Asia & the Pacific

Stephen Walt's argument tries to answer the following question: What impact will the decisions taken at the recent Party Congress have on the balance of power and U.S.-China competition? From a U.S. perspective, was what just took place in Beijing good news or not?

Stephen M. Walt describes a "gnawing fear that we are living through a series of disruptions that are overwhelming our collective ability to respond." What does this mean for public confidence in the entire political system, and is there any cause for optimism?

Estimating the long-term effect of the current pandemic is not an exact prediction of the future, but an exercise in weighing probabilities and adjusting current policies. When envisioning the international order in 2030,  joseph Nye details five scenarios that stand out.

Stephen Walt But poses the following question: What if foreign policy isn't as important as foreign-policy mavens maintain? What if developments and policies inside the country are far more consequential—at least most of the time—than what its leaders do on the global stage?

Despite the far-reaching effects of the current pandemic,  the essential nature of world politics will not be transformed. The territorial state will remain the basic building-block of international affairs, nationalism will remain a powerful political force, and the major powers will continue to compete for influence in myriad ways. Global institutions, transnational networks, and assorted non-state actors will still play important roles, of course, but the present crisis will not produce a dramatic and enduring increase in global governance or significantly higher levels of international cooperation. In short, the post-COVID-19 world will be less open, less free, less prosperous, and more competitive than the world many people expected to emerge only a few years ago.

The coronavirus pandemic has already devastated the international economy.  Stephen Walt explores what history and theory say about the military fallout.

The Bulletin of Atomic Scientists has published a document from the Pugwash Conference on Science and World Affairs concerning nuclear problems and tensions in the time of COVID-19. The document has been co-signed by a large number of Pugwash colleagues and personalities.

“Those who do not study history are condemned to repeat it.”  And the rest of us are condemned to repeat George Santayana.

Will the Coronavirus Recession of 2020 be V-shaped?  Or U-shaped?  If we fail to heed the lessons of history it is likely to be W-shaped, with incipient recovery followed by successive relapses into sickness and recession.

As has been widely noted, we would have been better prepared to cope with the Covid-19 pandemic in the first place if everyone had paid more attention to the past history of epidemics. Be that as it may, the world is now deep into the pandemic and its economic consequences, the most severe such events since the interwar period, 1918-1939.  As decision-makers in every country contemplate their next steps, they would do well to ponder the precedents of that interwar period.

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.