Economics & Business Archive

On Oct. 3, the International Consortium of Investigative Journalists released 11.9 million confidential files, known as the Pandora Papers, that documented how world leaders, oligarchs and business elites park their wealth in offshore jurisdictions. Like the Panama Papers of 2016, this new leak brought shell companies and offshore jurisdictions under intense public scrutiny for their role in helping the rich and powerful evade taxes and ignore the transparency requirements by which their fellow citizens and competitors must abide. What was perhaps most damning was the inclusion of five U.S. states—South Dakota, Florida, Delaware, Texas and Nevada—among the list of favored offshore […]

By the late 1990s, an HIV diagnosis was no longer considered a death sentence in the wealthy countries of the Global North. Advances in medical technology had brought new drugs onto the market that could reverse the disease’s progression. However, those life-saving drugs were priced out of the reach of most patients across the Global South, where millions of people continued to die unnecessarily. There are echoes now of that earlier era, as those same regions are largely going without COVID-19 vaccines—even as wealthier countries move on to administer booster shots for their populations. In response to the disparity in […]

MADRID—Spanish Prime Minister Pedro Sanchez is vowing to outlaw prostitution, arguing that it “enslaves” women. While Spain decriminalized the practice in 1995, Sanchez’s Socialist Party now wants to go the way of Sweden, where it is illegal to buy sex but not to sell it.  The Spanish government’s about-face illustrates how in the past few decades, Europe has become a laboratory for policies to address not only prostitution itself, but also the ways in which it goes hand-in-hand with human trafficking. Whereas countries like Norway and France have followed Sweden’s lead in trying to ban the practice on the demand […]

As the world gradually distributes COVID-19 vaccinations and starts to reevaluate coronavirus-related restrictions, many in the international community are pushing for societies to go back to “normal.” Leaders at the helm of the international system want to return to the comfort zone of structured interactions in their New York offices; they are tired of days filled with  back-to-back Zoom meetings and the chaotic distractions of working from home. But should we really welcome “normal” back with open arms?  The pandemic has uprooted everyone’s usual work patterns. This has been traumatic, certainly—but also disruptive in positive ways. Much of what I […]

As former U.S. President Barack Obama once mused, there are times in global diplomacy, as in baseball, when “hitting singles” is adequate. This month’s COP26 climate summit in Glasgow was not one of those moments. With the fate of the planet on the line, world leaders should have been swinging for the fences. Instead, they played small ball, chalking up only incremental gains rather than the historic breakthrough the occasion demanded.  Going into the Glasgow summit, the United Nations Environment Program had delivered some blunt news: The world’s emissions reduction pledges before COP26 accounted for only one-seventh of the reduction actually needed to […]

If there is one constant in Argentina’s merry-go-round of political and economic crises, it is the presence of outsize personalities, high drama and policy failures. The results of Sunday’s midterm congressional elections suggest that this cycle is unlikely to be broken any time soon. The election didn’t just throw the system into disarray. It also introduced the latest entrant to Argentina’s pantheon of flamboyant politicians: the wild-haired, far-right economist Javier Milei, who saw his fortunes soar, giving credence to his plan to seek the presidency in 2023. The immediate impact of the Nov. 14 elections was that the center-left Peronistas, […]

Russian President Vladimir Putin is often said to be “playing a weak hand well.” But according to Kathryn Stoner, a Russia expert at Stanford University, this conventional analysis is incomplete. She argues that not only does Moscow hold better cards than many Western observers might think, it is also more willing to play them, even the risky ones. On the Trend Lines podcast this week, Stoner sat down with WPR’s Elliot Waldman to discuss her recently published book, “Russia Resurrected: Its Power and Purpose in a New Global Order.” Listen to the full conversation here: If you like what you […]

Three decades after the collapse of the Soviet Union, Russia has reestablished itself as a force to be reckoned with on the global stage, intervening forcefully not only in former Soviet republics on its periphery, but also in global hotspots like Syria and Libya. Despite Russia’s resurgence, some Western leaders have a noticeable tendency to dismiss it as an overrated, overhyped power. John McCain, the late U.S. senator, famously quipped that Russia is a “gas station masquerading as a country.” U.S. President Joe Biden may have been channeling McCain when he said in July that Russian President Vladimir Putin is “sitting on […]

After two to three decades during which Beijing supported the marketization of the Chinese economy and the growing role of the private sector, many analysts now worry that the Chinese Communist Party has turned its back on its earlier commitment to market-oriented reforms. For example, Stephen Roach, an economist at Yale University and former chairman of Morgan Stanley Asia, worries in a recent essay that the Chinese government’s current focus on re-regulation and income redistribution is undermining “the heart of the market-based ‘reform and opening up’ that have underpinned China’s growth miracle.”  Indeed, in recent years Beijing has implemented a series […]

Editor’s Note: WPR editor-in-chief Judah Grunstein is filling in today for Stewart Patrick, who will be back next week. U.S. President Joe Biden will hold a video summit Monday with his Chinese counterpart, Xi Jinping, their first face-to-face encounter since Biden took office in January. The meeting, which is reportedly the culmination of background exploratory talks over the past month, follows several high-profile encounters between top-level officials that veered toward the explosive. Sparks flew in Anchorage, Alaska, when both sides’ senior diplomats met for the first time in March. More recently, Wendy Sherman, deputy secretary of state, faced an acrimonious […]

In the leadup to Nov. 7’s sham election in Nicaragua, incumbent President Daniel Ortega’s crackdown on the opposition and imprisonment of his most viable challengers garnered a good deal of attention. But the Nicaraguan election was only the first in a series of crucial political contests taking place in the region this month. By the time December begins, the path ahead for nearly half a dozen Latin American countries may well have been redrawn. Beyond Nicaragua’s widely criticized parody of democracy, the continent will see pivotal presidential elections in Chile and Honduras, the winners of which could take these countries in […]

The standard, “flirting with apocalypse” narrative that dominates U.S. media coverage and political debates regarding climate change goes something like this: China, which is the world’s biggest carbon emitter, and India, which is lightly industrialized and still quite substantially poor, currently represent the biggest threats to saving the environment. The supposedly more altruistic West, by contrast, is prepared to make huge investments to forestall disaster. People who cling to this all-too-easy framing correctly say that if the world’s two most-populous countries do not radically constrain their carbon output, nothing the United States or Europe can do, including rapidly attaining net-zero […]

On Oct. 27, Rishi Sunak, the U.K.’s chancellor of the exchequer, announced the government’s education budget, including additional spending earmarked to help students overcome the disruptions introduced by the coronavirus pandemic. Though billed as a boost to education expenditures, as Sunak himself admitted, the government’s current plans would only return per pupil spending—which was cut drastically as part of broader budgetary austerity imposed in the aftermath of the global financial crisis—to 2010 levels by 2024. As the Institute for Fiscal Studies director Paul Johnson told the Financial Times, Sunak’s spending plan reflects the “remarkable lack of priority” given to education […]

Africa’s leaders and policymakers have long identified connectivity, tourism and, more broadly, mobility—human, capital and otherwise—as key to the continent’s economic structural transformation. For example, the African Union’s Agenda 2063, through seven key aspirations, has identified several programs and initiatives promoting connectivity and mobility as central to accelerating shared growth and development in Africa, as well as to forging a common identity.  Among its flagship projects intended to realize this ambition, the bloc has identified the need for an integrated high-speed train network connecting the continent’s capitals and commercial centers; a continent-wide free trade area, known today as the African […]

Every day, the gargantuan U.S. intelligence community, with its budget of $84 billion, scans the world looking for threats to the United States. In a landmark report released last month, the National Intelligence Council identified a big one: climate change. The world’s failure to curb greenhouse gas emissions and the brutal impacts of climate change, the assessment warns, are now poised to upend geopolitics over the next two decades as global warming exacerbates diplomatic tensions, cross-border competition and instability in heat-stressed countries. It is hard to overstate the importance of this new report, which is the latest National Intelligence Estimate, the intelligence […]

There is still a week to go before the scheduled conclusion of COP26, but that has not stopped climate change activist Greta Thunberg from declaring this year’s U.N. climate summit in Glasgow, Scotland, “a failure.” Thunberg castigated the world’s wealthy countries for “giving beautiful speeches and announcing fancy commitments and targets,” while refusing to take the kind of drastic action that scientists agree is necessary to avert a global catastrophe. Earlier this week, WPR’s Elliot Waldman sat down with Stewart Patrick, a WPR columnist and senior fellow at the Council on Foreign Relations, to discuss some of this week’s developments from Glasgow, […]

The 26th United Nations Climate Change Conference, or COP26, currently taking place in Glasgow, Scotland, has brought together a wide array of African leaders, policy specialists, businesspeople and activists focused on one goal: how to square the goal of reaching net zero carbon dioxide emissions globally with the continent’s industrialization needs and financial realities. During the first two days of the summit, more than 25 African leaders representing nearly half of the continent’s 54 countries took center stage to make the case for a justice-oriented approach to solving the climate crisis. Speaking Tuesday at an Africa-focused event at the conference, Congolese […]