A university student attends a protest inside Tehran University while a smoke grenade is thrown by Iranian police, in Tehran, Iran, Dec. 30, 2017 (AP photo).

Since early May, Iran has been rocked by protests over a precipitous rise in food prices, triggered by the government’s decision to cut existing subsidies on food products. Since then, prices have gone up dramatically, with staples such as imported wheat increasing by up to 300 percent and cooking oil by close to 400 percent. Within a matter of days, protests that sprang up almost simultaneously in the north, east and center of Iran had spread across the country, eventually reaching the capital, Tehran, where bus drivers went on strike. The rising price of food products are yet another blow […]

European Commission President Ursula von der Leyen speaks at the World Economic Forum in Davos, Switzerland, May 24, 2022 (AP photo by Markus Schreiber).

European Commission President Ursula von der Leyen told a gathering at the annual World Economic Forum in Davos this week that Russia is deliberately stoking a global food crisis as a form of “blackmail.” Her remarks underscore Brussels’ fears over an impending global food crisis. Recognizing the high stakes involved in global food security, European Union policymakers are now racing against time to prepare for what they anticipate will be a food security crisis unprecedented in the modern era. Russia’s weaponization of global commodities is not limited to the energy sector, von der Leyen told her audience in Davos. “In Russian-occupied Ukraine, the […]

A firefighter monitors the Caldor Fire burning near structures in South Lake Tahoe, Calif., Aug. 30, 2021 (AP photo by Jae C. Hong).

For decades, market fundamentalists pitted capitalism against environmentalism, as if the global economy could be insulated from shocks to the health and stability of the biosphere. At last, those days are ending, and economists and corporate leaders are recognizing the costs of running down Earth’s natural capital. Last week, the nonpartisan business group Environmental Entrepreneurs announced that in 2021 alone, “climate change-related natural disasters inflicted nearly $150 billion in damage to America’s economy.” The U.S. plight is part of a broader pattern. On April 26, the United Nations Office of Disaster Risk Reduction, or UNDRR, declared that the world as […]

Salvadoran President Nayib Bukele participates in the closing ceremony of a congress for cryptocurrency investors in Santa Maria Mizata, El Salvador, Nov. 20, 2021 (AP photo by Salvador Melendez).

As cryptocurrency investors nervously watched the value of their assets sink, one of Bitcoin’s greatest boosters announced this week that he was doubling down. Nayib Bukele, the hip, young president of El Salvador, hosted a meeting Monday with representatives of 44 countries to discuss the “benefits in our country” of using Bitcoin—another questionable move for a man who has put his country’s economy at risk to gamble on digital money. Bukele, a former public relations executive who now leads one of the hemisphere’s poorest nations, has been touting the so-far-elusive benefits El Salvador has gleaned from his controversial move last September to make Bitcoin the country’s […]

European Commission Executive Vice-President Margrethe Vestager speaks at the EU headquarters in Brussels, May 18, 2022 (SIPA via AP Images).

The European Commission yesterday unveiled a watershed proposal to shore up the European Union’s ability to coordinate military decision-making among the bloc’s member states. The proposal to strengthen the union’s defense coordination powers takes on added significance against the backdrop of Turkey blocking Sweden’s and Finland’s bids to join NATO, underscoring the urgency of an upgraded EU military framework in the interim. The commission’s proposal to analyze and coordinate defense spending among EU member states, including a collective defense acquisition framework similar to its joint vaccines procurement strategy, came in response to a request made by EU national leaders during […]

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Semiconductors, the tiny chips that power everything from Apple iPhones to F-35 fighter jets, are a true product of globalization. Their technological sophistication is matched only by the logistical complexity of their supply chains, which stretch across the planet. It should be no surprise, then, that these chips are feeling the impact of accelerating deglobalization. Over the past several years, manufacturers of everything from shoes to home appliances have moved to reshore production, encouraged by protectionist governments erecting trade barriers to protect domestic economies from geopolitical forces. Gradually, the “just-in-time” supply chains of the globalized world, which outsourced aspects of […]

Hassan Sheikh Mohamud, right, marks his election win with incumbent President Mohamed Abdullahi Mohamed, left, in Mogadishu, Somalia, May 15, 2022 (AP photo by Farah Abdi Warsameh).

Somali lawmakers elected Hassan Sheikh Mohamud as the country’s next president yesterday in a vote broadcast live on national television, bringing a conclusion to a dramatic, long-delayed presidential election that threatened to exacerbate socio-political tensions in the country. Mohamud, who previously served as Somalia’s president between 2012 and 2017, beat out 36 candidates, including incumbent President Mohamed Abdullahi Mohamed. Farmaajo, as Mohamed is known, conceded defeat, paving the way for Mohamud to be sworn in immediately. The poll was conducted in a tent on the premises of Mogadishu’s heavily guarded airport complex, amid a lockdown and curfew imposed on the city by […]

Judith Andeka, a worker in the informal economy, returns to her house in the Kibera informal settlement, Nairobi, Kenya (AP photo by Brian Inganga).

Kenya’s largest trade union federation hailed an executive order issued earlier this month by President Uhuru Kenyatta that increased the monthly minimum wage by 12 percent. The Central Organization of Trade Unions called the directive “a great win for Kenyans” during a period of economic hardship brought about by the coronavirus pandemic, high inflation and a rise in fuel prices. Kenyatta made the announcement during a Labor Day celebration on May 1, saying that higher wages would cushion workers against the erosion of their purchasing power and enhance Kenya’s economic productivity. He further described the increase as “an appreciation to workers for […]

Turkish President Recep Tayyip Erdogan and Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of the United Arab Emirates, shake hands after a signing ceremony at the presidential palace, in Ankara, Turkey, Nov. 24, 2021 (AP photo by Burhan Ozbilici).

Twenty years ago, the firebrand mayor of Istanbul, Recep Tayyip Erdogan, led his party to a landslide victory in a parliamentary election that would transform Turkish politics. What followed were two decades of uninterrupted control of the government by the Justice and Development Party, or AKP, which set out to prove that an Islamist party was not a threat, but could in fact move the country forward. Soon after winning in 2002, the government launched one of its most intriguing plans: a new policy branded “zero problems with neighbors,” introduced by Ahmet Davutoglu, an obscure academic then serving as the government’s […]

Algerian President Abdelmadjid Tebboune, right, greets Russian Foreign Minister Sergey Lavrov in Algiers, Algeria, May 10, 2022 (Russian Foreign Ministry Press Service photo via AP).

The war in Ukraine has exacerbated Europe’s energy crisis, leaving the European Union desperately seeking alternative sources of supply to reduce its dependence on Russian fossil fuels. Among the states in the Middle East, North Africa and Central Asia the EU has turned to in efforts to diversify its energy supplies Algeria has been identified as a promising source of additional supplies of natural gas. But diplomatic obstacles and production limitations, as well as Algiers’ commercial links to Moscow, mean that expectations management are in order when it comes to Algeria being a cure for Europe’s energy woes. Among the […]

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Climate change is pushing the world’s oceans toward a mass extinction event, according to a new report published in Science late last month. The authors, Princeton’s Justin Penn and Curtis Deutsch, contend that without swift steps to reduce greenhouse gas emissions, the vast majority of all marine species could vanish over the next three centuries, with dire consequences for the rest of life on Earth. These findings underscore the urgent need to take dramatic action against global warming and to reduce other anthropogenic strains on marine ecosystems. There is still time to limit the damage—but only if the world acts quickly. As a terrestrial species, […]

A Ukrainian soldier smokes a cigarette outside Kharkiv, Ukraine, Feb. 26, 2022  (AP photo by Andrew Marienko).

A recent investigative report by Reuters detailed the close ties between Philip Morris International and Igor Kesaev, the founder and until recently board chairman of Russia’s largest cigarette distributor, TC Megapolis. Relationships between Big Tobacco companies and wholesale distributors tend to raise eyebrows in the industry-watching community, given their long history of involvement in smuggling. But what sparked Reuters’ interest in Kesaev is that he also happens to own a company that produces arms for the Russian military, for which he was sanctioned by the European Union on April 8 and the United Kingdom on April 13. That, too, is […]

A protester holds a sign as she takes part in a demonstration to call on the European Union to stop buying Russian oil and gas, outside EU headquarters in Brussels, April 29, 2022 (AP photo by Virginia Mayo).

Energy analysts in Brussels have been burning the candle at both ends this week to determine the full extent of the disruption and economic fallout from the European Union’s impending ban on oil imports from Russia. But though Germany has dropped its opposition, Hungarian Prime Minister Viktor Orban is still intent on vetoing the oil embargo. Any delay may spell trouble for the EU’s plan to cut off Russian oil, as opposition to the embargo among EU leaders may be growing rather than shrinking. The embargo proposal unveiled yesterday by the European Commission was already designed to be a phased-in […]

Federal Reserve Board Chair Jerome Powell speaks during a news conference at the Federal Reserve, May 4, 2022 in Washington (AP photo by Alex Brandon).

It’s a widely acknowledged truth that when the United States’ economy sneezes, many countries catch a cold. And so it is with this week’s interest rate hike by the Federal Reserve in Washington, whose efforts to contain inflation in the U.S. are sure to create new problems for already battered economies and families in less affluent countries. The move will unintentionally pile onto the multiple, interconnected crises and growing challenges already facing developing countries. As I noted a few weeks ago, Russia’s war on Ukraine is sending economic, and therefore political, shockwaves across the planet, from Peru to Sri Lanka. Now comes the […]

Chinese Premier Li Keqiang speaks at a virtual “1+6” Round Table Dialogue with the heads of the World Bank, IMF, WTO, International Labor Organization, OECD and Financial Stability Board, in Beijing, Dec. 6, 2021 (AP photo by Andy Wong).

As China leveraged its state capitalist model to become a global superpower, it increasingly challenged the market-oriented basis of the liberal economic order founded by the United States and its allies 75 years ago. When this competition between the Chinese and Western economic systems gained steam in the 2010s, the main battlefield of international relations also began to shift from the classical realm of security to the normally “civilian” fields of trade, investment, technology and finance—in other words, from geopolitics to geoeconomics. With Russia’s invasion of Ukraine, military force is front and center once again, even before the United States […]

A man walks past a bank’s electronic board showing the share index at the Hong Kong Stock Exchange, April 12, 2022 (AP photo by Vincent Yu).

A number of prominent economists and business leaders are sounding the alarm over China’s “zero COVID” coronavirus strategy, painting a gloomy outlook for China’s economy. The government-imposed extended lockdowns and isolation periods to stamp out every outbreak of the virus in cities around the country are creating economic uncertainties and casting doubt on Beijing’s ability to reach its target of 5.5 percent economic growth in 2022. Beijing’s continued ambiguity regarding its position on the conflict in Ukraine, in which it professes to be neutral, is also worsening its already tense relationship with the U.S., while straining ties with the European Union. […]

Travelers walk through the Salt Lake City International Airport in Salt Lake City, March 17, 2021 (AP photo by Rick Bowmer).

On Sunday, New Zealand finally opened its borders to visitors from 60 countries after almost two years, marking a momentous occasion for families, for the country and for the world’s battle against COVID-19. New Zealand has consistently maintained some of the strictest pandemic-related travel restrictions, and with these now lifted, it appears that at least some parts of the world have truly returned to “normal.” As more countries lift restrictions, international travel, and especially international tourism, has seen a resurgence. For the first time since 2020, people are starting to travel abroad en masse, not just to see family and friends, […]

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