Economics & Business Archive

Editor’s Note: Every Wednesday, WPR contributor Rachel Cheung and Assistant Editor Benjamin Wilhelm curate the week’s top news and expert analysis on China. Subscribers can adjust their newsletter settings to receive China Note by email every week. The Chinese government has long denied any human rights abuses in Xinjiang province, even as an increasing number of reports shed light on its brutal repression of mostly Muslim Uyghurs there. But in the face of mounting international pressure and now sanctions, Beijing is going on the offensive to silence critics of all stripes. Shortly after the United States, United Kingdom, European Union […]

Far more than they appeared to at first glance, two news stories in recent days have framed America’s position in the world at the outset of Joe Biden’s presidency in unusually stark and powerful ways. The first trumpeted a $400 billion investment agreement between Beijing and Tehran, with China vastly increasing its trade with Iran. It comes at a moment when the United States is hoping to force the Iranian government back to the negotiating table to reinstate and even broaden the international agreement aimed at preventing Iran from developing nuclear weapons. The Trump administration withdrew from that deal, reimposing […]

There were grim anniversaries last week, a year since the first coronavirus lockdown in the United Kingdom. This time last year, I had developed a strange, breathless cough that didn’t go away for eight weeks. But I was one of the lucky ones. More than 127,000 people in the U.K. didn’t make it. The U.K. may have been overtaken more recently by other European countries, like the Czech Republic and Hungary, for the unhappy distinction of having the highest COVID-19 death rate per capita in the world, but it’s still close to the top spot, as is the United States. […]

Last week, Samsung announced that the rollout of its new Galaxy Note smartphone would be delayed, warning of a “serious imbalance” in the chip industry. It’s just the latest impact of a global shortage in the supply of semiconductor chips, caused by a unique combination of the coronavirus, climate change and Donald Trump. Semiconductors are the brains of all things electronic. Like the brain, they perform different functions—memory, processing—and range in sophistication from standard, repetitive routines to high-performance chips that can support machine learning, artificial intelligence and high-end graphics. All things electronic these days are pretty much all things chips. […]

Humanity’s collective failure to reduce greenhouse gas emissions is driving the world inexorably toward geoengineering, or the intentional, large-scale human manipulation of Earth’s climate system. Facing runaway global warming, individual nations will surely develop and deploy new technologies to reduce atmospheric carbon dioxide and the planet’s exposure to solar radiation. Playing with the environment and the atmosphere, however, is playing with fire. Without adequate rules, geoengineering will create massive, unintended consequences, deepen geopolitical rivalries and hasten the world’s division into climate winners and losers. To avoid these fates, the world must create a robust multilateral regime to govern the research, […]

When BTS performed its smash hit “Dynamite” for the first time at MTV’s Video Music Awards in August, the seven-member South Korean pop group was unable to fly to New York City for the ceremony due to the coronavirus pandemic. Instead, it intended to film its part of the show outdoors, to “show everyone the scenery in Seoul,” one of its vocalists, Jin, told Vogue. But summer rain got in the way of that plan, so it ended up recording its performance in front of giant green screens. Seven months later, still unable to visit the U.S., the group finally […]

Editor’s Note: Every Wednesday, WPR contributor Rachel Cheung and Assistant Editor Benjamin Wilhelm curate the week’s top news and expert analysis on China. Subscribers can adjust their newsletter settings to receive China Note by email every week. As China raises the heat on tech giants, one behemoth is taking most of it. Chinese regulators are reportedly mulling a series of measures to rein in the Alibaba Group, from a record fine to potential divestiture of its media assets, as the Chinese Communist Party’s leadership grows wary of its influence. Alibaba is one of, if not the largest, online commerce companies […]

The last time the global economy cratered, in the fall of 2008 in the wake of an American banking crisis, it was China that set the pace—both in insulating itself from most of the damage, and in generating enough new demand in its own economy to prevent a far worse downturn than the already terrible recession suffered in much of the rest of the world. Even now, years later, the scale of China’s response back then is poorly understood. As the economic historian Adam Tooze recounted in his 2019 book, “Crashed: How a Decade of Financial Crises Changed the World,” […]

There was a time when it was widely asserted that the onset of climate catastrophe would shove society out of its complacency and into aggressive support for action to address climate change. Once the consequences of burning so many fossil fuels were felt not just by those least responsible for the bulk of emissions, in the Global South, but in wealthier countries too, the argument went, the problem would shift from being an abstract warning from scientists to a clear and present danger. The season of bushfires that raged in Australia from December 2019 to February 2020—known locally as the […]

Over the weekend, something extraordinary happened. A working group within the United Nations, comprising all 193 of its member states, adopted a consensus report on norms for responsible state behavior in cyberspace. The report itself represents fairly limited progress, in terms of its contents, although there are some shiny objects for the cyber nerds like me who have been following this process closely. What is most significant is that there is consensus among all U.N. member states in a field that has been wrought with division and contention, especially for the past five years. Most surprisingly, this process originated from […]

As President Joe Biden’s administration moves to restore U.S. global leadership on the environment, it cannot afford to ignore the health of oceans. It must spearhead the successful conclusion of negotiations on a U.N. high seas biodiversity convention, which are currently adrift. To bring this treaty into port, the United States will need to forge global agreement on several contentious issues. It will also need to temper its neuralgic opposition to legally binding multilateral commitments, recognizing that the treaty poses no threat to U.S. sovereignty and is deeply in American interests. Although not entirely lawless, the high seas are poorly […]

Editor’s Note: Every Monday, Managing Editor Frederick Deknatel highlights a major unfolding story in the Middle East, while curating some of the best news and analysis from the region. Subscribers can adjust their newsletter settings to receive Middle East Memo by email every week. It is probably the most documented conflict in history. Since Syria’s civil war began following the Assad regime’s suppression of a popular uprising a decade ago, activists, citizen journalists and everyday Syrians alike have uploaded videos and images of the conflict for anyone around the world to see. Reporters may have been widely barred from the […]

In a vitriolic address to Argentina’s Congress on March 1, President Alberto Fernandez put to rest any illusions that he would be a moderating influence on his vice president and political mentor, former President Cristina Fernandez de Kirchner. (The two are unrelated.) During his speech, the president attacked Cristina Fernandez’s traditional enemies, including the press, the judiciary and the political opposition. More surprisingly, he also criticized the International Monetary Fund, despite being in the middle of discussions to renegotiate Argentina’s $44 billion debt. In fact, the president claimed to be “in no rush” to reach an agreement with the IMF, […]

In retrospect, the early 2000s can be considered, if not the high-water mark, then the golden age of contemporary globalization. Liberalized trade had achieved a quasi-theological status, with the catalogue of its benefits—both real and anticipated—extending far beyond its strictly economic impact. Trade, it was argued, would allow countries in the developing world to lift their populations out of poverty and into the “global middle class.” With this new affluence would come greater expectations for effective governance, generating protean demands for accountability that would eventually lead to political liberalization in countries where authoritarianism was the rule. Meanwhile, the lowered barriers […]

It’s been called a “coup” attempt at the British registry for .uk domain names, and it has broad implications for internet governance. You may not have heard of Nominet, the company in question. You may not have heard of ICANN, either—the Internet Corporation for Assigned Names and Numbers. But these two nonprofits are quite significant in the inward-looking world of internet governance. Nominet, a not-for-profit company, is owned by approximately 2,500 members—individuals and organizations, from GoDaddy to mom-and-pop shops, that are involved in domain registration and associated services, such as hosting, web design and email provision. Some of those members, […]

The World Trade Organization made history last month when its members chose Ngozi Okonjo-Iweala as director-general, the first woman and first African to hold that position. A former Nigerian finance minister and senior World Bank official, Okonjo-Iweala enjoyed near-unanimous support, but her candidacy had been stalled by opposition from the Trump administration. One of President Joe Biden’s early actions after taking office in January, however, was to reverse Donald Trump’s veto and join the consensus behind her appointment. That, along with Biden’s overall preference for multilateral cooperation over unilateralism, opens space for the WTO to get out of the cul […]

Over the course of three days in Laos in mid-January, more than 750 senior members of the ruling Lao People’s Revolutionary Party convened in the capital, Vientiane, to elect its political leaders for the next five years. The delegates to the 11th National Congress chose incumbent Prime Minister Thongloun Sisoulith to replace the retiring Bounnhang Vorachit as the party’s secretary general—the most powerful position in Laos’ communist system. If recent precedent is upheld, this paves the way for Sisoulith to also be confirmed as president when a nominally new National Assembly meets later this month. Elections for the assembly were […]