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Articulate Vol 17 November 2021
Articulate Vol 17 November 2021
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Everything about the COP26 CLIMATE SUMMIT
Where is the Conference of the Parties (COP)? The Conference of the Parties (COP) is an annual
event that brings governments together to discuss and review how climate change is being managed
domestically and internationally. It is the main decision making body of the United Nations
Framework Convention on Climate Change (UNFCCC), an agreement made by 197 countries to
stabilise greenhouse gas emissions and avoid dangerous climate change. The UNFCCC was
established to work towards “stabilisation of greenhouse gas concentrations in the atmosphere.”
It laid out a list of responsibilities for the member states which included:
1. Formulating measures to mitigate climate change
2. Cooperating in preparing for adaptation to the impact of climate change
3. Promoting education, training and public awareness related to climate change
The COP members have been meeting every year since 1995. The first COP meeting was held in 1995
in Berlin, Germany. At COP3 held in Kyoto, Japan, in 1997, the famous Kyoto Protocol was adopted.
It commits the member states to pursue limitation or reduction of greenhouse gas emissions. It entered
into force on 16 February 2005 and there are 192 Parties in the Kyoto Protocol. One of the most
important conferences, COP21 took place from November 30 to December 11, 2015, in Paris, France.
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Member countries agreed to work together to ‘limit global warming to well below 2, preferably to 1.5
degrees Celsius, compared to pre-industrial levels.’
The twenty-sixth COP (COP26) was scheduled to take place last year but it was postponed due to the
Covid-19 pandemic. The conference has taken place this year from 31 October until 12 November. The
UK Government hosted it in Glasgow.
What is the 1.5 degree target? Why is it so important? Since the Industrial Revolution, the world’s
average surface temperature has risen by around 1 degree Celsius. It might sound like a tiny number,
but it has had an enormous impact on nature and human life. Glaciers and ice sheets have melted, sea
levels have risen, and extreme weather events are on the rise. The vast majority of scientists agree that
greenhouse gases, released into the atmosphere by human activity, are the cause of this warming. And
scientists project that limiting warming to 1.5°C (2.7°Fahrenheit). would reduce the worst impacts of
climate change. The Paris Agreement adopted at COP21 had a goal of limiting global warming to well
below 2°C (3.6°Fahrenheit) – preferably 1.5 degrees Celsius. It was a legally binding international
treaty adopted by 196 parties at the 2015 conference. Countries also agreed to limit their CO2
emissions to ‘net zero’ by 2050. However, despite this landmark agreement, we are currently on track
to a temperature rise of 2.4 degrees above pre-industrial levels before the end of the century.
What will happen at 1.5 degrees of global warming? It’s important to remember, 1.5 degrees of global
warming, while the best case scenario, is still quite grim. The Intergovernmental Panel on Climate
Change (IPCC) predicts 1.5 degrees will see extreme heatwaves, oceans rising, and the destruction of
70 to 90 per cent of coral reefs. This is why the 1.5 figure is so important, because it is where the line
must be drawn. A greater rise in temperature would be catastrophic…
What will happen at 2 degrees of global warming and beyond? What is the difference between 1.5
degrees and 2? Well, a lot, according to the IPCC (Intergovernmental Panel on Climate Change).
1) At 2 degrees, seas will rise another 10cm on average by 2100 -causing flooding, habitat destruction,
and dangerous weather events like hurricanes
while providing targeted support to the poorest and the most vulnerable in line with national
circumstances…”. Despite the dilution, the inclusion of language on reduction of coal power is
being seen as a significant movement forward.
b) Adaptation: Most of the countries, especially the smaller and poorer ones, and the small island
states, consider adaptation to be the most important component of climate action. These countries,
due to their lower capacities, are already facing the worst impacts of climate change, and require
immediate money, technology and capacity building for their adaptation activities. As such, the
Glasgow Climate Pact has:
1. Asked the developed countries to at least double the money being provided for adaptation by
2025 from the 2019 levels. In 2019, about $15 billion was made available for adaptation that was
less than 20 per cent of the total climate finance flows. Developing countries have been
demanding that at least half of all climate finance should be directed towards adaptation efforts.
2. Created a two-year work programme to define a global goal on adaptation. The Paris Agreement
has a global goal on mitigation — reduce greenhouse gas emissions deep enough to keep the
temperature rise within 2 degree Celsius of pre-industrial times. A similar global goal on
adaptation has been missing, primarily because of the difficulty in defining such a target. Unlike
mitigation efforts that bring global benefits, the benefits from adaptation are local or regional.
There are no uniform global criteria against which adaptation targets can be set and measured.
However, this has been a long-pending demand of developing countries and the Paris Agreement
also asks for defining such a goal.
c) Finance: Every climate action has financial implications. It is now estimated that trillions of
dollars are required every year to fund all the actions necessary to achieve the climate targets. But,
money has been in short supply. Developed countries are under an obligation, due to their
historical responsibility in emitting greenhouse gases, to provide finance and technology to the
developing nations to help them deal with climate change. In 2009, developed countries had
received much attention at the COPs, mainly because it was seen as an effort requiring huge sums
of money. However, the affected countries have been demanding some meaningful action on this
front. Thanks to a push from many nations, substantive discussions on loss and damage could take
place in Glasgow. One of the earlier drafts included a provision for setting up of a facility to
coordinate loss and damage activities. However, the final agreement, which has acknowledged the
problem and dealt with the subject at substantial length, has only established a “dialogue” to
discuss arrangements for funding of such activities. This is being seen as a major let-down.
e) Carbon Markets: Carbon markets facilitate the trading of emission reductions. Such a market
allows countries, or industries, to earn carbon credits for the emission reductions they make in
excess of their targets. These carbon credits can be traded to the highest bidder in exchange of
money. The buyers of carbon credits can show the emission reductions as their own and use them
to meet their reduction targets. Carbon markets are considered a very important and effective
instrument to reduce overall emissions. A carbon market existed under Kyoto Protocol but is no
longer there because the Protocol itself expired last year. A new market under Paris Agreement is
yet to become functional. Developing countries like India, China or Brazil have large amounts of
carbon credits left over because of the lack of demand as many countries abandoned their emission
reduction targets. The developing countries wanted their unused carbon credits to be transitioned
to the new market, something that the developed nations had been opposing on the grounds that
the quality of these credits — the question whether these credits represent actual emission
reductions — was a suspect. A deadlock over this had been holding up the finalisation of the rules
and procedures of the Paris Agreement. The Glasgow Pact has offered some reprieve to the
developing nations. It has allowed these carbon credits to be used in meeting countries’ first NDC
targets. These cannot be used for meeting targets in subsequent NDCs. That means, if a developed
country wants to buy these credits to meet its own emission reduction targets, it can do so till 2025.
Most countries have presented climate targets for 2025 in their first NDCs. The resolution of the
deadlock over carbon markets represents one of the major successes of COP26.
Pakistan grew substantially from 17.7 to 223.6 million tons rising at an increasing annual rate
that reached a maximum of 15.38 percent in 1987 and then decreased to 1.33 percent in 2019.”
2. The drastic decrease in carbon emissions is, surely, the result of steps taken by Pakistan under its
Climate Action – the Sustainable Development Goal (SDG) 13. The flagship project, Ten Billion
Tree Tsunami (TBTT), is not just a tree plantation movement, but a comprehensive initiative for
ecosystem conservation and management. More than a billion new plantations, revised plans for
forest management and development across the countries with the engagement of provinces and
administrative entities, and capacity of institutions have already been noticed and appreciated by
the national and international environment and climate watchdogs.
3. The Sustainable Development Report 2020, written by a group of authors led by Prof. Jeffrey
Sachs, President of the Sustainable Development Solutions Network (SDSN), and published by
Cambridge University Press, has declared Pakistan accomplished all targets of the SD-13 ten
years ahead of the actual date – 2030. The UNDP SDGs report has also shown Pakistan’s
remarkable progress on SDG-13 Climate Action.
The 26th Conference of Parties (COP26) of the United Nations Framework Convention on Climate
Change (UNFCCC) took off on Sunday, October 31 for 13 days. The top target of the conference is to
set a tone to secure global net-zero carbon emissions by mid-century and keep the 1.5 degrees Celsius
rise in the global mean temperature within reach. Countries are being asked to come forward with
ambitious 2030 emissions reductions targets that align with reaching net zero by the middle of the
century. To deliver on these stretching targets, countries will need to accelerate the phase-out of the use
of coal, curtail deforestation, speed up the switch to electric vehicles, and encourage investment in
renewables. The second target for the countries is to adapt framework mechanisms to protect
communities and natural habitats by protecting and restoring ecosystems and to build defences,
warning systems and resilient infrastructure and agriculture to avoid loss of homes, lives and
livelihoods. The third target is to push the developed countries to make good on their promise to
mobilize at least $100bn in climate finance per year by 2020. International financial institutions must
play their part towards unleashing trillions in private and public-sector finance required to secure global
concept adopted by the parties to the United Nations Framework Convention on Climate Change
(UNFCCC) at Sixteenth Meeting of Conference of Parties (COP16), Cancun 2010. It is a forest-based
climate change mitigation approach where participation of countries in REDD+ is voluntary. It is also
recognized in Article 5 of the very popular Paris Agreement. Pakistan has successfully completed the
first phase of the REDD+ that is ‘Readiness’ with all required research, feasibility studies, and policy
frameworks. Now, Pakistan has to find funds for the demonstration phase to be eligible for the third
phase – the ‘Full Implementation’ one to access results-based payments against fully measured,
reported and verified actions. All four provinces and the two administrative entities have fully
supported the REDD+ Readiness phase with the all-out support and dynamic participation, and by
showing their commitments and contributing to the research, feasibility studies and their inputs to the
country framework approved and launched early October 2021. They have already started robust and
transparent forest monitoring through drone technology, provided by the REDD+ project. National
Forest Reference Emission Level has also been prepared to monitor the difference afterwards besides
the REDD+ Safeguards Information System.
The National Ozone Unit of the Ministry of Climate Change has a long history of interventions in
Pakistan on reducing the substances causing the depletion of the Ozone Layer under the Montreal
Protocol 1987. Pakistan signed and ratified the Protocol in 1992. Being a signatory, Pakistan is
committed to phasing out the use of Ozone Depleting Substances (ODS). The National Ozone Unit
(Ozone Cell) was established in 1996 to monitor and ensure the implementation of the Montreal
Protocol. It is a matter of great satisfaction that Pakistan is in full compliance with regard to the import
and consumption of all Ozone Depleting Substances. The NOU extends assistance to the local
ODS-based industry for its conversion into Ozone friendly technology through the implementing
agencies such as UNDP, UNEP, UNIDO and World Bank with the financial assistance of the
Multilateral Fund (MLF). UNDP has also extended support for the institutional strengthening of the
Montreal Protocol Project – the NOU while the United Nations Environment Programme (UNEP)
extends assistance in capacity building and awareness activities. Now, the NOU is forwarding to the
relevant when one looks around and closely observes what is happening around the world. The irony is
that the majority of these conflicts are being addressed by those who actually were involved in creating
them in the first place, sometimes openly, other times from behind the scenes. The situation gets even
more complicated when the locals claim a war imposed by foreigners as their own. Presently, there are
several war-zones wherein human and economic loss has become a routine matter. Socio-economic
grievances and ethno-nationalism have resulted in the killing of hundreds and displacing of millions,
bringing Ethiopia perhaps on the verge of becoming another Yugoslavia. Yemen, being the critical fault
line in the Middle East rivalry between two Muslim states has already claimed more than 100,000 lives
with local, regional and international involvement. Ever since Qaddafi was overthrown in 2011, Libya
is split into two parallel administrative units. The tribal clashes and other factors have made it another
area of outside competition amongst at least four Muslim countries.
Militants are waging insurgency in Burkina Faso, displacing over 500,000 people and bringing the
country on the verge of collapse. Presence of local IS and Al Qaeda elements are further aggravating
the already gloomy political and social scenario. Syria, a story of broken promises and false hopes, has
become a coliseum for international show of force, killing more than 400,000 people since 2011 while
displacing millions. Seven million people of the oil-rich Venezuela need humanitarian aid after
experiencing crushing poverty, controversial elections, two governments at the same time and a
possible collapse of public services. Ukraine’s over seven-year-old conflict with separatists in the
country’s eastern Donbas region is awaiting a comprehensive ceasefire and further disengagement at
front-line positions. The simmering tensions amongst Iran, Israel and the US particularly after the
Trump administration’s decision to withdraw from the 2015 nuclear agreement and impose mounting
unilateral sanctions against Tehran and ending already-limited exemptions on Iran’s oil sales add to the
existing tensions in the Persian Gulf region. Then there are military tensions in the Himalayan border,
Taiwan and the South China Sea. Add into it the threats of nuclear annihilation, stepping up
short-range ballistic missile tests and the ongoing US-North Korea deadlock; Israeli military strikes
inside Syria, Lebanon & Palestine; Jammu and Kashmir dispute and unending tensions between India
and Pakistan and one could clearly see a number of flash points ready to explode by design or by
actors’ national interest was brought into it seeking support for undertaking rectifying measures, we
unconsciously express ‘surprise’ while still holding firm opinions on each and every international
conflict. The presence of ‘hope’ and ‘surprise’ is apparently keeping us moving forward. Otherwise, the
ever-increasing indifference and psychological helplessness would have long consumed us. (Published
in The Nation on November 15, 2021)
been developed in Punjab and Sindh on different canals. According to AEDB, small hydro power units
are producing 125 MW, another 877 MW is under implementation and 1500 MW is available for
development. Pakistan has huge potential for renewable energy production, but due to a lack of
investment funds new development is delayed. Some energy experts studying the energy landscape in
Pakistan contend that there are powerful policymakers, bureaucrats, and hydropower lobbies against
solar and wind power installations. Moreover, land acquisition and delayed approvals also discourage
investments.
Renewable energy will have many benefits including cheap, improved, and independent energy supply
and reduced environmental pollution. The adoption of the National Electric Vehicle Policy is also a
step in the right direction. Giving incentives and tax relaxation will also help attract Foreign Direct
Investment (FDI) in the renewable energy sector. Moreover, human resources must be simultaneously
trained to manage and run these installations. Pakistan has huge potential for hydro, solar and wind
energy production which if tapped will solve not only domestic energy problems but also make the
country a net energy exporter. (Published in The Nation on November 13, 2021)
will soon be the world’s largest economy and the second largest military power. The Belt and Road
Initiative (BRI) has further added complexity to the emerging order. The US and its allies view the
project as a threat to their global influence. The China-Pakistan Economic Corridor (CPEC), a bilateral
arrangement between two time-tested friends, is the flagship programme of BRI.
The US has come up with a project in cooperation with its allies, G7 countries, which they have
termed ‘Build Back Better World (B3W)’. B3W is a retaliatory approach. The old order is in flux while
the shape of the replacement is highly uncertain. Reconstruction of the international system is the
ultimate challenge for the US and other powers. To play a responsible role in the evolution of a
twenty-first-century world order, the United States, China and Russia must be prepared to answer a
number of questions, particularly, what do they desire to achieve or prevent for themselves and for the
world? China needs to move patiently in line with the global pace. Abrupt and phenomenal successes
create panic for adversaries. India needs to adopt a rational approach, leaving behind the practices of
lies, deceit and propaganda against other nations. India is the main destabilising force in South Asia.
The goal of this era must be to achieve that equilibrium while restraining the proponents of war.
Pakistan has paid a heavy price in the global war against terrorism during the last two decades.
Pakistan needs its due share in global prosperity. The new world order must be focused on shared
prosperity, cooperation and the well being of all states, not a few rich and powerful states. (Published in
The Nation on November 12, 2021)
These two routes, once functional, would kill the (already dying) Indo-Pacific dreams of curtailing
China and its Belt and Road Initiative in the region. By extension, it would also serve as a final nail in
the Indian coffin of portraying itself as a counterweight to China in this region. The ill-conceived idea
of ‘Indo-Pacific’, built upon India’s promise to counter China in this region, dates back to 2018.
Specifically, on May 30, 2018, the United States Defence Secretary of the time (Jim Mattis) announced
that Pentagon’s Pacific Command was being renamed as the ‘Indo-Pacific Command’, giving India a
larger role in the Pacific theatre, in pursuit of containing and countering China. This was a significant
policy shift in Washington. It symbolised that Delhi had convinced the Pentagon that it could serve as
a counterweight to China in the Pacific theatre, while also destabilising China’s economic interest
across the region—particularly, the CPEC project.
At the time, no one knew whether India would deliver on its promise. Could it really act as a
counterweight to China in this region? Would it be able to help the United States ‘contain’ China, and
its growing power? India certainly claimed that it could. That was the very reason for its de-linking
with South Asia, and introduction in the Pacific theatre. However, the 18-months have exposed India’s
bluff. As China infiltrated through the borders of Indian-held Ladakh, claiming important vantage
points in Pangong Lake and the Galwan Valley, there has been no real resistance or counter from India.
Not even a peep. In fact, the one time that India tried some adventurism, it lost 20 of its soldiers,
without winning an inch of land back from China. According to available reports (including those from
India), the Chinese walked into Ladakh with virtually no resistance from the Indian Army, and since
then have refused to entertain discussion on returning the territory. Not just that, emboldened by
Chinese actions, Nepal also claimed territory within the Indian boundary, and the Eastern areas of
Nagaland et al are also shunning the grip of the Indian State. Bangladesh has signed commitments with
China for inclusion in the BRI. Sri Lanka has leased its Colombo port to China. Myanmar is being
supported by China. Iran has signed a long-term strategic deal with China. The Taliban are in
conversation with China about the rebuilding efforts in Afghanistan. And China has continued to
expand its influence (and military presence) across the Indian Ocean (including Gwadar), with no real
challenge or interference from India.
The shift in geopolitical power from the west to the east makes the Asia-Pacific region more important
to the United States today than ever before. The region is already an engine of the global economy, and
major Asian countries are becoming global economic and political actors. Yet, as Asia’s importance
has grown over the last decade, Washington has often been focused elsewhere. The world’s three
foremost geopolitical players and leading military powers of the day—the United States of America,
the People’s Republic of China and the Russian Federation—find themselves in a complex triangular
relationship. America is in a state of confrontation with China and Russia; China and Russia are
strategic partners; while the United States is bolstering NATO to oppose Russia and simultaneously
expanding and intensifying its relations with Asia-Pacific countries in the form of the AUKUS pact and
Quadrilateral Security Dialogue (QUAD) to counter the rise of China, Beijing and Moscow have
created an informal alliance to jointly stand up to the United States and its allies.
Recently, both Beijing and Moscow flexed their muscles by conducting the first ever joint patrol using
warships in the western part of the Pacific Ocean during October 17 to 23. “The tasks of the joint
patrolling were to demonstrate the state flags of Russia and China, maintain peace and stability in the
Asia-Pacific region and also protect facilities of both countries’ maritime economic activity,” Russia’s
Ministry of Defence said in a statement. During the patrol, the group of warships passed through the
Tsugaru Strait for the first time. The route taken by the joint Chinese-Russian patrol through the Osumi
Strait at the end of their journey as well as through the narrow Tsugaru Strait between the main islands
of Honshu and Hokkaido earlier in the week, has also attracted a considerable amount of attention.
That’s because when the US Navy or foreign navies transit the Taiwan Strait between Taiwan and the
Chinese mainland, Beijing condemns them as destabilising. For instance, after US and Canadian
warships sailed through the Taiwan Strait earlier this month, the Chinese military’s Eastern Theatre
Command accused the two sides of colluding to “stir up trouble” and “seriously jeopardise peace and
stability” in the strait.
At 100 miles (160 kilometres) wide at its narrowest point, the Taiwan Strait is huge compared to the
passages between the Japanese islands. The Osumi Strait, for example, is just 17 miles (27 kilometres)
containment. What Washington wants is to stir up trouble in China’s neighbouring countries. In this
context, Moscow can coordinate with Beijing to counter AUKUS. Both China and Russia take a
responsible approach to affairs in the Western Pacific region. They can coordinate their positions to
speak out together in the face of US military hegemony on the sea. For example, in August, the Type
055 destroyer reportedly sailed in international waters near Alaska. Some analysts believe this time,
there is a possibility of the destroyer approaching the US again. In any case, the PLA Navy’s activities
will always be reasonable and legal. The Pacific is not the sphere of influence exclusive to the US. To
maintain its strategic interests, the PLA Navy needs to enter the deep ocean, such as in-depth areas, to
exercise and practice its combat capability. It should make response plans to prevent the US military
from disturbing its normal exercises. AUKUS keeps challenging strategic competitors such as China
and Russia. But it is not capable of counterbalancing China and Russia at the same time. The UK’s
defence expenditures determine that it cannot afford to deploy a major marine force in Asia for a long
time. In fact, the main objective of the UK is still in the Atlantic.
Under such circumstances, China and Russia will boost their own national strength and military
capabilities in the first place and then engage in active strategic deterrence. Besides, they can coordinate
more on international occasions while the process is going on. They can also reveal Washington’s plots
when the US woos allies to create military alliances and coerce other countries. In defence, China and
Russia can cooperate more and display their strength and determination to maintain stability in the
Asia-Pacific. (Published in The Nation on November 6, 2021)
legislation. It is no small initiative that the government plans to introduce more than 400,000 EVMs to
voters across the country, who to this day were preoccupied with Form-45 discrepancies, and held their
breaths as ballots were counted. But this is not enough. The intention should be to make the ballot
more popular and, in fact, mandatory. It is ridiculous that less than 50 percent or so go to vote, and the
winner seizes the throne with a mere 25 percent of total votes cast. The turnout in 2018 was 51.7
percent, and the winning PTI clinched around 32 percent votes.
There are two ways out: Introduce proportional representation and make voting a compulsory national
duty like conscription. More than 24 nations have made it a compulsion to vote and have linked it with
constitutional duties and responsibilities. Why shouldn’t we do it too? After all, the nation and the
politicians are so passionate about the philosophy of the ballot. Universal suffrage will not only
empower and educate the people, but also strengthen national institutions, especially the executive and
the parliament. Peoples’ assertiveness will result in self-accountability, and do away with ad-hocism,
perjury and abuse of power. This is what democracy is all about, and the very fruition of adult
franchise. The government and the opposition must see through the same prism while introducing
electoral reforms with the thrust being on empowering the doctrine of one-man, one-vote. No point in
cribbing over it under assumptions. One hopes the autumn of 2023, when the nation will go to poll,
wont be a season of discontent. (Published in The Nation on November 6, 2021)
another source of consternation. Such restrictions not only squeeze women out of public life but also
imply that incoming aid will reach fewer families in need, particularly women-headed households.
Whether the Taliban will be able to engage with humanitarian agencies to enable aid to reach ordinary
civilians may become a litmus test for their increased international recognition. Ultimately, the
international community also has the compulsion of engaging with Afghanistan’s new Taliban rulers
not only to ensure counterterrorism goals, but to help avert complete socio-economic collapse of the
country which can destabilise the broader region as well. On their own, humanitarian groups cannot
stave off these broader challenges, nor can they prevent nearly 97% of the country sinking below the
poverty line over the next six to eight months, as predicted by the UNDP.
Neighbouring countries like Pakistan has been advocating for a wider recognition of the emergent
ground realities in Afghanistan, including the need to recognise the Taliban. Pakistan understandably
does not want economic collapse in Afghanistan accompanied by another wave of Afghan refugees.
However, instead of trying to unreservedly back the hardline Taliban setup, Pakistan could focus on
supporting targeted goals, such as working with their caretaker setup to ensure that incoming
humanitarian aid is not misappropriated or withheld from those in need. Similarly, Pakistan can play
an important role in trying to convince and support the Taliban in addressing other international
reservations based on which their desperately needed international recognition hinges. (Published in
The Express Tribune, November 12th, 2021).
safety and privacy of local users. The policy mandates a central body to oversee implementation,
remove bureaucratic hurdles and carry out capacity building for changing landscape of cyber threats.
But there is no significant headway. Pakistan’s cyberspace is under constant attack. According to
official figures, one million cyber-attacks have been launched on Pakistan since January 2021. Even
though the attacks were thwarted by the National Telecom Company, offence has a significant
advantage over defence in cyber space, due to the frequently changing threat vectors. Hence it was
observed that the FBR data centre was successfully marginalised by hackers on August 14, 2021 and
recently the NBP system was also compromised. Pakistan is a vibrant IT market ready to harness 4IR
benefits and poised to tackle the relevant challenges due to the availability of the required infrastructure.
The government needs to implement NCSP-21. Efforts should be made to enhance capacity building of
existing IT experts in public sector and more cyber security experts should be inducted in organisations
responsible for cyber security. The government should initiate an information security campaign to
educate people. It should also consider legislation for prosecution of defaulters for any data loss as
accountability will help improve performance of all those responsible for cyber security. (Published in
The Express Tribune, November 6th, 2021).
the shift from military to civilian needs. Then as now the result was inflation, which in 1947 topped out
at almost 20%. Nor was this inflation restricted to food and energy; wage growth in manufacturing,
which was much more representative of the economy as a whole in 1947 than it is now, peaked at 22%.
But the inflation didn’t last. It didn’t end immediately: Prices kept rising rapidly for well over a year.
Over the course of 1948, however, inflation plunged, and by 1949 it had turned into brief deflation.
What, then, does history teach us about the current inflation spike? One lesson is that brief episodes of
overheating don’t necessarily lead to 1970s-type stagflation — 1946-48 didn’t cause long-term inflation,
and neither did the other episodes that most resemble where we are now: World War I and the Korean
War. And we really should have some patience: Given what happened in the 1940s, pronouncements
that inflation can’t be transitory because it has persisted for a number of months are just silly.
Oh, and for what it’s worth, the bond market is in effect predicting a temporary bump in inflation, not a
permanent rise. Yields on inflation-protected bonds maturing over the next couple of years are strongly
negative, implying that investors expect rapid price rises in the near term. But longer-term market
expectations of inflation have remained stable.
Another lesson, which is extremely relevant right now (hello, Sen. Manchin), is that an inflation spurt
is no reason to cancel long-term investment plans. The inflation surge of the 1940s was followed by an
epic period of public investment in America’s future, which included the construction of the Interstate
Highway System. That investment didn’t reignite inflation — if anything, by improving America’s
logistics, it probably helped keep inflation down. The same can be said of the Biden administration’s
spending proposals, which would do little to boost short-term demand and would help long-term
supply. So yes, that was an ugly inflation report, and we hope that future reports will look better. But
people making knee-jerk comparisons with the 1970s and screaming about stagflation are looking at the
wrong history. When you look at the right history, it tells you not to panic. (by Paul Krugman | The
New York Times | November 13, 2021).