During normal times, if the world’s petroleum producers announced an agreement to slash output, oil prices would immediately spike. During normal times, lower crude prices would boost economic growth. During normal times, low oil prices might be reason to celebrate. But if there is one fact we can agree on, it is that these are not normal times. The global economic crisis triggered by efforts to stop the coronavirus pandemic has not only upended some of the patterns we had grown accustomed to—it has also revealed that many long-standing preconceptions have become outdated. That is evident in the dramatic shifts [...]
One of the many challenges facing governments and businesses during a disaster is ensuring the steady supply of food and other essential items. People’s natural impulses to stock up in preparation for shortages often kick in at the same time that complex supply chains are coming under immense strain. Add to this the direct impacts of COVID-19 on workers in the food industry and the export restrictions on agricultural products that some governments have put into place to ensure that their own populations stay well-fed, and you’ve potentially got the makings of a looming food security crisis. Robyn Metcalfe, a [...]
At a time when global cooperation is desperately needed, it seems to be scarcer than ever. G-20 leaders have effectively given up on trying to coordinate a global response to the coronavirus pandemic. Countries are beggaring their neighbors with export restrictions on medicines and food, and scrambling to snatch up medical supplies where they remain available. Among the various closures and cancellations to try to contain the spread of COVID-19, the World Trade Organization announced in March that it was cancelling the biennial ministerial meeting scheduled for June in Kazakhstan. The cancellation of a WTO ministerial meeting has barely registered [...]
