Economics & Business Archive

In early May, a high-speed boat pulled alongside the Rio Mitong, a Panama-flagged cargo vessel, just off the coast of Equatorial Guinea. Using ladders to board the ship, a group of assailants kidnapped two crew members, taking them back to the shore, where they subsequently held them for ransom. Another ship was reportedly attacked that same night, elsewhere in the Gulf of Guinea. These attacks are just two among many recent incidents in this vast and strategically significant body of water, where armed robbery, piracy and kidnappings at sea have escalated in recent years. Though piracy overall has decreased globally, […]

Pity the U.S. officials in charge of planning this year’s Group of 7 summit. President Donald Trump initially planned to convene the annual summit at his own private golf resort in Miami. When this bit of self-dealing elicited bipartisan blowback, he shifted the site of the meeting, originally scheduled for this week, to Camp David. Then COVID-19 intervened, and the White House announced plans for a virtual summit, only to have Trump propose on May 20 that the leaders would gather in person after all. When German Chancellor Angela Merkel demurred, the peeved president pivoted again. On May 30, without […]

Editor’s Note: Every Friday, Andrew Green curates the top news and analysis from and about the African continent. The president of the African Development Bank, Akinwumi Adesina, was set to sail through his August reelection and secure a second term running the multilateral lender. Now his future is less clear after the United States—the institution’s second-largest shareholder—rejected the findings of an inquiry that exonerated Adesina of allegations of corruption and favoritism. The bank’s Board of Governors has now agreed to launch its own independent investigation. Beyond raising questions about Adesina’s future, the new investigation creates turmoil at a time when […]

The coronavirus pandemic, at least in its first wave, is not expected to peak in South Asia until July. But countries in the region, which have yet to witness a significant outbreak along the lines of China, the United States or the hardest-hit parts of Europe, are already loosening their lockdowns. The pandemic is spreading unevenly across the world for reasons that are not always entirely clear, so it is difficult to predict the public health impact of easing lockdowns. But what is clear is that the pandemic will leave South Asia poorer, less democratic and more illiberal. And China […]

Editor’s Note: Guest columnist Edward Alden is filling in for Kimberly Ann Elliott, who will be back next week. The first rule when you find yourself stuck down a hole is to stop digging. After more than three years of the Trump administration’s go-it-alone “America First” strategy, the United States now finds itself in a very deep hole indeed. Trump has alienated once-close allies in Europe, Japan, Canada and Mexico by imposing tariffs on their exports to the U.S. and threatening more. His administration has pulled out of major international agreements like the Iran nuclear agreement and the Paris climate […]

Fifteen years ago this September, former U.S. Deputy Secretary of State Robert Zoellick famously challenged the People’s Republic of China to become a “responsible stakeholder” in the international system. For too long, he suggested, China had been freeriding on the stable, open world created by the United States and its Western allies, while failing to internalize and embrace some of its most important norms and standards of conduct. It was time, Zoellick argued, for China to become a custodian of the rules-based international order, rather than a mere participant or bystander. The premise behind Zoellick’s argument was the “Spiderman rule”: […]