Economics & Global Affairs

Joseph S. Nye argues that history shows that globalization is largely driven by technological changes that reduce the importance of distance, and that will not change.

Economic interdependence has long been considered important to international peace. Questions about harmful effects of the free flow of capital, however, are arising. China and Organization for Economic Co-operation and Development countries are increasingly involving their business firms in security and intelligence work, causing a security dilemma dynamic that increases economic competition.

Commercial international port terminals owned and operated by Chinese firms provide dual-use capabilities to the People's Liberation Army during peacetime. They enable China to project power into critical regions worldwide by providing military logistics and intelligence networks.

 This article argues and seeks to demonstrate that "global history," with its roots in the study of empires and transnational integration, provides a useful intellectual framework for better understanding the powerful forces currently reshaping the international system—most significantly geopolitical competition and economic decoupling between the United States and China in the age of Covid-19.

Pandemics are not always transformative events. While some worrying preexisting trends could accelerate, it’s incorrect to assume that the coronavirus will end globalization, kill liberal democracy, or enhance China’s soft power.

The existing global political-economic order has been ruptured by the rise of China, a broad backlash against globalization, uncertainties about the U.S. commitment to a rules-based system, and most recently, the Covid-19 pandemic. What form(s) might a future world order take, and what principles should guide efforts to construct it? The Future World Order event series will address these questions by examining individual topics ranging from traditional security issues such as arms control to newer, relevant issues such as digital trade. Professors Dani Rodrik and  Stephen M. Walt will moderate individual sessions.

The geopolitical and geo-economic forces wrought by the coronavirus pandemic, as examined previously in this series, are likely to slow the transition to a more sustainable global energy mix. Fortunately, the pandemic has also resulted in governments gaining vastly greater influence over whether this shift stalls or accelerates.

For most people, there was nothing to celebrate when the International Monetary Fund downgraded its outlook for global economic growth in June, anticipating a contraction of 4.9% for 2020. Yet for others, such as the small but persistent group of economists and others known as the “degrowth movement,” the Covid-induced economic slowdown has a silver lining.

The search for silver linings to the coronavirus pandemic has come up woefully short. But one hopeful — and much talked of — prospect is that the disruption will accelerate the global shift to a more sustainable energy future.