By Emily Zhao Jul. 28, 2024 Capitalism once celebrated competition—the invisible hand of markets guiding countless firms toward efficiency. But in the age of passive investing, that invisible hand increasingly belongs to three fingers: BlackRock , Vanguard , and State Street . As of 2025, these three institutions collectively manage US$26.3 trillion —roughly one-quarter of all global equity value  ( OECD Global Asset Management Survey, 2025 ). They are the largest shareholder

By Yuna Saito Jul. 30, 2024 Global finance has learned how to hide in plain sight. While central banks raise rates, regulators draft reforms, and governments tout stability, a parallel financial universe grows beyond their reach—the shadow banking system. By 2025, this system held US$72 trillion  in assets, accounting for almost half of global financial intermediation , according to the Financial Stability Board (FSB) Global Shadow Banking Report, 2025 . Neither fully private

By Arnav Das Jul. 31, 2024 Every generation tells itself a story about fairness. For the 21st century, that story is meritocracy—an economy where talent and risk-taking supposedly determine success. But behind the mythology of startups and innovation lies a system structured less by ingenuity than by inequality. By 2025, less than 1.3 percent  of global venture capital (VC) funding went to Black, Latin American, or women-founded startups ( Harvard Business School Entrepreneur

By Yuto Yamaguchi Sep. 3, 2024 The rhetoric of artificial intelligence is that of revolution—creative destruction, democratization, disruption. Yet beneath the spectacle of innovation lies a subtler transformation: the monopolization of intelligence itself. By 2025, five firms—OpenAI, Google DeepMind, Anthropic, Meta, and Amazon—control over 85 percent  of global large-model computing capacity ( OECD AI Market Concentration Index, 2025 ). These entities now function less as t

By Angela Zhang Sep. 5, 2024 Artificial intelligence promises automation, but behind every “autonomous” system lies a human shadow workforce—millions of invisible laborers labeling data, moderating content, and refining machine learning outputs. In 2025, over 14 million people  worldwide are employed in “AI data work” according to the International Labour Organization (ILO) Future of Work Report, 2025 . The industry generates US$21 billion  annually, yet most workers earn les

By Nivedita Menon Sep. 7, 2024 The Carbon Arbitrage Economy: How Financialization Is Undermining Climate Justice Climate change was supposed to be a scientific crisis. It has become a financial one. What began as a collective effort to reduce emissions has turned into a global marketplace—where carbon is not cut but traded . The World Bank Carbon Market Monitor (2025)  values the global carbon credit market at US$912 billion , with trading volumes up 32 percent year-on-year .

By Haruka Matsuda Sep. 9, 2024 In the 20th century, welfare was human—administered by clerks, judged by caseworkers, and debated by politicians. In the 21st, it is increasingly algorithmic. From Estonia to India, public assistance is now filtered through code: eligibility models, predictive analytics, and automated decision engines. The World Bank Digital Governance Index (2025)  reports that 68 percent  of national welfare programs use some form of algorithmic determination

By Alan Li Sep. 11, 2024 The global economy now runs on chips—the silicon kind, not the edible. By 2025, semiconductors underpin 15 percent  of total world trade, exceeding oil in strategic importance ( World Bank Technology Trade Atlas, 2025 ). Yet behind the sleek glass of smartphones and data centers lies a fragile geopolitical lattice: a few foundries, a handful of nations, and a supply chain stretched across fault lines of ideology and dependence. Semiconductors were sup

By Ishaan Sharma Sep. 13, 2024 The official inflation rate tells one story; the grocery aisle tells another. In 2025, global consumer inflation averages 3.1 percent , according to the International Monetary Fund Global Price Index (2025) . Yet households report spending 11 percent more  for the same volume of goods compared to just two years ago. The reason is not price—but disguise . Shrinkflation—the quiet reduction of product quantity or quality without a corresponding pri

By Kenta Nakajima Sep. 15, 2024 The myth of artificial intelligence is that it replaces labor. In truth, it redistributes it—concealing human input beneath digital outputs. By 2025, over 400 million people  worldwide rely on platforms integrated with generative AI tools, from marketing copywriters to freelance illustrators ( World Bank Digital Labor Landscape, 2025 ). Yet the majority of this creative transformation occurs invisibly, sustained by underpaid data workers, uncre

By Amy Liu Sep. 17, 2024 The myth of artificial intelligence is that it replaces labor. In truth, it redistributes it—concealing human input beneath digital outputs. By 2025, over 400 million people  worldwide rely on platforms integrated with generative AI tools, from marketing copywriters to freelance illustrators ( World Bank Digital Labor Landscape, 2025 ). Yet the majority of this creative transformation occurs invisibly, sustained by underpaid data workers, uncredited a

By Rohan Nair Sep. 20, 2024 For decades, digital revolutions promised to close gaps—between nations, incomes, and opportunities. But the rise of quantum computing  threatens to do the opposite. By 2025, global investment in quantum technologies surpassed US$45 billion , led overwhelmingly by the United States, China, and the European Union ( OECD Technology Frontier Outlook, 2025 ). Yet fewer than ten countries possess the infrastructure to develop or even access functional q

By Yuki Sato Sep. 22, 2024 In 2025, global philanthropy reached a record US$1.6 trillion , more than the annual GDP of Canada. Foundations bearing the names of billionaires—Gates, Bezos, Musk, and Chan—fund everything from vaccines to climate research. Yet inequality continues to widen. According to the World Inequality Database (2025) , the world’s richest 1 percent captured 63 percent  of all new wealth generated since 2020. The paradox is glaring: as philanthropy expands,

By Aarya Patel Sep. 24, 2024 In 2025, cloud computing is no longer a service—it is an empire. What began as a technological revolution promising decentralization has consolidated into one of the most concentrated markets in modern capitalism. Amazon Web Services (AWS), Microsoft Azure, and Google Cloud collectively control over 72 percent  of global cloud infrastructure, according to the OECD Digital Infrastructure Report (2025) . This concentration is not only economic; it i

By Jason Chen Sep. 26, 2024 I – Introduction Human migration has always been a story of survival and aspiration — a search for safety, work, or dignity. Yet in the 21st century, the right to move has become the privilege of a few. The United Nations Department of Economic and Social Affairs (UN DESA, 2025)  estimates that there are now 292 million international migrants , but their experiences differ radically: while tech professionals cross borders on investor visas, refugee

By Haruto Ito Sep. 28, 2024 I – Introduction The automation of labor has long been framed as progress — the liberation of humanity from repetitive work. Yet as artificial intelligence, robotics, and algorithmic management spread through nearly every industry, the question is no longer what machines can  do, but what humans will be allowed  to do. The International Labour Organization (ILO, 2025)  projects that over 400 million jobs  worldwide could be displaced by automation

By Anaya Singh Sep. 30, 2024 I – Introduction For decades, global trade was defined by one principle: efficiency. Nations competed to produce goods at the lowest cost, and environmental considerations were treated as secondary or optional. That era is ending. In 2025, the World Trade Organization (WTO)  reported that over 40 percent of new trade policies  include environmental or carbon-related measures — from tariffs and carbon border adjustments to green subsidies. This shi

By Sophia Lin Oct. 2, 2024 I – Introduction Housing was once a foundation of social mobility — the means by which families accumulated wealth and stability. Today, it has become the clearest expression of inequality. The OECD Global Housing Outlook (2025)  reports that house prices have risen three times faster than wages  across advanced economies since 2000. Meanwhile, more than 1.6 billion people  live in inadequate housing worldwide ( UN-Habitat, 2025 ). As property shift

By Hiroshi Tanaka Oct. 5, 2024 I – Introduction The digital revolution promised empowerment — open access to information, participatory governance, and a new era of accountability. Instead, it has produced a paradox: citizens are more connected than ever, yet democracy feels increasingly out of reach. The Pew Research Center (2025)  reports that 64 percent of global internet users  believe social media platforms have weakened, not strengthened, democratic debate. From misinfo

By Riya Das Oct. 7, 2024 I – Introduction Climate change is no longer an environmental issue — it is an economic and social one. The World Bank (2025)  warns that by 2030, climate change could push over 130 million people  into poverty, reversing decades of progress in global development. Extreme weather events, water scarcity, and food insecurity now compound existing inequalities, creating what scholars call climate apartheid : a world where the rich can buy safety and the