FRANKLY SPEAKING | Global economy demands multilateralism over division

The shocking oil price hike resulting from the conflict in theMiddle Eastis a brutal reality. It confirms the interdependence of human society, particularly the global economy, and how it should not be toyed with. In 2026, the interdependence of human society should not need reminding.

The widely reported attacks by the US and Israel on Iran, and Iran’s retaliation have reminded us of how closely the global economy is intertwined. The price of oil, a commodity which virtually runs the modern economy, shot up, increasing the cost of doing business globally. Poorer countries are feeling the pain more as theprice of fuelfeeds into virtually all industries, raising prices all around, including transport and groceries.

Zero-sum people such as Donald Trump misunderstand interdependence and its foremost “by-product”. The formation of early groups naturally led to competition with other groups for resources and convenience as groups came into contact. Conflict between groups occurred simultaneously with interdependence within those groups.

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However, what zero-sum people must understand is that generally interdependence won because it kept transforming smaller groups into larger groups. Tribes formed nations, and nations formed coalitions. The existence of the global economy with its intricate connections and interdependence is a testament of this.

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