As part of the roundtable, “Ethics and the Future of the Global Food System,” this essay examines how the key decisions within the global system of food production are shaped by the organization of the global political economy. The understanding of the global political economy follows standard definitions that focus on the dominant market practices and the institutional structures within which those practices are embedded. I identify examples of market practices and institutional policies that structurally impair the ability of states to secure the human rights of their citizens, and explain specific issues of structural injustice raised by each example. The conclusion provides a survey of a range of alternative solutions for transforming the global political economy and creating the conditions for a more just and ecologically sustainable food system. Ultimately, our conception of human rights and the mechanisms for their protection and enforcement must change in order to address the scale and gravity of problems affecting the future of agriculture and our ability to feed the world.

Since the onset of COVID-19, there has been a surfeit of commentary arguing that 2020 will have transformative effects on world politics. This paper asks whether, decades from now, the pandemic will be viewed as an inflection point. Critical junctures occur when an event triggers a discontinuous shift in key variables or forces a rapid acceleration of preexisting trends. Pandemics have undeniably had this effect in the far past. A welter of economic and medical developments, however, have strongly muted the geopolitical impact of pandemics in recent centuries. A review of how the novel coronavirus has affected the distribution of power and interest in its first six months suggests that COVID-19 will not have transformative effects on world politics. Absent a profound ex post shift in hegemonic ideas, 2020 is unlikely to be an inflection point.

The rise of China has sparked a debate about the economic and political consequences for the global economy of the internationalisation of the renminbi. We argue that the dominant focus of this literature – primarily the external conditions and requirements for a national currency to become an international currency – misspecifies the connections between the international and domestic requirements for currency internationalisation, as well as the potential to become the dominant international reserve currency. We correct this oversight by developing an integrated theoretical framework that highlights the domestic adjustment costs which a state must accommodate before its currency can carry the weight of internationalisation. These costs constitute a critical element of an international currency’s ‘political economy’, and they force states to negotiate contentious social trade-offs among competing domestic claims on finite public resources in a sustainable manner. Our analysis suggests that the likelihood of China being able to successfully negotiate the social costs associated with running a fully internationalised currency is currently very low, precisely because this will place unacceptable pressure on groups benefiting from the economic and political status quo. This further suggests that the American dollar will remain unchallenged as the global economy’s pre-eminent international currency for the foreseeable future.