Nuclear has a role to play in providing reliable carbon-free electricity, but in the US and Europe it is likely to be too expensive to have more than a small role. * As I have written two books about nuclear … Continued
Climate change involves systemic risk, so it’s not possible to insure against, or diversify away the risk. * Over the years I have sometimes heard investors talk of insuring their portfolios against climate change risks. A group of students once … Continued
Geopolitics has two related but distinct meanings * International politics, the relationship between states, is complicated. What are a nation’s interests? Determined by who? How do national politics affect foreign policy? Can technology transcend geography? How do culture and “national … Continued
A child’s enquiry about the Cold War brings back memories and raises concerns for the future * The other day a friend’s child asked me, what was the Cold War? Children ask about history all the time, but perhaps in … Continued
A country with several thousand years of distinctive cultural history is governed through European ideology * It is often said that China is one of the world’s oldest civilisations, tracing a history back to around 2,200BCE. Of course there were … Continued
Some people who know me don’t believe it, but as a child I wasn’t interested in international politics. But, like most people in Britain in the 1970s, I knew the name of the Saudi oil minister, because he was a … Continued
The shift of US attitudes on China owes as much to American disappointments as it does to changes in China’s behaviour * After the revolution that brought the Chinese Communist Party to power in 1949, a shocked US foreign policy … Continued
Recent news of increasingly lethal clashes on the long and disputed border between India and China raises a question, how have the two most populous nations on Earth previously mostly kept the peace? * “Good fences make good neighbours” Robert … Continued
Recent news that the EBRD (European Bank for Reconstruction and Development) is thinking of lending to Sub-Saharan Africa shows how institutions evolve to find new goals rather than quietly close down. The EBRD, which I believe enjoys a high reputation … Continued
Demography, the study of population, is one of the few areas of the social sciences where long term predictions (over one or more decades) can have some value. This is because the dynamics of population growth depend on the current … Continued
A lot of people in the richer economies appear doubtful that economic globalisation has been good for them. But there are hundreds of millions in the rest of the world for whom globalisation has been a critical part of their … Continued
Consider the following list of political facts: high and rising income inequality; a perception that global market forces are leaving local people powerless; anti-immigrant feelings; blaming banks and monopolistic corporations; a perception that politics is dominated by the rich; anxiety … Continued
I think the world may be fragmenting into increasingly separate economic and cultural regions, one dominated by China, another led but not dominated by the US, with other nations watching and wondering how best to position themselves. This reminds me … Continued
In part of my new MFin elective Understanding the Global Economy and Financial System I explore the changing views of economists on international trade, which has been one of the most powerful causes of global economic growth over centuries. * The … Continued
The first part of my new MFin elective Understanding the World Economy and Financial System next term will explore the question, why are some countries richer than others? * One of the most important, interesting but hotly contested questions in economics … Continued