Asia & the Pacific

Joseph Nye considers lessons from his own work on preventing the spread of nuclear technology in the 1970s.

Power transitions affect a state’s ability to exercise economic statecraft. As a dominating and a rising power approach parity, they face structural incentives to decouple their economies. This decoupling affects business-state relations: high-value businesses within the dominant power tend to oppose their state’s economic statecraft because of its costs to them, whereas low-value businesses within the rising power tend to cooperate because they gain from it. 

In the World Nuclear Industry Status Report 2021, Mariana Budjeryn writes about the Chernobyl disaster 35 years later, while Ali Ahmad writes about nuclear power and climate change resilience.

What sounded so simple during last year’s presidential campaign has turned out, like everything related to Iran, to be quite complicated.

Chernobyl still stands for the world’s worst nuclear accident. The full impact of a nuclear disaster on this scale is difficult to compute, not least because the effects that count most are often those that are most difficult to count. Beyond the number of lives lost and people displaced, beyond the money spent on accident mitigation and remediation, there are long-term health, environmental, social, economic, and political consequences that defy quantification. Thirty-five years on, we are still grappling with the full extent of Chernobyl’s impact on the world. Yet in a very real sense, we live in a world shaped by Chernobyl.

1. We must learn from and remember the lessons of the past—while recognizing that Fukushima is not going to “happen again” as future accidents will have their own characteristics; while remembering the past, we must also avail ourselves of advances in seismology, climatology, engineering, etc.

Juergen Braunstein and Sachin Silva argue that sovereign wealth funds may be central to governments' efforts to balance public responsibility with private interests in post-pandemic economies.

Today’s economic crisis leaves us with an unsettling and perplexing regret. Why weren’t financial portfolios already adjusted for risks that stem from health events such as pandemics? After all, financial portfolios are adjusted for liquidity risks, market risks, credit risks, and even operational and political risks.

Could using the cash in your pocket have the potential to spread covid-19? That question has rarely appeared in the news, but many governments and leaders in the digital payments industry are wondering how the virus might impact the use of cash. Several countries have already taken drastic measures to limit circulation of bank notes. Could such interventions lead to the end of cash payments?

Because hand-to-hand exchange of physical currency could transmit the coronavirus, countries around the world are being forced to reconsider the use of cash. In fact, COVID-19 might turn out to be the catalyst that finally brings digital payments fully into the mainstream. Not surprisingly, the digital-payments industry is already focusing on the opportunities created by the crisis.