War and sanctions have caused commodities chaos
The world must rise to the challenge
GLOBAL COMMODITY crises tend to cause severe economic damage and political upheaval. The oil shocks of the 1970s left Western economies with runaway inflation and deep recessions. Oil revenues also helped prop up the Soviet Union and fuelled the export of Saudi extremism. Soaring grain prices in 2010 and 2011 were a trigger for the street protests that led to the Arab spring and the toppling of dictators.
This article appeared in the Leaders section of the print edition under the headline “Fuel, food and fury”
From the March 12th 2022 edition
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