Opinion

‘Cartel of aggression’ trades on timidity and self-interest

The West has huge economic leverage over China and Russia. But fear of their own consumers prevents governments using it, write Simon Johnson and Oleg Ustenko.

Simon Johnson and Oleg Ustenko

Apr 3, 2024 – 12.03pm

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Russia’s invasion of Ukraine in February 2022 marked the start of a new geopolitical epoch.

Following the end of the Cold War in 1991, it was widely agreed that European countries would no longer invade each other. Too many wars over too many centuries had shown that promoting trade and investment was a much better way to build and sustain prosperity.

Project Syndicate

Simon Johnson, a former chief economist at the International Monetary Fund, is a professor at MIT’s Sloan School of Management.

Oleg Ustenko was an economic adviser to Ukrainian President Volodymyr Zelensky from May 2019 until March 2024.