The eagerness driving the Biden administration’s launch of its Indo-Pacific Economic Framework (IPEF) is perfectly understandable: the U.S. needs to raise its game and systematically tap into some of the fastest growing economies in the world.

There are many high-profile examples these days of shifting the problems of the “state” on to other institutions, thereby placing the latter in impossible situations.

Who would have thought that after 30 years since the UN Convention on Climate Change, the gap between the agreed goals, and delivery on them remains so wide, and that consequently global warming continues unabated?

State powers are beginning to make their presence known in the metaverse, as Barbados launches a virtual embassy and China leverages its dedicated blockchain research group to harness data in virtual worlds. Though these two examples are distinct due to the varied size of the nations, the metaverse poses opportunities for state actors to capitalize on access to a captive global audience. With these opportunities comes a variety of concerns around how resources will be controlled from the political economy perspective and how the evolving U.S.-China relationship will be defined in this new realm.

Russian President Vladimir Putin’s invasion of Ukraine shocked the world, forced Western countries to respond, and is driving up the cost of energy and food across the globe. High prices in the United States may spell electoral disaster for President Joe Biden’s administration in November’s congressional elections. However, the most urgent economic, social, and human crises are unfolding in poorer countries where populations face war, spillover-driven inflation, and more expensive foreign-currency debt.

Vladimir Putin might as well have been present at the G7 Leaders’ Summit in Bavaria’s Schloss Elmau in June. While the communiques issued at these annual events rarely make for exciting reading, the one choreographed by the Germans this year declares commitments marked by mild ambition, a dearth of concreteness, and few goals whose attainment can be easily measured.