Asia & the Pacific

Joseph Nye writes that although the United States has long commanded the technological cutting edge, China is mounting a credible challenge in key areas. But, ultimately, the balance of power will be decided not by technological development but by diplomacy and strategic choices, both at home and abroad.

In order to fully appreciate the global climate-change challenge that the Biden administration will face, Robert Stavins reflects on the history of international negotiations that brought us to this point.

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.

Former Foreign Minister Yoon Young-Kwan and Joseph Nye, professor emeritus at Harvard Kennedy School, discuss COVID-19 challenges at a forum hosted by the Korean Foundation and Harvard Kennedy School’s Belfer Center and broadcast live on YouTube on Wednesday.

The outbreak in Wuhan of the novel coronavirus shows how ragged and disorderly the Chinese police state was in the initial weeks of the pandemic. Beijing’s response was to suppress and manipulate information, at home and abroad. Trump administration officials have painted this as a Chinese plot against the West, but it looks more like a frantic effort by a one-party state to survive a domestic crisis.

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.

Contrary to what US President Donald Trump would like to believe, a pandemic like COVID-19 was predicted as recently as last year. After being caught off guard by yet another catastrophe, one wonders when political leaders, markets, and average citizens will start to take risk seriously.

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?