History

The Institute for New Economic Thinking was established in 2009 following the financial crisis. With funding from George Soros and under the leadership of Rob Johnson, It aims to reevaluate and redefine traditional economic theories. INET advocates for a more practical approach to economic issues, focusing on real-world solutions. It is headquartered in New York City. 

Read our profile on the United States government and media.

Funded by / Ownership

INET is a public charity registered in the U.S. (501(c)(3)) and the U.K. (Charity number 1166820​); it was founded with an initial pledge of $50 million from George Soros and has received funding from other notable philanthropists and institutions such as Jim Balsillie and William Janeway. It’s worth noting that Charity Navigator has not yet rated INET, but this does not necessarily reflect a negative evaluation of its performance or impact. Donations generate revenue. 

Analysis / Bias

INET publishes working papers on topics like “Changing Household Structures, Household Employment, and Poverty Trends in Rich Countries,” which analyze socio-economic inequalities through a left-leaning lens, challenging traditional models and advocating for progressive solutions.

Another example is the article “American Household Debt: A Reappraisal,” in which the framing aligns with left-leaning economic perspectives, advocating for policies that address inequality and financial vulnerability. For example, it emphasizes Financial Fragility and Debt Trap. A quote from the article reads, “We find that poverty and the pressure of incompressible expenses – such as contractual commitments on rents or debt repayments – are the primary reasons for incurring debt, potentially leading to a debt trap in which the household has to incur new debt to service older debt.”

Further, INET advocates for Progressive Policy Solutions, quoting from the article, “Our results confirm the crucial role of poverty and inequality in shaping household indebtedness… Policies attempting to reduce financial fragility cannot be limited to financial regulation… measures such as price capping and reinforced provision of free or cheap public services should be devised”​​. While not overly emotional, the article uses terms like “troubling,” “debt trap,” and “pronounced fragility” to highlight the severity of the situation for indebted households. They cite credible sources, such as data analysis and research on social stratification, to back up their claims. While the article presents a clear critique of current interpretations of household debt, it does so with supporting evidence and avoids overt emotional appeals.

Another example is an interview titled “Renowned Political Scientist: Can We Really Save American Democracy?” In short, this interview is about the challenges facing American democracy and the potential for reform. Political scientist Benjamin Page argues that American democracy is in a critical state, similar to historical periods like the Gilded Age. Overall, the interview paints a complex and somewhat pessimistic picture of American democracy and offers hope for reform if people are willing to act. The interviewer and Page provided evidence to support their claims throughout the interview, such as references to his research Gilens M, Page BI. Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens. Perspectives on Politics. 2014;12(3):564-581. doi:10.1017/S1537592714001595.  

In general, INET promotes progressive economic policies favored by the left, while information is fact-based and well-sourced.

Failed Fact Checks

• None in the Last 5 years

Overall, based on story selection and editorial positions, the Institute for New Economic Thinking (INET) is left-biased. We also rate them High for factual reporting due to proper sourcing and a clean fact-check record. (M. Huitsing 01/03/2024)