Putin’s War Will Change the World. Here’s How.


Vladimir Putin probably won’t be able to win his war in Ukraine. The Ukrainians aren’t likely to win it, either. And, as the violence persists, the rest of the world will pay a high and rising price.

The integration of global markets that enabled the West to punish the Russian economy in response to Putin’s aggression is leading to higher costs at home, chiefly through rising oil and gas prices, snarled supply lines, and scarcer goods. Consumers are just starting to feel the negative effects in the U.S. and Europe, and they…

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