The Economic Costs of National Security
As the US-China rivalry escalates, the growing emphasis on national security will undermine global trade and investment, leaving fewer resources to finance social policies, address inequality, and tackle climate change. This is a global tragedy of the commons, and there is no guarantee that recognizing it will change the outcome.
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HONG KONG – By disrupting the world’s interconnected economic, social, and geopolitical spheres, the COVID-19 crisis has exposed just how fragile and inequitable the institutions that govern them really are. It has also highlighted how difficult it is to address systemic fragility and inequity amid escalating national-security threats.