Rather than a “New Cold War,” we are now witnessing the culmination of an economic war with Russia, where the financial, energy, and capital markets are the battlegrounds. In his timely book, Economic War: Ukraine and the Global Conflict between Russia and the West, political risk analyst and consultant Maximilian Hess takes the reader through the period in which the seeds of economic warfare are sprouting into full bloom: from the initial invasion of Ukraine in 2014 to Russia’s full-scale invasion in 2022 and beyond.  

The book skillfully delves into various economic fronts around the world, demonstrating the weaponization of economic tools such as pipelines, mining, credit, and cryptocurrencies. Each chapter unfolds like a chess game between Russia and the West, allowing the reader to map the moves of the contestants both chronologically and regionally, including Russia’s response to Western sanctions and what is at stake for each party.

There were a number of disputes in the early and mid-2000s between Russia and Ukraine over gas supplies and the terms thereof that led Russia to cut off deliveries and precipitated gas supply crunches in the wider European market. What I think people forget is that Nordstream 2 and Nordstream 1 were never intended to increase the total amount of Russian gas that could be pumped to Central Europe.

Instead, they were designed to ensure that Russia didn’t have to do it through Eastern Europe, in particular through Ukraine, so that Russia could then increase the leverage of its gas policy over Ukraine. We should have understood this risk at the time of Nordstream 2, because it was essentially designed to give Russia the same kind of leverage over other Eastern European states that it had gained over Ukraine.

Q. Why do you think Putin choose to invade Ukraine specifically in February 2022?

I think he thought it was an important time economically, when the West was weak and divided. He hoped that the sanctions response and the economic response would be less intense than it might have been at another time. Thinking in terms of change in 2020 and 2021, the end of the Trump administration and then the Biden administration that follows made it clear that there would be a concerted sanctions strategy.

He hoped that European unity would be weak and insufficient to resist him. Inflationary pressures from COVID-19 had already increased, and Russia had already begun to cut off its gas supplies to Europe. At the same time, he was preparing his troops to invade Ukraine and saw it as a moment when the West would be relatively weak economically and relatively vulnerable. Therefore, less likely to act against him and less likely to act in support of Ukraine. Which, of course, turned out to be a very big strategic miscalculation on his part.

Q. Has Russia’s strategy of crippling Europe with gas cuts failed?

Largely, I think it has failed. Not because of any failure within the strategy itself but because of collaborative actions on the part of the West. Intelligence was shared by the United States, by officials who had spoken on the record and had reached the assessment that there was a small chance that Russia wouldn’t invade Ukraine in October 2021, simply the brutal nature of Russia’s onslaught in February, and the fact that the Europeans saw an army of the largest form that had taken this action in Europe since World War II, made it clear to many European leaders that they had no other choice.

Putin was preparing, and did prepare, for a scenario in which Europe was fully on board with the sanctions regime through Russia’s fortress balance sheet strategy, the Kremlin’s process of building up large reserves of ‘hard currencies’ and gold. But now that the initial pain of that gas strategy is being felt, and inflation has been at such high levels for a year and a half. There are obviously still many politicians, particularly in Europe, such as former French President Nicolas Sarkozy, who are calling for a softer approach to Russia on these issues. That’s why Putin’s strategy is not one that is over; by threatening more economic pain, he can also undermine support for Ukraine in the long term. Global gas markets are much more fragile, and we could still see a new spike in gas prices this winter as a result of the Kremlin’s actions.

Q. Did Putin pull out of the Black Sea grain deal in an attempt to revive the inflation weapon?

I believe very strongly that this is what he is trying to do. It also gives him the tool of offering grain to African countries to gain more support there. I think we should be prepared for more actions by the Kremlin to deliberately try to stir up inflationary pressures, possibly trying to find a way to drive up prices, as well. The Kremlin really has only one major option, which is to threaten an export embargo and actually take action to make it look credible. That option is difficult because Russia’s budget is now so skewed toward the military.

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hroughout history, misinformation was a powerful weapon in the hands of people who fought to maximize their interests. Atrocity fabrication—the invention and reporting of atrocities committed by an adversary without knowledge that they ever occurred—has a centuries-long history at the heart of propaganda and power politics as an effective means of moving public and international opinion.

Now more than ever, the role and scope of misinformation has been able to expand and become an entrenched practice, almost a default extension to any given conflict. Understanding atrocity fabrication and its effects has become crucial to understanding contemporary geopolitics.

Geopolitics expert A.B. Abrams compiles the most significant cases of atrocity fabrication in eleven major conflicts shaping the world order from the Cold War to the present. These include Vietnam and Cuba, the Korean War, Tiananmen Square, the Yugoslav wars, the Gulf War, Iraq, Libya, Syria, and the emerging U.S.-China rivalry. The information sphere currently dominated by Western powers has roots tracing back to early colonial days, which the author initially touches upon to pinpoint a starting point for the evolution of its current-day form.

Atrocity Fabrication and Its Consequences: How Fake News Shapes World Order demonstrates atrocity fabrication in its many forms and varieties, the keys to its success, with the roles played by media and both government and non-governmental organizations in misleading the public, often engrained into larger self-reinforcing metanarratives that form a backdrop to new bits of information.

Abrams highlights how atrocity fabrication is used, and the consequences it has for the populations of the targeted countries, often paving the way for real atrocities such as military interventions committed against them on even larger scales of depravity than those described in the fabricated narratives. Furthermore, atrocity fabrication enforces an interventionist “World Order 2.0” by furthering Western geopolitical interests, an order of conditional sovereignty held by Western opinion of affairs elsewhere in the world, which, conceptually and in practice, has disastrous consequences.

Case by case, Abrams shows how its use can provide pretext for a range of hostile measures against its targets by triggering public moral outrage, transforming wars of unprovoked aggression into those of liberation, turning blockades to starve enemy civilians into humane efforts to pressure abusive governments under the moralistic label of sanctions, and delegitimizing and silencing criticism of one’s actions under accusations of siding with injustice.

Not only is understanding atrocity fabrication important to debunk misinformation about a set of events, but it is also reading how challengers of Western power will continue to be assailed. Atrocity Fabrication and Its Consequences provides an important selection of atrocity fabrication history which is crucial to understanding this mode of action on a broader context of international affairs. The book is a revealing account of how perception is reality by providing history, context, and analysis for a trend that is here to stay.

A.B. Abrams, Atrocity Fabrication and Its Consequences: How Fake News Shapes World Order (Clarity Press, 2023) ISBN: 978-1-949762-70-9, 424 pages

The world is in an era of permanent low-level conflict. Traditional conflict has largely left its place to grey-zone warfare and hybrid war. States have always used unconventional and non-military ways to acquire leverage or attain victory; however, the increasingly complex and interconnected current nature of the world has made interdependence the battleground.

From sanctions to competing for and buying influence abroad, warfare has taken a more subtle, sly, undeclared, unending, and, most importantly, unrestricted, form. Nowadays, this has blurred the line between war and peace.

While traditional war is very expensive, unpopular, and often too difficult to manage, this new way of war is groundbreaking and does not shy away from any tool available. War is all around us, in everyday life, culture, economics, law, and information. Even something as innocuous as cute cat pictures online can become a ploy.

Mark Galeotti takes us through the weaponization of everything, from disinformation, cyberattacks, and espionage to subversion and crime, in order to understand the changing landscape of war and what it might bring.

Gone are the days of “stable” warfare! The subtle components of martial and everyday civilian life are blending, leading to instability within countries and a legitimacy crisis across the globe. However, this development does not need to be a solely negative one. As Galeotti points out, conflict is democratized, meaning the people are not just bystanders and can take positive action to avoid zero-sum situations. The Weaponisation of Everything: A Field Guide to the New Way of War equips the reader with ways of surviving, adapting, and taking advantage of the opportunities presented by this new reality.

When everything is weaponizable, why would the distinction hold any meaning? Where do we begin to look? How can civilians be mindful of this development? Many of the weapons used are often abstract but their effects are very much tangible and jolting. As it turns out, some things are more weaponizable than others.

Luckily, The Weaponisation of Everything lays bare how this warfare takes form all around the world with examples and a future trajectory. While this form of conflict may be vague and confusing, Galeotti makes the topic apprehensible for all readers.

Even though technology advances in leaps and problems seem to be constantly evolving, Galeotti’s approach invites the reader not only to face the emerging reality, but also to learn to adapt to the new permanent, bloodless war. The Weaponisation of Everything, first released in February 15, 2022, is now available in paperback as of February 14, 2023.

Mark Galeotti, The Weaponisation of Everything: A Field Guide to the New Way of War (Yale University Press, 2022) ISBN 9780300253443, 256 Pages

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lassical realism has been a long-standing theory in explaining international relations, and Jonathan Kirschner reminds us why. Although it has been overshadowed by newer schools of thought such as structuralism, classical realism offers great insight into contemporary issues in the international politics arena.

Have contemporary realists lost their way? With renewed emphasis on the crucial roles played by uncertainty, contingency, and contestation, An Unwritten Future: Realism and Uncertainty in World Politics shows how classical realism better explains the formative events of the past and vital issues of today while assessing the fundamental flaws of classical realism’s would-be successors, namely structural realism and hyper-rationalism. It seeks to reclaim classical realism and deem it, once again, a worthwhile theory. The book, however, does not engage in paradigm wars and does not stray away from the realist tradition.

An Unwritten Future lays out realism’s core principles and discusses the contributions of the perspective’s key thinkers, including Thucydides, Hans Morgenthau, and Raymond Aron, among others. On brand with classical realism where “doubt is not an afterthought,” Kirschner also addresses realism’s limits and shortcomings.

In turn, Kirschner explores contemporary issues, including the ascent of great power challengers, the political implications of globalization, and the diffusion of power in modern world politics—such as the implications of China’s rise, future global order, and the shifts of balance of power and nature of conflict. He also does not neglect to provide a guide to a classical realist political economy highlighting the overlooked but impactful factor of social economy.

Kirshner debunks the notion that classical realism is unscientific and supports the idea that it is better to be vaguely right than exactly wrong. He highlights classical realism’s emphasis on attending to both power and purpose where history, uncertainty, and contingency play a large role. Classical realism, therefore, offers practical utility in an increasingly unpredictable world. Kirshner applies classical realism to the case of the British appeasement of the Nazis and the U.S. involvement in the Vietnam War to demonstrate theory in practice. The book also contains a discussion dedicated to explaining the inner workings of classical realism for its persistent skeptics.

Providing a refreshing reminder of the richness of classical realism, this reexamination of the realist tradition is a must-read for students, analysts, and academics interested in international relations theory. Furthermore, An Unwritten Future is rich within its scope, delving into theory, economy, history, and contemporary topics, and provides a little something for everybody.

Jonathan Kirschner, An Unwritten Future: Realism and Uncertainty in World Politics (Princeton University Press, 2022) ISBN: 9780691166773, 336 pages

The saying “Money makes the world go round” takes a more powerful meaning in a globalized capitalist economy. But what happens when the ones at the very top of the money chain are corrupted? In this month’s book bundle, we share with you three books that explore the influence of the rich and powerful, discuss how the world really goes round, and expose the staggering cases of how corruption hides itself often in plain sight with its effects rippling into the depth of systems, societies, and the lives of each one of us.

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he COVID19 pandemic revealed to many an eye-opening trend of wealth centralization: the rich are getting richer, and governments around the world are hardly able to protect those who are most vulnerable from the detrimental economic and social effects of a crisis. Who is the culprit?

The New York Times‘s award-winning global economics journalist Peter S. Goodman presents a page-turning exposé of the global billionaire class, the “Davos Man,” and its hostile takeover of the world. Davos Man documents billionaires’ exploitation of the COVID19 pandemic, which turned “taxpayer-financed bailout packages into corporate welfare schemes.” This global billionaire class instrumentalized its power to conceal the truth by hiring lobbyists, PR managers, and journalists in media.

Furthermore, Goodman uncovers the concealed impacts of their oligarchic control reaching into every branch of society and modern life, from wages to housing, healthcare to everyday products and taxation. He argues that their systematic plunder ultimately destabilized democracy by widening wealth inequality, leaving governing systems vulnerable, and triggering the rise of anti-democratic nationalism. He provides the answer to the problem of wider context: how did the liberal democratic order become a breeding ground for the right-wing hate?

Goodman not only provides a vividly written description of the realm of the ultra-rich but more importantly the realities of those who are dissipated by their appropriation all around the world including accounts from a blue-collar worker in Buenos Aires, a Bangladeshi migrant in Qatar, a doctor in Seattle during the COVID19 pandemic, an African immigrant in Sweden, a textile manufacturer in Italy, and an Amazon warehouse employee in New York City. Davos Man is a must-read for those concerned about inequality, economic justice, the resilience of societies, democracy, and the great challenges of our time.

Peter S. Goodman, Davos Man: How the Billionaires Devoured the World (Custom House 2022) ISBN: 9780063078314, 472 pages

The anonymous leak of the Panama Papers in 2016 revealed millions of financial and legal documents that show how ultra-high-net-worth individuals hide their money using complex webs of offshore vehicles. How were these structures set and who plays a role?

Spiderweb Capitalism uncovers the shadow economy and the mechanics behind the illicit movement of wealth across borders through the invisible, complex networks of lawyers, accountants, company secretaries, and fixers.

Sociologist Kimberly Kay Hoang traveled the globe to follow the money through a web-like supersystem and conducted hundreds of in-depth interviews with these ultra-high-net-worth individuals, private wealth managers, fund managers, entrepreneurs, C-suite executives, bankers, auditors, and other financial professionals to find an answer.

Hoang reveals the strategies behind spiderweb capitalism and examines the moral dilemmas of making money in legal, financial, and political gray zones as she traces the flow of capital from offshore funds in places like the Cayman Islands, Samoa, and Panama to special-purpose vehicles and holding companies in Singapore and Hong Kong and risky markets in Vietnam and Myanmar. How are these smaller markets interconnected in a broader system of global capitalism?

Spiderweb Capitalism sheds critical light on how global elites capitalize on risky frontier markets.  Hoang argues that spiderweb capitalism explains the rapid rise of foreign capital in risky markets with low levels of trust and cooperation. Economic growth in such markets is a consequence of tightly embedded relations between the economic elite and political elites that result in a variety of corruptions.

Contrary to the “economic mantra that development can only occur in economies with a strong rule of law,” Spiderweb Capitalism shows a paradox of global economic growth sustained through states where the line separating the legal from the corrupt is not always clear. Hoang’s research further reveals that old paradigms like First World/Third World and Global North/Global South are no longer useful for framing the global economy.

Spiderweb Capitalism is a unique and worthwhile read, not only uncovering the dynamics of a global system of corruption but also the sociological backgrounds of playing in the grey.

Kimberly Kay Hoang, Spiderweb Capitalism: How Global Elites Exploit Frontier Markets (Princeton University Press 2022) ISBN: 9780691229119, 288 pages

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n Philanthrocapitalism and the Erosion of Democracy, activist Dr. Vandana Shiva compiles essays and articles from more than 20 authors and organizations to show how ruthless capitalistic exploitation branded as philanthropic altruism forges a direct path to global destruction. According to David Orr, philanthrocapitalists are those who “promise to solve hunger, disease, poverty, and a rapidly destabilizing climate often by selling us more of the same things that made them very rich,” which oftentimes ignores the root causes and inequities.

How do global capitalists wield philanthropy to monopolize and privatize land use, food production, and the public health sector effectively? Through various initiatives, suborganizations, development schemes, and funding mechanisms. The book points out that the Bill & Melinda Gates Foundation’s empire, in particular, is an intricate network of power and influence solidified by targeted and well-financed PR campaigns to shape public opinion in pursuit of profit and market expansion.

Philanthrocapitalism and the Erosion of Democracy criticizes the Bill & Melinda Gates Foundation and similar organizations’ many privileged relationships with private companies, governments, and the World Health Organization that allow them exclusively to set the global agenda on health. The book argues that simplified solutions based on technical and scientific developments introduced by these organizations are often narrow in scope and remain insufficient in solving complex problems. Furthermore, they corrode the integrity of democratic institutions guised under a banner of future-oriented innovation.

Philanthrocapitalism and the Erosion of Democracy reveals the destructive power of overly capitalistic systems that enable mass human suffering and environmental catastrophe via the entanglement of private investment and public policy, and aims to bring forward democratic discussions about transparency, accountability, and inclusivity.

Vandana Shiva, Philanthrocapitalism and the Erosion of Democracy: A Global Citizen’s Report on the Corporate Control of Technology, Health, and Agriculture (Synergetic Press 2022) ISBN: 9780907791911, 240 pages