Economic policy around the world continues to be shaped by influential thinkers whose ideas help guide governments, financial institutions, and global markets.

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The Role of Economic Thought in Global Policy

Throughout modern history, economists and policy strategists have played a central role in shaping how nations approach economic growth, financial stability, and global cooperation. Their research and insights often influence decisions made by central banks, governments, and international institutions.

In an increasingly interconnected world, economic policies in one region can quickly affect markets and industries across the globe. As a result, the ideas of leading economic thinkers remain highly relevant in guiding policy discussions and long-term planning.

Ideas That Influence Global Markets

Economic frameworks developed by influential scholars have shaped many of the policies that guide modern financial systems. Concepts related to monetary policy, fiscal stimulus, and international trade continue to evolve as economists analyze new challenges and opportunities.

These ideas often serve as the foundation for strategies designed to maintain economic stability while encouraging sustainable growth across different regions.

Leadership and Policy Innovation

In addition to academic contributions, many economists also serve as advisors to governments or international organizations. Their expertise helps decision-makers understand complex financial dynamics and anticipate potential risks within global markets.

By combining theoretical knowledge with practical policy experience, these experts help shape the economic strategies that influence industries, employment, and international trade.

Looking Ahead: The Future of Economic Influence

As global markets continue to evolve, the role of economic thought leaders will remain critical. New technologies, demographic shifts, and emerging markets are creating both challenges and opportunities for policymakers around the world.

Through research, dialogue, and policy innovation, influential economists will continue to shape the direction of global economic development for years to come.

Image Source: Eric Gang

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Written by Jon Stojan

The president’s recent decision to deploy National Guard units to Washington in response to crime has reignited a longstanding debate: when does a guardsman’s service cross the threshold into veteran status, and what benefits should follow? For Eric Gang, founder of Gang & Associates and one of the nation’s leading veterans’ rights attorneys, the distinction is not just a matter of legal technicality; it can determine whether an injured guardsman receives federal benefits for life or nothing at all.

Image Source: Gang & Associates

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“Every state and territory has a National Guard,” Gang explains. “They are often called up during natural disasters or civil disturbances. But the real difference is who calls them, whether it’s the governor or the president. That difference shapes what benefits they may ever receive.”

If a governor activates the Guard, the mission is considered state service. Should a soldier be injured while filling sandbags after a flood or helping a community recover from a tornado, they may receive some state-level benefits but not federal veterans’ compensation. By contrast, when the president activates the Guard under federal orders, that service is treated as active duty for federal purposes. As Gang emphasizes, “If a guardsman is injured in the line of duty under federal activation, he is considered a veteran, and that opens the door to VA benefits, from disability compensation to education support and home loans.”

The stakes are particularly high as Guardsmen are deployed into urban environments marked by violent crime. “It’s one thing to support disaster relief,” Gang notes. “It’s another to be placed in the middle of unrest, where there are illegal guns on the street, where people may view them as hostile forces. These guardsmen face real risks, being shot at, assaulted, or even exposed to infectious diseases.”

Gang’s work has made him a national voice on when Guard service counts as federal duty. His firm litigated Watkins v. McDonough, a landmark 2022 case in which the Court of Appeals for Veterans Claims considered when active duty officially begins. Gang argued successfully that a service member is deemed on active duty starting at 12:01 a.m. on the date listed in their orders, not just when they report later in the day. “If someone is ordered to report at 8 a.m., and they get into a car accident on the way at 7 a.m., that still counts,” Gang says. “The law recognizes that from the first moment of that day, they are subject to military justice, and they should also be entitled to veterans’ benefits.”

Image Source: Veterans Disability Info

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That interpretation matters. Guardsmen activated federally who suffer an injury, even en route to their duty station, can claim VA benefits if it occurred after 12:01 a.m. on their activation date. For Gang, this legal nuance ensures fairness. “It wouldn’t make sense,” he stresses, “to hold someone accountable to the Uniform Code of Military Justice from 12:01 a.m. but deny them benefits if they were hurt that same morning.”

The line is sharper for National Guard service under governors. Those missions, however necessary for public safety, are not considered active duty in the federal sense. “It can feel unfair,” Gang acknowledges. “But Congress has drawn that line. State-activated guardsmen don’t qualify for the same VA benefits, because their duty is not considered federal service.”

This split, he says, has deep political roots. Gang points to parallels with the civil rights era, when federal authorities deployed the Guard to enforce school desegregation over the objections of state governors. “We have always had tension between state and federal authority,” Gang observes. “Today, it plays out in debates over crime and immigration enforcement. But the ones caught in the middle are the guardsmen themselves. They are not political actors; they are simply doing their job.”

Gang stresses that these men and women should not be scapegoated. “They are innocent parties. They don’t decide where they are sent or who sends them. They deserve clarity about their status and the assurance that, if they are harmed in service, their country will take care of them.”

As deployments expand to other cities facing high crime, the questions that Gang raises grow more urgent. Guardsmen activated federally will qualify for VA benefits if injured or if they contract a disease in the line of duty. Those activated by governors may not. The distinction is critical for the thousands of citizen-soldiers who balance civilian lives with part-time service, and who may suddenly find themselves on the frontlines of contentious crises.

“It’s important for these individuals to know what is included when they are deployed,” Gang says. “Understanding when active duty starts, and under whose authority they are serving, can make all the difference in their future.”

Image Source: Unsplash

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Petrochemical Holding GmbH has learned that Romania will appeal an award made by the International Centre for the Settlement of Investment Disputes in November 2024.

Petrochemical Holding GmbH brought a dispute to ICSID in July 2019, claiming the Romanian state had breached its obligations under the Energy Charter Treaty by sanctioning the unlawful sequestration of the company’s assets in RAFO Onești, a major Romanian petrochemicals plant.

An ICSID Tribunal ruled in favour of Petrochemical Holding GmbH, finding that that the Austrian company had been ‘denied the right to fair and equitable treatment established by this treaty [the Energy Charter Treaty]’.

Petrochemical Holding GmbH were awarded €85 million plus interest by ICSID, significantly less than the €837.2 million the company had requested. ICSID awards are final and binding, and can be recognised and enforced in any ICSID Member State.

ICSID is the world’s leading institution devoted to international investment dispute settlement. ICSID was established in 1966 by the Convention on the Settlement of Investment Disputes Between States and Nationals of Other States, which has been signed by 165 States.

Petrochemical Holding GmbH is an Austrian company that has invested in petrochemicals projects across central and eastern Europe. It is owned by Austrian businessman, Iakov Goldovskiy, who has previously invested in the petrochemicals sectors in several Central and Eastern European countries.

The company acquired RAFO from bankruptcy in 2007, reimbursing all of RAFO’s creditors in full for the first time in Romanian history.

Romania has filed for annulment of the award with ICSID. According to statistics published by the court, only 2.6% of registered arbitrations under the ICSID Convention were annulled.

In the meantime, the €85 million award in favour of Petrochemical Holding GmbH will continue to accrue interest. Romania also risks enforcement proceedings being made against Romanian assets that are not subject to sovereign immunity.

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Dubai-based architecture firm ZNera Space has proposed a new type of contemporary symbol for the city: a green and natural landmark that serves as a "continuous metropolis" around Burj Khalifa. Dubbed "Downtown Circle", the project features installing a giant ring-like structure of 550 meters in length around the world’s tallest free-standing structure. The structure will "investigate how at this critical time in the country’s development, architects, and urban planners can move away from previous urban models of isolated skyscrapers, towards a more humane typology that seeks to emulate nature and create diverse public spaces".

The project comes as a response to the continuous rise of the global population, and how the fabric of urban centers is changing, especially in Dubai, where rapid urbanization drive has prompted rapid urban growth characterized by skyscrapers and sprawl. The 550 meter tall mega structure offers an alternative to the singular and unconnected high-rises found in most metropolitan areas.

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The structure's circumference is 3 km. As it encircles the Burj Khalifa, it draws panoramic views and clean air from the skypark which forms the central spine of the development. The large scale of the structure is broken down into smaller units to create a variety of spaces to serve public, commercial, and cultural programs. The project offers a variety of office and housing typologies, from large offices and living/working units, to lofts, townhouses, and terraced houses.

The downtown circle project aims to establish a sustainable and a self sufficient vertical urbanism, creating a hyper-efficient urban center that gives back to the environment. The footprint of the building is composed of two main rings, which are held together by a a continuous green belt – the “skypark” – which is illuminated with natural light and has offices and research centers embedded in it. The “skypark” connects the floors with each other vertically, creating a connected three-dimensional urban green eco system.

The concept is a potential answer to the global search for new, mixed urban typologies, which combine high densities and lavish greenery, dynamic urban functions and a high-quality user experience, following the demand for both climate protection and environmental excellence. Different climates are recreated inside the continuous skypark, where visitors can experience canyons, sandy dunes, and plants from various floras. Swamps, waterfalls, tropical vegetation, digital caves, cascades, fruit-trees, and flowers of various hues and species enrich the green eco system.

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In order to give back to the natural environment, the plan includes proposed areas for rainwater harvesting and solar power. The design also stores carbon and filters pollutants from the air, in addition to providing sanctuaries for wild plants and food production. The Skypark within the structure will provide residents with a connection to nature and enable opportunities for outdoor recreation and a healthier lifestyle. Taking into account the coastal development and how vulnerable they are to rising sea levels, the proposed typology explores remedies and proposes a unique urban model in response to this threat.

As for transportation, a fleet of suspended peripheral pods transport passengers from one node to another within the Downtown circle. These suspended vessels travel through a network of rail at the bottom tier towards their destination. 20-passenger pods are loaded at the outer perimeter ring and are connected through a pressurized vessels attached to the main lift cores. These hyper pods can travel at speeds of 100 kilometers per hour, and capture a 360 view of the entire city at the height of 500 meters.

Russia's economy shrank 4.0% year-on-year in the second quarter of 2022, the first full quarter of what Russia calls a "special military operation" in Ukraine, preliminary data from the federal statistics service Rosstat showed on Friday.

The economy is plunging into recession after Moscow sent its armed forces into Ukraine on Feb. 24, triggering sweeping Western restrictions on its energy and financial sectors, including a freeze of Russian reserves held abroad, leading scores of Western companies to quit the market.Rosstat did not provide any further details but analysts said the contraction had been caused by weakness in consumer demand and the aftermath of sanctions.

"June data suggests the contraction in the Russian economy seems to have bottomed out as the situation in some industries is stabilising," said Sergey Konygin, an economist at Sinara Investment Bank.

The second-quarter contraction in gross domestic product was not as deep as expected. Analysts polled by Reuters had on average forecast GDP would shrink 7% year-on-year in April-June after expanding 3.5% in the first quarter.

The central bank's analysts had expected GDP to contract 4.3% in the second quarter, saying it was on track to fall 7% in the third quarter. The central bank projects the economy will start recovering in the second half of 2023.

Given the highly volatile political environment, official forecasts for the depth of Russia's recession vary.

The economy ministry said in April that gross domestic product could fall by more than 12% this year - after growth of 4.7% in 2021 - in what would have been the biggest contraction since the mid-1990s.

But forecasts have softened since then as Russia pushes back against restrictions.

The central bank predicted in April that GDP would shrink 8%-10%, but last month revised that to forecast a 4%-6% contraction.

"GDP contraction will reach its bottom in the first half of 2023," central bank deputy chairman Alexei Zabotkin said on Friday. "The economy will move towards a new long-term equilibrium."

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The Mastercard Foundation and the Africa Centres for Disease Control and Prevention (CDC) will deploy $1.3 billion over the next three years as part of a new initiative to acquire and deliver vaccines across the continent.

The Saving Lives and Livelihoods scheme aims to secure shots for more than 50 million people and help develop vaccine manufacturing in African countries, the organizations said in a press release Tuesday. The second wave of Covid-19 has hit Africa much harder than the first, according to analysis published in March in The Lancet medical journal.

"Ensuring equitable access and delivery of vaccines across Africa is urgent. This initiative is about valuing all lives and accelerating the economic recovery of the continent," said Reeta Roy, President and CEO of the Mastercard Foundation.

The announcement comes amid growing global concern over Covid-19 vaccine inequality. Many African nations have struggled with barely sufficient supplies of shots. The African Development Bank has warned that the pandemic could drive 39 million people into extreme poverty in 2021.

"Ensuring inclusivity in vaccine access, and building Africa's capacity to manufacture its own vaccines, is not just good for the continent, it's the only sustainable path out of the pandemic and into a health-secure future," said Dr. John Nkengasong, Director of the Africa CDC.

World Health Organization chief Tedros Adhanom Ghebreyesus said Monday that he hoped the African continent's vaccine manufacturing sites would be up and running by the end of 2021.

"Sharing vaccines now is essential for ending the acute phase of the pandemic. But it's also clear that in an emergency, low income countries cannot rely solely on imports of vaccines from wealthier nations," he said at a news briefing.

The African Union hopes to vaccinate at least 60% of its population -- approximately 750 million people -- by the end of 2022. Currently, less than 2% of Africans have received at least one Covid-19 shot, according to the Africa CDC press release.

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The cryptocurrency has fallen roughly 8% over the past 24 hours, according to Coindesk, and was trading near $33,200 at 4:45 a.m. ET on Tuesday.

Other digital currencies, including ethereum and dogecoin, also fell around 8% or more.

The value of bitcoin has tanked more than 40% over the last month during a torrent of bad news, including a move by one prominent former backer, Tesla (TSLA) CEO Elon Musk, to stop accepting the cryptocurrency as payment for cars. There's also increasing government scrutiny on cryptos in China and elsewhere.

It's not clear what is driving the most recent downturn, but there have been a handful of recent developments that may be making investors anxious.

Musk tweeted a meme that appeared to lament the end of his relationship with the cryptocurrency, causing bitcoin's value to sink on Friday.

And over the weekend, several social media accounts related to cryptocurrency were blocked in China — a notable move from a country that has in recent weeks widened its crypto crackdown by banning banks and payment companies from providing crypto-related services, and tightening regulations against crypto mining.

On Tuesday, the Securities Daily, a state-owned news organization, commended Beijing's ongoing focus on crypto, writing in an editorial that China has entered an era of "strong supervision" over the industry that is needed to guard against financial security risks.

Even former US President Donald Trump has knocked bitcoin recently, telling Fox Business on Monday that the currency "seems like a scam" that "takes the edge off of the dollar."

The Biden administration has also zeroed in on the lack of regulation in the crypto market, having recently unveiled new plans to tax bitcoin more heavily. The Federal Reserve appears to be growing more serious about exploring a potential digital dollar.

Experts have pointed out that ransomware actors use cryptocurrency to launder their transactions, and US authorities have called the misuse of cryptocurrency in such situations a "massive enabler." Such issues returned to the spotlight on Monday when the US Justice Department announced that authorities recovered $2.3 million in bitcoin paid to ransomware hackers who attacked the Colonial Pipeline last month.

The sell-off could worsen if bitcoin prices fall below $30,000, according to Jeffrey Halley, senior market analyst for Asia Pacific at Oanda.

Breaking below that barrier would "basically put every long position since January 1st in the red, which I believe, will trigger another capitulation trade," he wrote in a Tuesday research note.

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Global equities rose on Monday, but the mood among investors was cautious, as surging commodity prices and government bond yields continued to fan fears of a damaging rise in inflation, just as the world economy is starting to recover from the impact of COVID-19.

Futures on the S&P 500 and the Dow Jones fell between 0.7% and 1.0%, while those on the technology-heavy Nasdaq 100 dropped by nearly 1.5%, pointing to a weak start to trade later in the day.

The benchmark indices have all hit record highs this month, thanks to the promise of more US government stimulus, as well as an acceleration in the pace of COVID-19 vaccinations.

But these same factors have ignited a rally in commodities, sending the price of economically sensitive materials such as copper and nickel to multi-year highs, while the cost of lumber has hit all-time peaks.

Government bond yields, particularly in the United States, are surging, as their price falls. The yield on the benchmark 10-year US Treasury note is around 1.37%, its highest in a year, having doubled in the space of six months.

More pressingly for risk assets has been the pick up in so-called real yields, which strip out the effects of inflation. In the last month alone, 10-year real yields have risen by around a quarter of a percentage point and is one of the indicators that has needled some of the early-2021 euphoria among equity investors.

US lawmakers will open debate on President Joe Biden's proposed $1.9 trillion American Rescue Plan act this week. Meanwhile, Federal Reserve chairman Jerome Powell will deliver testimony to the Senate Banking and House Financial Services Committees.

"It would seem out of character for Powell to deliver a hawkish spin, especially given this back up in real yields and a repricing of the Fed (albeit small) in recent times. So soothing words for markets seems likely but the inflation fears are unlikely to go away whatever he says," Deutsche Bank strategist Jim Reid said.

In Europe, the Stoxx 600 was down 1.2%, while London's FTSE 100 fell 1.1% and Frankfurt's DAX lost 1.3%. Overnight in Asia, the picture was similarly downbeat. The Shanghai Composite and the Hang Seng fell 1.4%, while Seoul's KOSPI fell 1.1%.

"Investors are seeing a light at the end of the tunnel, but the tunnel is very long. Despite the significant progress made since the outbreak of the pandemic, concerns about new, potentially more dangerous COVID-19 variants persist," Axi strategist Milan Cutkovic said.

"Market participants are increasingly looking at the bond market. Rising yields threaten to slow the stock market rally down," Cutkovic added. Oil marched higher, boosted by a winter storm in Texas that has knocked out around 40% of total US crude supply. Brent crude futures briefly traded above $65 a barrel for the first time since last January and were last up 0.75% at $62.61 a barrel. WTI crude, which has gained 14% this month, was up 0.7% at $59.62 a barrel.