In 1960, the Nobel laureate economist Ronald H Coase introduced the “problem of social cost”: human activities often have negative externalities, so individual rights cannot be absolute. Institutions must intervene. There is no better example of this dynamic than the COVID-19 crisis.

There is no bilateral diplomatic relationship more consequential than the one between the US and China, which affects not only the two countries but all of humanity. And now, the future of this relationship hinges on who will lead each country in the years ahead.

The Philippines will not follow the United States (US) lead in blacklisting Chinese companies involved in the construction of artificial islands in the disputed South China Sea (SCS), the president's spokesman said Tuesday, arguing Manila needed Beijing's investment.Washington last week announced sanctions against 24 Chinese state-owned companies - including subsidiaries of China Communications Construction Co, which is involved in a US$10 billion airport project in Manila.The US ha

Shinzo Abe’s sudden resignation (on health grounds) ends the tenure of Japan’s longest-serving prime minister. The country’s most internationally recognised statesman since 1945, Abe has been, among other things, the world leader most keen on playing golf with United States (US) President Donald Trump. Though he leaves with a still-weak economy, Abe has made Japan stronger and more autonomous in matters of defense and foreign policy.

Earlier this year, Beijing’s ‘mask diplomacy’ gained traction for its suspected geopolitical intentions as the rest of the world was making do with a dwindling supply of face masks and Personal Protective Equipment (PPEs).

An American warship sailed near the disputed Paracel Islands in the South China Sea, the United States (US) Navy has said, challenging Beijing's claims on the resource-rich waterway and prompting a warning from the Chinese military.The Thursday operation came a day after China fired ballistic missiles into the sea as part of ongoing live-fire exercises, inflaming already high tensions between Washington and Beijing.The US regularly conducts "freedom of navigation operations" in

I belong to a fortunate generation. Born in the United Kingdom (UK) in 1944, toward the end of a world war that killed between 70 million and 85 million people, I have neither been bombed nor had to fight on any battlefields. I grew up in a country and continent that were at peace and thus able to enjoy the economic benefits of unprecedented cross-border cooperation.

A few years ago, China’s currency seemed to be rising inexorably to global dominance. The renminbi had become the fifth most important currency for international payments, and in 2016, the International Monetary Fund (IMF) included it in the basket of major currencies that determines the value of Special Drawing Rights (the IMF’s global reserve asset). Since then, however, the renminbi’s progress has stalled.

The confrontation between China and the West is escalating almost daily. The conflict is about technology, trade, global market share, and supply chains, but also about fundamental values. Underpinning this economic and ideological competition is the goal of global predominance in the 21st century. But why is the current escalation happening now? It is not as though the West suddenly had some epiphany about the implications of China’s rise.

In his most recent New Year’s speech, Chinese President Xi Jinping declared that 2020 would be “a milestone.” Xi was right, but not in the way he expected. Far from having “friends in every corner of the world,” as he boasted in his speech, China has severely damaged its international reputation, alienated its partners, and left itself with only one real lever of power: brute force. Whether the prospect of isolation thwarts Xi’s imperialist ambitions, however, remains to be seen.