For the first time since Vladimir Putin invaded Ukraine on February 24th 2022, he looks as if he could win. Russia’s president has put his country on a war footing and strengthened his grip on power. He has procured military supplies abroad and is helping turn the global south against America. Crucially, he is undermining the conviction in the West that Ukraine can—and must—emerge from the war as a thriving European democracy. The West could do a lot more to frustrate Putin. If it chose, it could deploy industrial and financial resources that dwarf Russia’s. However, fatalism, complacency and a…

Liberia and Sierra Leone have a common historical legacy and often tend to imitate each other in war and peace. But events in the last two weeks suggest that while Liberia may be turning a new, refreshing page, Sierra Leone remains trapped in its troubled past. First, the good news from Liberia, whose capital, Monrovia, was named in honour of America’s fifth president, James Monroe. After one six-year term, President George Weah announced that he was done, even before Liberia’s electoral commission finished counting the votes in the November 17 run-off elections. The football legend didn’t wait for the referee’s…

The recent worldwide surge of inflation is forcing political change, reminding us how efficiently this old economic problem can topple governments. In democracies, election outcomes often hinge on price developments. But the effect on autocracies is no less pronounced, because inflation erodes the implicit social compact on which they base their authority. In Argentina, the election of a radical self-styled anarcho-capitalist, Javier Milei, as president can be understood as the immediate consequence of the incumbent Peronist regime’s inability to deal with inflation, which has hit an annualized rate of 143%. Milei’s most important campaign promise was to restore price stability…

Throughout much of the Western world’s history, the wealthiest have been viewed in their communities as a potentially unfavorable presence, and they have attempted to allay this sentiment by using their riches to support their societies in times of crises like plagues, famines or wars. This symbiotic relationship no longer exists. Today’s rich, their wealth largely preserved through the Great Recession and the Covid-19 pandemic, have opposed reforms aimed at tapping their resources to fund mitigation policies of all kinds. This is a historically exceptional development. Helping foot the bill of major crises has long been the main social function…