Economics & Business Archive

More than two years after narrowly approving a referendum to leave the European Union, the British are discovering that asserting national sovereignty is less straightforward than the proponents of Brexit promised. Leaders of the “Leave” campaign in 2016 painted the issue in black and white. Britain had subordinated its sovereignty to Brussels, not least its authority to control its own borders. A fully independent Britain would regain those rights, while also negotiating a favorable, bespoke trade agreement with the EU’s remaining 27 members. With only seven months left before the deadline to leave the EU, it is clear that this […]

Governments in emerging markets should be forgiven if they are dealing with a case of crisis fatigue. For 10 years now, they have lurched from one financial mess to another, triggered largely by external events and decisions outside of their control. Things are once again getting messy as global investors have soured on Argentina, Turkey and Indonesia, among other emerging market economies, causing their currencies to crash. As troubles have developed in one country after another late this summer, some observers have been careful to point out that the causes of the individual economic crises are very different. Don’t jump […]

Editor’s note: This article is part of a new series on immigration and integration policy around the world. The German Cabinet is set to meet later this month to discuss a draft proposal that would loosen immigration requirements for skilled workers from outside the European Union. The plan in its current form would reportedly abandon a requirement that companies give preference to German citizens before considering foreigners for vacancies, and would also provide qualified foreigners with opportunities to come to Germany to look for jobs. While the proposal enjoys fairly broad support within the governing coalition and its constituencies, it […]

As the nationalist, anti-immigrant Sweden Democrats claimed their best result yet in Sweden’s parliamentary elections last Sunday, the nation’s newspapers went bold with their headlines. “Chaos,” read the front pages, in all caps, of the two largest tabloids. Dagens Industri, a financial newspaper, called the outcome “a political earthquake.” But the subject of their worry was not the rise of the Sweden Democrats, the latest party to surf Europe’s anti-establishment populist wave. Instead, it was the utter fragmentation of the country’s political landscape. That few focused their attention on the far-right party’s performance—it gained seats but still came in third […]

ROME—When Italy’s most powerful politician, Interior Minister Matteo Salvini, signed up last week to join Steve Bannon’s effort to help populists on the continent win more seats in the European Parliament next year, he unwittingly underscored one of the inherent contradictions in Europe’s far-right populist movement. Much like other resurgent nationalists, Salvini, who is also Italy’s deputy prime minister, has steadily grown in power by fulminating against immigration and against the European Union. But now, by joining forces with Bannon, U.S. President Donald Trump’s ousted chief strategist, anti-EU activists are showing that they may not object to European unity as […]

The exodus of refugees and migrants fleeing Venezuela—a crisis that has largely been undercovered—appears to be reaching a breaking point, as leaders across Latin America scramble to deal with the growing number of Venezuelans arriving at their borders each day. Representatives of 13 Latin American nations met in Quito, Ecuador, last week for a summit to address the problem head-on, while setting in place some regional strategies for helping the estimated 2.3 million people—7 percent of Venezuela’s population—who, according to the United Nations, have already fled President Nicolas Maduro’s dictatorship. Other estimates put the figure at 4 million. Since taking […]

Editor’s note: Every Wednesday, WPR’s newsletter and engagement editor, Benjamin Wilhelm, curates the top news and analysis from China written by the experts who follow it. Chinese internet and e-commerce goliath Alibaba announced on Monday that Jack Ma, its founder and chairman of the board, will step down next September. Ma, who was an English teacher when he launched Alibaba with 17 of his students and friends, has become one of China’s most famous entrepreneurs and its richest. Ma’s replacement will be Daniel Zhang, who became CEO in 2013 as part of what Ma said was a long-planned succession. Zhang’s […]

In the largest Russian military exercise since the height of the Cold War, Moscow this week is deploying 300,000 troops, 900 tanks and 1,000 aircraft in central and eastern Russia. The military demonstration, called “Vostok 2018,” or East Exercise 2018, is expected to last from Sept. 11 to 15. This year, for the first time ever, Chinese military forces will participate, sending 3,200 troops and 30 aircraft over the border into eastern Russia. Similar Cold War-era drills only included states that were part of the Soviet sphere. The Vostok exercise highlights two important, seemingly contradictory things about the relationship between […]

French and British fishing vessels clashed at sea last month, marking an escalation in an ongoing dispute over scallop stocks in the English Channel. French fishermen are prohibited from dredging the shellfish during the summer months in order to prevent overfishing, while their British competitors fish year-round, leading the French to accuse the British of depleting stocks. Negotiators from the two countries failed to finalize a resolution to the impasse last week. According to Johan Bergenas, senior director for public policy at Vulcan, this skirmish is only part of a growing global conflict over increasingly scarce fish stocks and fishery […]

A little more than two years since a bare majority of British voters opted to leave the European Union, and just over six months before it happens, negotiators are still trying to determine what the post-Brexit relationship will look like. As of March 29, 2019, the United Kingdom will no longer be part of the EU and, while the parties have agreed on a 21-month transition period, time is running out. The U.K. needs to find a way to maintain free trade in goods and services with what is by far its largest trading partner, in order to avoid large […]

Will Nguyen doesn’t remember much of what happened immediately after he was beaten by police officers at a mass demonstration in Ho Chi Minh City, Vietnam’s largest metropolis. A fellow protester tipped him off that he was about to be arrested, but before he could escape into the crowd, half a dozen plainclothes officers descended on him, beating him with fists and clubs. What happened next is fuzzy. Video subsequently posted online shows him being dragged to a police truck, where he had a bag placed over his head before being taken to jail, but Nguyen doesn’t remember that. “When […]

MEDELLIN, Colombia—China has quickly established an extensive track record of using infrastructure spending, on everything from stadiums to ports, to secure resources and bolster trade across Eurasia, Africa and Latin America. Security and space industry analysts now say 2018 has already been a banner year for another part of China’s soft power outreach, as it has sold satellites and support systems to Nigeria, Cambodia and Pakistan. China’s space ambitions are closely tied to its Belt and Road Initiative. By the end of the year, it is expected that a basic system of 18 Chinese BeiDou-3 global positioning satellites will serve […]

The resignation last spring of Peruvian President Pedro Pablo Kuczynski, who faced impeachment on charges of corruption, brought to power an unlikely figure: Martin Vizcarra, a former governor of the remote region of Moquegua in southern Peru. Vizcarra had been serving concurrently as vice president and ambassador to Canada when he was called back to assume the nation’s highest office. His attempts to tackle systemic corruption in Peru, including calling for a national referendum on several key reforms, have led to a standoff with the country’s Congress, which is controlled by the opposition Popular Force party. In an email interview, […]

Editor’s Note: Every Friday, WPR Senior Editor Robbie Corey-Boulet curates the top news and analysis from and about the African continent. Kicking off the latest iteration of the Forum on China-Africa Cooperation in Beijing, Chinese President Xi Jinping on Monday pledged $60 billion for various projects in Africa, a sum that included $20 billion in credit lines along with $15 billion in “grants, interest-free loans and concessional loans,” according to The Associated Press. The announcement wasn’t especially remarkable, given that China pledged the same amount during the last summit, in 2015. Yet this year’s forum coincided with an intensifying debate […]

On Aug. 12, leaders of the five Caspian Sea littoral states—Russia, Iran, Kazakhstan, Azerbaijan and Turkmenistan—gathered in the Kazakh port city of Aktau to sign the Convention on the Legal Status of the Caspian Sea. The agreement ended decades of uncertainty over the Caspian Sea’s status, clarifying the boundaries between each party’s territorial waters. And while the agreement left open the key question of ownership over the rich oil and gas deposits lying under the Caspian’s seabed, it provides a framework for these five countries to work out arrangements for joint exploration and drilling, as well as long-stalled pipeline projects. […]

What a difference a year makes. Last October, then-Secretary of State Rex Tillerson delivered a major policy speech on U.S.-India ties and the critical role India would play in the Trump administration’s new Indo-Pacific strategy. A month later in Vietnam, at the annual summit of the Asia-Pacific Economic Cooperation forum, President Donald Trump championed India’s role in the region—even though it’s not a member of APEC—signaling that he was serious about accelerating strategic cooperation with India. But now, with Secretary of State Mike Pompeo and Defense Secretary James Mattis in New Delhi this week for high-level talks with their Indian […]

Although the Islamic State continues to carry out sporadic attacks in parts of Iraq, the focus across the country has largely turned to post-conflict reconstruction and reconciliation. Harsh sentences are being meted out to suspected Islamic State militants and their collaborators. The Associated Press reported in March that 19,000 people have been detained or imprisoned on suspicion of connections to the extremist group. Of those, 3,000 have been sentenced to death. Meanwhile, a growing backlog of cases and a dearth of available evidence have stymied efforts to compensate victims. In an email interview, Ali Al-Mawlawi, head of research at the […]