Economic & Finance

The Global Economy is predicted to steadily decline as of 2025 due to economic tensions between nations (“IMF”). The cause of the decline is from economic warfare. Economic warfare refers to using economic measures by one nation to weaken or destabilize another, often used as a substitute for military conflicts. The goal of economic warfare is to support domestic manufacturing and the interests of a country by prioritizing its economy over another country. Historically, economic warfare has been used in a plethora of situations, ranging from naval blockades to modern restrictions like the United States' economic tariffs on China. These measures include sanctions, tariffs, asset freezes, and manipulation of financial systems to exert pressure. This pressure influences the nation’s political decisions, often leaving a variety of impacts. Economic warfare not only affects governments, but impacts industries, currencies, and citizens globally, creating short and long-term consequences.

Throughout the history of trade and economics, the presence of monopolies has been increasingly relevant. From ancient Rome and the Indian Ocean trade network to industrialization and the modern era, monopolies have driven progress while simultaneously engaging in exploitative practices. With the onset of globalization, certain multinational companies have gained significant power, often operating across borders and influencing geopolitics and global economics (Beattie, 2023). Monopolies exist when one firm controls a majority share of a market, stifling competition (“Monopolies”).

In the digital realm, Microsoft, Alphabet, and Amazon have been in the spotlight for accusations of monopolistic practices. Fashion conglomerates have been criticized for exploitative labor practices in Southeast Asia, pharmaceutical firms for limiting healthcare access in Africa, and industries for unchecked environmental degradation. The UN has monitored and regulated many of these monopolistic practices. For example, the “UN Set” was first implemented in 1980 with continual meetings occurring every 5 years: the latest of which took place in July 2025 (“The United Nations”).

With globalization and rapid increases in technological advancements, the economic landscape is constantly changing: How can nations work together to ensure economic fairness, global cooperation, and economic sovereignty?

Neocolonialism is the indirect control or influence exerted by a developed country over a less developed country. The term was coined by Kwame Nkrumah, a former Ghanaian politician and political theorist, as an opportunity to hold influence over a country without the direct use of military force. It often manifests through economic influence, where developed nations invest in infrastructure projects in developing countries. Such investments, while offering developmental opportunities, can perpetuate dependency and reinforce unequal power dynamics through maintaining control over resources, markets, or political decisions. Neocolonialism was first used post World War II, but the term is now an unambiguously negative one (Halperin, 2025). It was used to describe the indirect control over newly independent countries, highlighting the influence a country could hold. Even though less developed nations may be more independent now, the remnants of neocolonialism are still prevalent. Today, neocolonialism is still prevalent in countries rich in natural resources, such as African and Latin American countries. Economic neocolonialism raises questions about equality and the long-term sustainability of these relationships.