Most Recent

The New Economics of Security: Priced for Permanence in a Fragmented World
Programmes
22 May 2026

The New Economics of Security: Priced for Permanence in a Fragmented World

Beyond short-term wartime dynamics, the global defence sector is undergoing a significant and far-reaching transformation. The recent increase in military spending, initially framed as a cyclical response to regional conflicts, is increasingly recognized as part of a broader structural repricing of security across global markets. This has also prompted a reassessment of defence firms’ role, shifting their perception from cyclical industrial contractors primarily tied to procurement cycles toward strategic assets embedded within the dynamics of geopolitical fragmentation and sovereign competition.   Consequently, this shift has contributed to the erosion of the post-Cold War peace dividend model, which underpinned global economic integration for more than three decades. In the aftermath of the Soviet Union’s collapse, advanced economies largely embraced the assumption that economic interdependence would mitigate conflict risk, thereby justifying sustained declines in defence expenditure. This assumption underpinned an efficiency-oriented model of globalization, optimized around lean inventories, cost minimization, and geographically dispersed supply chains, while assigning comparatively limited importance to redundancy and strategic industrial depth.   However, by 2026, this model had demonstrated its material vulnerabilities. Security considerations were no longer treated as external to economic policy, but rather embedded within it, as states sought to integrate defence production, industrial capacity, and supply-chain control into a broader framework of national resilience.
Digital Sovereignty: A World Governed by Algorithms
Programmes
21 May 2026

Digital Sovereignty: A World Governed by Algorithms

By 2101, the concept of democracy and the architecture of governance will undergo a profound transformation that moves far beyond traditional mechanisms such as ballot boxes and political rhetoric. In their place will emerge a system built around transparent digital interfaces that display the outputs of exceptionally powerful algorithms entrusted with making consequential decisions on behalf of societies. The central dilemma in political philosophy will no longer concern who holds the right to vote. Instead, the debate will shift toward a far deeper and more consequential question: who will possess the authority to design the code that governs human destinies and shapes control over the world’s resources?   Meanwhile, Nada sat in a soaring glass chamber overlooking the heart of the city, where vast digital walls shimmered with data visualisations and undulating lines. The space was known as the Pulse of the People Hall, the neural hub through which algorithms monitored public sentiment in real time. The main display contained no reference to parties or candidates; instead, it presented dense layers of complex code and finely calibrated colour indicators that measured levels of fear, anger, satisfaction, and trust, using the same precision as that used to measure temperature and humidity.   Nada released a heated exhale and murmured to herself, “All of this happened because democracy eroded from within.” She had studied at university what historians came to describe as the Age of Political Chaos in the late twenty-first century, a period in which elections degenerated into open arenas of cyber warfare, driven by legions of automated bots and engulfed by unending torrents of fabricated news. During that era, borderless capital asserted dominance over every dimension of political life, purchasing electoral campaigns, opinion polls, and platforms for public debate. Confronted with successive climate, pandemic, and financial crises, elected governments stood paralysed, absorbed by internal rivalries far more than by the act of governing.   At that pivotal moment, fatigued governments and weary societies alike came to regard a single path as the only rational recourse: “Let the machine decide.” What first emerged was the Comprehensive Algorithmic Governance System, an advanced suite of frameworks designed to support decision-makers in interpreting data and reaching swifter, more objective judgements. These systems were introduced to the public as neutral entities: unconcerned with transient popularity, untroubled by ballot boxes, and untouched by private interests. Yet what began as an auxiliary tool soon transformed into the primary centre of authority and, ultimately, the sole arbiter of decision-making.
The Collapse of Trust in the Digital State
Programmes
19 May 2026

The Collapse of Trust in the Digital State

For decades, the systems that governments, banks, universities, and public institutions built to verify who someone is rested on a single foundational assumption that personal information, documents, and physical characteristics were difficult to convincingly fake. A Social Security number combined with a date of birth and a driver's license was, for most practical purposes, enough to establish identity.   That assumption has now been broken. The US recorded its highest number of data breaches in 2025 since tracking began, identity theft reports to the Federal Trade Commission rose nearly 20% year over year, and global fraud losses now exceed $534 billion annually. Generative AI, the same technology powering productivity tools and creative applications across the economy, has become a force multiplier for those seeking to deceive digital systems at scale. The speed, sophistication, and accessibility of these tools mean that the problem is no longer confined to the margins of financial crime. It has moved to the centre of a broader question about whether the digital infrastructure modern states depend on to function is as reliable as they have assumed.
Does a Perceived U.S. Strategic Advantage in Iran Shift Focus to Cuba?
Programmes
16 May 2026

Does a Perceived U.S. Strategic Advantage in Iran Shift Focus to Cuba?

Mounting doubts regarding U.S. strategic success in the 2026 Iran war have made Washington eager to project strength by reasserting pressure in other contested regions, including the Caribbean. Cuba is re-emerging as a focal point of great power competition involving the United States, China, and Russia. Most prominently, the country stands out to the U.S. President Donald Trump administration as a “failing state.” The administration believes such a state requires intervention.   The growing U.S. presence in the Western Hemisphere and its drive to expand its influence over the region align with the long-standing tradition of U.S. regional dominance rooted in the Monroe Doctrine. Despite outward claims of victory, do the underlying doubts surrounding U.S. strategic success in the 2026 Iran war increase the likelihood of direct military intervention in Cuba, or do they instead reinforce a model of coercive pressure?

Early Warning

Digital Sovereignty: A World Governed by Algorithms
Programmes
21 May 2026

Digital Sovereignty: A World Governed by Algorithms

By 2101, the concept of democracy and the architecture of governance will undergo a profound transformation that moves far beyond traditional mechanisms such as ballot boxes and political rhetoric. In their place will emerge a system built around transparent digital interfaces that display the outputs of exceptionally powerful algorithms entrusted with making consequential decisions on behalf of societies. The central dilemma in political philosophy will no longer concern who holds the right to vote. Instead, the debate will shift toward a far deeper and more consequential question: who will possess the authority to design the code that governs human destinies and shapes control over the world’s resources?   Meanwhile, Nada sat in a soaring glass chamber overlooking the heart of the city, where vast digital walls shimmered with data visualisations and undulating lines. The space was known as the Pulse of the People Hall, the neural hub through which algorithms monitored public sentiment in real time. The main display contained no reference to parties or candidates; instead, it presented dense layers of complex code and finely calibrated colour indicators that measured levels of fear, anger, satisfaction, and trust, using the same precision as that used to measure temperature and humidity.   Nada released a heated exhale and murmured to herself, “All of this happened because democracy eroded from within.” She had studied at university what historians came to describe as the Age of Political Chaos in the late twenty-first century, a period in which elections degenerated into open arenas of cyber warfare, driven by legions of automated bots and engulfed by unending torrents of fabricated news. During that era, borderless capital asserted dominance over every dimension of political life, purchasing electoral campaigns, opinion polls, and platforms for public debate. Confronted with successive climate, pandemic, and financial crises, elected governments stood paralysed, absorbed by internal rivalries far more than by the act of governing.   At that pivotal moment, fatigued governments and weary societies alike came to regard a single path as the only rational recourse: “Let the machine decide.” What first emerged was the Comprehensive Algorithmic Governance System, an advanced suite of frameworks designed to support decision-makers in interpreting data and reaching swifter, more objective judgements. These systems were introduced to the public as neutral entities: unconcerned with transient popularity, untroubled by ballot boxes, and untouched by private interests. Yet what began as an auxiliary tool soon transformed into the primary centre of authority and, ultimately, the sole arbiter of decision-making.
The Collapse of Trust in the Digital State
Programmes
19 May 2026

The Collapse of Trust in the Digital State

For decades, the systems that governments, banks, universities, and public institutions built to verify who someone is rested on a single foundational assumption that personal information, documents, and physical characteristics were difficult to convincingly fake. A Social Security number combined with a date of birth and a driver's license was, for most practical purposes, enough to establish identity.   That assumption has now been broken. The US recorded its highest number of data breaches in 2025 since tracking began, identity theft reports to the Federal Trade Commission rose nearly 20% year over year, and global fraud losses now exceed $534 billion annually. Generative AI, the same technology powering productivity tools and creative applications across the economy, has become a force multiplier for those seeking to deceive digital systems at scale. The speed, sophistication, and accessibility of these tools mean that the problem is no longer confined to the margins of financial crime. It has moved to the centre of a broader question about whether the digital infrastructure modern states depend on to function is as reliable as they have assumed.
US-China Summit: Not Peace, Rivalry Management
Programmes
15 May 2026

US-China Summit: Not Peace, Rivalry Management

In the early hours of May 13, US President Donald Trump travelled to China to engage in high stakes talks with his Chinese counterpart Chinese President Xi Jinping. These talks are taking place in the context of heightened global instability stemming from conflicts such as the US-Israel-Iran War and the economics shocks stemming from this conflict. Within this context, both governments are set to engage in conversations aimed at stabilizing the US-China relationship and partaking in strategic dialogue regarding geopolitical and economic uncertainty. This summit can potentially shape the future of the US-China relationship as the outcome of these talks can shape the economic and security relationship between the two nations and their partners in the long run. Therefore, an exploration into this summit is needed and will focus on explaining the reason the summit is happening now, the mindset of the parties entering the summit, the topics on the agenda, and the potential outcomes of the summit.
Europe:  NATO, U.S. Retrenchment, and the Cost of Strategic Autonomy
Programmes
11 May 2026

Europe: NATO, U.S. Retrenchment, and the Cost of Strategic Autonomy

Discussion surrounding a potential United States (U.S.) withdrawal from NATO has remained one of the defining debates since the beginning of Donald Trump’s second presidency. In recent months, particularly following the war involving the U.S. and Israel against Iran, tensions within the alliance have intensified, with President Trump openly criticising several European NATO allies and questioning their value to the alliance. As a result, the central question is no longer limited to whether Washington could formally leave NATO. Increasingly, attention should shift toward a more pressing issue: could Europe manage its security independently without substantial American support? What would be the strategic, military, and economic cost of such a shift, and would European states be capable of rebuilding or reorganising their defence capabilities quickly enough to confront emerging threats?   Importantly, despite the significant legal, political, and institutional constraints facing any U.S. president seeking to withdraw from NATO entirely, Washington could still adopt alternative approaches that stop short of formal withdrawal while substantially reducing its role within the alliance. Such measures could include lowering financial contributions, scaling back troop deployments across Europe, or withdrawing critical weapons systems and strategic capabilities currently provided by the U.S. In such a scenario, how vulnerable would Europe become, and how prepared would it be to fill the resulting gaps?

Economics and Energy

The New Economics of Security: Priced for Permanence in a Fragmented World
Programmes
22 May 2026

The New Economics of Security: Priced for Permanence in a Fragmented World

Beyond short-term wartime dynamics, the global defence sector is undergoing a significant and far-reaching transformation. The recent increase in military spending, initially framed as a cyclical response to regional conflicts, is increasingly recognized as part of a broader structural repricing of security across global markets. This has also prompted a reassessment of defence firms’ role, shifting their perception from cyclical industrial contractors primarily tied to procurement cycles toward strategic assets embedded within the dynamics of geopolitical fragmentation and sovereign competition.   Consequently, this shift has contributed to the erosion of the post-Cold War peace dividend model, which underpinned global economic integration for more than three decades. In the aftermath of the Soviet Union’s collapse, advanced economies largely embraced the assumption that economic interdependence would mitigate conflict risk, thereby justifying sustained declines in defence expenditure. This assumption underpinned an efficiency-oriented model of globalization, optimized around lean inventories, cost minimization, and geographically dispersed supply chains, while assigning comparatively limited importance to redundancy and strategic industrial depth.   However, by 2026, this model had demonstrated its material vulnerabilities. Security considerations were no longer treated as external to economic policy, but rather embedded within it, as states sought to integrate defence production, industrial capacity, and supply-chain control into a broader framework of national resilience.
From Doha to Washington: How Hormuz Redrew Global Gas Supply Chains
Programmes
15 Apr 2026

From Doha to Washington: How Hormuz Redrew Global Gas Supply Chains

At the outset of 2026, the global natural gas market underwent a profound structural shift that eroded much of the stability built over years of rebalancing in the aftermath of the 2022 European energy crisis. Markets had been advancing towards a phase of relative supply abundance, underpinned by expanding liquefaction capacity in the United States (US) and large-scale Qatari projects. This trajectory was abruptly reversed on Feb. 28, 2026, when Operation Epic Fury triggered the most severe energy shock to confront the international system in decades. The US-Israel-Iran War and the closure of the Strait of Hormuz, removed nearly one-fifth of global liquefied natural gas supply from circulation within days.   This paper analyses the structural transformations in the global natural gas market induced by the crisis, tracing supply and demand dynamics before and after the outbreak of the conflict. It further evaluates the implications for key actors within the international energy system, including countries most exposed to global gas market volatility, such as Egypt and Jordan.
The Implications of the April 2026 U.S.–Iran Ceasefire on Oil Prices
Programmes
13 Apr 2026

The Implications of the April 2026 U.S.–Iran Ceasefire on Oil Prices

On April 7, 2026, the United States (US) and Iran announced a temporary two-week ceasefire, following intensive diplomatic mediation led by Pakistan during a critical window of escalation. The conflict had erupted on Feb. 28, 2026, when the US and Israel launched coordinated military strikes targeting Iranian infrastructure. In response, Tehran moved to close the Strait of Hormuz to international commercial shipping, precipitating the most severe energy supply shock in modern market history.   The closure effectively paralysed approximately 20 million barrels per day that would ordinarily transit the Strait of Hormuz in peacetime, accounting for nearly a quarter of global seaborne oil trade. Under the terms of the ceasefire, Iran announced a conditional reopening of the strait, while the parties agreed to commence diplomatic talks in Islamabad on April 10. This analysis examines the full scope of the crisis and evaluates the prevailing oil price scenarios, drawing on lessons from comparable historical shocks to assess the fragility of the current environment and its potential trajectories.
Defence Economies at War: National Budget Stress
Programmes
13 Apr 2026

Defence Economies at War: National Budget Stress

A defence economy comprises the fiscal, industrial, and budgetary systems through which a state finances, maintains, and adjusts its military capacity. During peacetime, these systems tend to remain stable; in wartime, they become the main mechanism through which conflict transforms a nation’s economic structure. The escalation of Israeli military operations since October 2023 and the broader confrontation with Iran and its regional proxies have caused a defence-economy shift, leading to significant realignments in how the conflicting sides allocate public resources, incur debt, and prioritise expenditure.   This analysis examines how sustained military escalation has reshaped the defence economies of its three key actors: Israel, Iran and the United States. It assesses both short-term fiscal responses and longer-term budget trajectories, arguing that the conflict has not produced a temporary spending spike but a structural transformation, one that has widened deficits, crowded out civilian services, mobilised domestic defence industries, accelerated sovereign credit deterioration, and embedded elevated military spending into national budgets in ways that will persist well beyond any ceasefire. Across the Middle East, the boundaries between battlefield expenditure and national economic health have become increasingly difficult to separate.

Political Studies

Does a Perceived U.S. Strategic Advantage in Iran Shift Focus to Cuba?
Programmes
16 May 2026

Does a Perceived U.S. Strategic Advantage in Iran Shift Focus to Cuba?

Mounting doubts regarding U.S. strategic success in the 2026 Iran war have made Washington eager to project strength by reasserting pressure in other contested regions, including the Caribbean. Cuba is re-emerging as a focal point of great power competition involving the United States, China, and Russia. Most prominently, the country stands out to the U.S. President Donald Trump administration as a “failing state.” The administration believes such a state requires intervention.   The growing U.S. presence in the Western Hemisphere and its drive to expand its influence over the region align with the long-standing tradition of U.S. regional dominance rooted in the Monroe Doctrine. Despite outward claims of victory, do the underlying doubts surrounding U.S. strategic success in the 2026 Iran war increase the likelihood of direct military intervention in Cuba, or do they instead reinforce a model of coercive pressure?
How Wartime Purges Are Reshaping U.S. Military Doctrine?
Programmes
7 May 2026

How Wartime Purges Are Reshaping U.S. Military Doctrine?

No nation, no people, and no institution has been shielded from the turmoil unleashed by the US-Israel-Iran War. Yet perhaps the most surprising upheaval has unfolded not on the battlefield, but within the ranks of the world's most powerful military. Secretary of War Pete Hegseth has launched a sweeping purge of its highest ranks, ousting top officials in a manner more reminiscent of an authoritarian regime consolidating power than a democracy safeguarding its national security.   This restructuring raises unsettling questions about the road ahead. Is Hegseth reshaping the military to serve a political agenda rather than a strategic one? Is Hegseth attempting to protect his position? Is there significant internal resistance to the War? And perhaps most critically — who, ultimately, does this new military answer to?
The Geography Game: Why Washington Is Seeking Control of Islands
Programmes
30 Apr 2026

The Geography Game: Why Washington Is Seeking Control of Islands

Recent developments point to a discernible shift in U.S. foreign policy, as Washington moves away from traditional international principles towards a more pragmatic, interest-driven approach. Within this evolving framework, islands and narrow maritime chokepoints have gained renewed strategic prominence as critical instruments of influence. No longer viewed as remote geographic outposts, islands are increasingly regarded as pivotal assets for securing energy flows, safeguarding supply lines, and controlling maritime navigation. This shift reflects a broader strategic intent to assert effective control over key geographic positions in order to sustain military presence, expand economic influence, and command the vital corridors through which global trade flows.   This heightened focus on islands in current U.S. policy reflects a strategic mindset that tightly links geography, military presence, and sovereignty. Within this framework, geographic locations are treated as assets that can be leveraged through acquisition or utilised as instruments of pressure and bargaining. In this context, islands are seen as discrete, manageable nodes that can be secured or defended to project influence across wider regions. This approach is evident in the handling of territories such as Greenland, Kharg Island, the Chagos Archipelago, and the Falkland Islands during Donald Trump's presidency. Against this backdrop, the present analysis seeks to unpack the geopolitical foundations and strategic drivers shaping the Trump administration’s approach to islands, positioning them as central instruments in the reconfiguration of American influence.
Hungary as a Bridge: How Could Budapest become a Food Security Partner for the UAE?
Programmes
27 Apr 2026

Hungary as a Bridge: How Could Budapest become a Food Security Partner for the UAE?

Hungary has a strong and well-developed agricultural sector. Arable land and permanent crops account for 4.3 million hectares, of which approximately 130,000 hectares are irrigated. The main crops include wheat (0.9 million hectares), corn (0.8 million hectares), and sunflowers (0.7 million hectares). While pastures cover 0.8 million hectares and forests cover 2 million hectares, livestock production includes 2.8 million pigs and 33.8 million poultry.   The country’s economy is export-dependent, so many technological advancements and the easing of financial restrictions, such as VAT, were integrated across various sectors, helping improve products and increase profits. The agricultural sectors benefited greatly from such policies, where crops and livestock exports have increased throughout the years. Agricultural exports constituted 9.1% of Hungary's total exports in 2024, including commodities like grains and grain products (13%), animal feed (12%), meat and meat products (9%), dairy products (5%), and fruits and vegetables (5%). Hungary's pioneering role in the agricultural sector increases its prospects for adopting measures to address food insecurity while increasing the benefits for any country that cooperates with it.