International Relations

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.

Grand strategy is hailed by some as a silver bullet for resolving policy drift, while others reject it as a hubristic term. The author argues that expectations of this concept need to be revised. The first half of this article addresses the study of grand strategy. The author identifies and critiques the prominent conceptual frameworks for evaluating grand strategy. He offers an alternative approach for measuring the quality of a state's grand strategy, based on the notion of proportionality. The second half is tailored towards policymakers, as the article assesses the ways in which grand-strategic thinking can be improved in government.

Once again, new economic readings from the World Bank's International Comparison Program have fed into the long-going debate over whether China is surpassing the United States as an economic and financial power. And once again, the answer to that question is a qualified "no."

Stephen Walt offers what he considers to be the top five silver linings from the COVID-19 pandemic.

China piloted a national digital currency in April 2020. The European Central Bank has convened a working group of major economies to coordinate digital currency research and development. The U.S. Federal Reserve said it was in the early stages of researching the digital dollar. Spurred by the potential to modernize domestic payments systems, or take a leading role in updating the global payments infrastructure that supports cross-border trade and remittances, nations around the globe are exploring the merits and risks of issuing a digital currency. While many are in the early stages of research, central banks representing one-fifth of the world's population say they will issue a digital currency very soon.

The Belfer Center’s Economic Diplomacy Initiative, in collaboration with the Atlantic Council’s Global Business and Economics Program, is tracking the latest developments in central bank issued digital currencies.

The U.S. approach toward China now relies on confrontation and accusation. Yet in diplomacy, as in war, the other side gets a vote. On May 22 China will convene two of its annual summits, the National People’s Congress and the Political Consultative Conference. The Communist Party will choreograph messages carefully: The collapse of communism in the Soviet Union casts a long shadow in Beijing, and Covid-19 came close to shaking the party’s legitimacy. In Chinese history, diseases, famines and other natural disasters have foretold the end of dynasties.

Former U.S. lead climate negotiator Sue Biniaz shares her thoughts on the postponement of COP26 in this interview by Professor Robert Stavins. Stavins and Biniaz explore ways to reimagine future United Nations climate negotiations, unresolved concerns from COP25, and how the United States might approach rejoining the Paris Agreement.

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.

Brose explains a terrible truth about war with China: Our spy and communications satellites would immediately be disabled; our forward bases in Guam and Japan would be “inundated” by precise missiles; our aircraft carriers would have to sail away from China to escape attack; our F-35 fighter jets couldn’t reach their targets because the refueling tankers they need would be shot down.