment return (loss) in excess of 14% amounts designated for operations 24,473 5,882 – 30,355 18,706 Global Economy and Total Non-Operating Activities 24,473 5,882 – 30,355 18,706 Development 3% Change in net assets before post-retirement Communications related changes other than net periodic post- retirement benefit cost 26,442 6,253 6,238 38,933 22,755 Notes: Post-retirement related changes other than net As a nonprofit and scientific organization, Brookings­ is exempt from federal income taxes under section 501(c)(3) of the Internal periodic post-retirement pension cost 64 – – 64 157 Revenue Code. The Institution also qualifies as a publicly supported organization under section 170(b)(1)(A)(vi) of the code. CHANGE IN NET ASSETS 26,506 6,253 6,238 38,997 22,912 Brookings policy is to make an annual investment spending allocation for the support of operations. This amount is calculated Net assets, Beginning of year 186,151 142,468 75,601 404,220 381,308 based on 70% of the prior year’s spending adjusted for inflation and 30% of 5% of the market value of the investments as of December 31 of the prior fiscal year. Certain reclassifications of prior year balances have been made to conform to the current year Net assets, End of year $212,657 $148,721 $81,839 $443,217 $404,220 ­presentation. *A copy of the Institution’s audited financial statements is available by request. 40 41

Gifts and Grants (86%) By the Numbers # July 1, 2013–June 30, 2014 1 hhhh 196 $600 Rank in the Charity Countries 1,428,664 million University of Navigator where Margaret Total followers Second Pennsylvania’s rating McMillan’s Century 2013 “Global Brookings of the 4 years Campaign Go-To Think Essay, “The 154 goal Tank Index” running Rhyme of History,” and Brookings including Best was read at least scholars Managed 100% once on Twitter rating for Acccountability and 24 Transparency 50 226 AA- Times Brookings Brookings’s scholars Books Public events

testified published upgraded by the Brookings before credit Press, including from Congressional rating Standard and committees 7 digital-only Poor’s titles Brookings’s Global Reach Brookings works with a range of NGOs, think tanks, universities, and other organizations around the world to advance sound policymaking and effective governance. Brookings

G G

G G G G G G G GG G G G G G G G G G G G G G G G G G G G G G G G G G GG G G#G Washington G G GGG G G G G GG G Vice President for Institutional Advancement and External Relations: Kimberly Churches Copyright © 2014 The Brookings Institution G G G GG G G Edit ors: R obert Moore and Jessica Gibbs 1775 Massachusetts Avenue NW G G G G G G G Design and Print Production: McMurry/TMG G Washington, DC 20036 G G Jeffrey Kibler, Adriana Guevara, Brenda Waugh G Telephone: 202.797.6000 G G G G G G Research Organization Printing: Chroma Graphics Fax: 202.797.6004 G G G G G G G Cover Photography: Cameron Davidson G www.brookings.edu G Government G G G G G G G G G G G G G University G G GG G G G G G G Brookings Overseas Offices G G G # Brookings HQ G G G G GG G GG Please consider the Brookings InstitutionG in your estate plans to ensure G our quality, independence and impact for many generations to come. G G For more Ginformation,G contact KimberlyG Churches at G [email protected]. G G 42 G G G G G

G G G G G G