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The Science of the Modern Base Season: Why Zone 2 Isn’t Enough Anymore
It's important to keep working hard all through the year, avoiding a major reliance on Zone 2 training. This is why.
Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs
In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash
UK should consider expelling US forces from British bases, says Zack Polanski
Exclusive: Green party leader advocates leaving Nato and says Britain should wean itself off its reliance on the US
Driving Progress on the America First Global Health Strategy Through Bilateral Global Health MOU with Malawi - United States Department of State
Under the America First Global Health Strategy, the United States is advancing a new model of global health assistance—one that prioritizes the protection of the American people from infectious disease threats while empowering recipient countries to achieve self-reliance and accountability within their national healthcare systems. Today, the United States and the Government of Malawi signed a five-year, $936 million bilateral health cooperation Memorandum […]
New U.S. health aid model boosts self-reliance
U.S. health assistance has saved millions of lives but also fostered dependence. Learn how the U.S. is working with countries to improve aid.
Kuo: Apple's AI Deal With Google Is Temporary and Buys It Time
Apple is preparing to mass-produce its own AI-focused server chips in the second half of 2026 amid reliance on a short-term partnership with Google to meet immediate AI expectations, according to analyst Ming-Chi Kuo. In a new post on X, Kuo said that Apple is facing mounting short-term pressure in artificial intelligence that is shaping its current strategy, even as it continues to pursue long-term control over core AI technologies.
Digital twins for self-driving chemistry laboratories
Nature Computational Science - Digital twins of self-driving chemistry laboratories may help reduce reliance on costly real-world experimentation and enable the testing of hypothetical automated...
Apple Clings to Samsung as RAM Prices Soar
Apple is significantly increasing its reliance on Samsung for iPhone memory as component prices surge, according to The Korea Economic Daily. Apple is said to be expanding the share of iPhone memory it sources from Samsung due to rapidly rising memory prices. The shift is expected to result in Samsung supplying roughly 60% to 70% of the low-power DRAM used in the iPhone 17, compared with a more even split with SK Hynix in previous generations, with Micron also participating as a smaller supplier.
'Long term, Brighton are in a great place'
Former Brighton midfielder Dale Stephens believes the current group of players reflects a model the Seagulls have refined over a number of seasons, but stressed that potential alone is no longer enough once players step into the first team environment. Speaking on BBC Radio Sussex's Albion Unlimited podcast, Stephens believes Brighton's continued reliance on youth has once again put the spotlight on the balance between development and results. Long term, Brighton are in a great place.
‘Hamnet’ Heads to India Via Reliance Entertainment as Awards Buzz Builds (EXCLUSIVE)
Reliance Entertainment will distribute the acclaimed period drama 'Hamnet' across India in February 2026, as the film gains awards momentum.
Global Scientists Anticipate Less Reliance on the United States in Future Carbon Monitoring
With Trump’s budget knife still poised over NOAA’s climate research operations, international researchers see a reduced role for the nation that pioneered CO2 measurement.
Powering Brazil's Transition to Zero-Emission Trucking: Improving Air Quality, Public Health and the Economy with Coordinated Efforts
The electrification of Brazil’s heavy-duty trucking sector represents a critical opportunity to reduce greenhouse gas (GHG) emissions, improve air quality, and enhance public health. While Brazil’s long-standing reliance on biofuels has leveraged domestic resources and infrastructure, this strategy is best viewed as a transitional measure that may not fully meet the country’s long-term climate and economic objectives.
Cities put science in the spotlight
When three European cities launch an initiative next year to boost scientific excellence and collaboration, much of the action is likely to take place in public spaces rather than in the laboratory.That is welcome news for Ana Marušić. A medical doctor and professor at the University of Split Medical School in Croatia, Marušić champions close connections between “town and gown” to encourage citizen involvement in research, raise public health awareness and ignite young people’s interest in science. “Responsible research and innovation cannot be done in an ivory tower, answering only the questions that are relevant for scientists,” explains Marušić, who chairs the Department of Research in Biomedicine and Health and leads the Centre for Evidence-based Medicine. “The role of the university is to be a medium for transferring new discoveries in science to society, but also to listen to society about what is important and what is needed.”Three cities united by scienceMarušić’s efforts stand to gain traction through Science Comes to Town (SCTT), a new European project to highlight science’s role in society and strengthen cross-border collaboration in research, innovation and sustainability. With funding from the European Commission, three cities—Split, Brest (in France) and Kiel (in Germany)—plan more than 1,000 public events, workshops and competitions for citizens of all ages, researchers, businesses and policymakers. The year-long project kicks off in Spilt on 20 January with a conference involving partner institutions, community representatives and European policymakers. The three cities may be geographically far apart, but they share much in common. All are located on coasts and are home to top regional research institutions that are part of SCTT. Among the project's partners, the University of Western Brittany in Brest, Kiel University and the University of Split belong to the SEA-EU university alliance, uniting nine European coastal academic institutions to advance research, student exchanges and sustainable development. “These universities have a very strong connection between gown and town,” explains Marušić, who is one of Split’s SCTT ambassadors. “It's very important that these universities are there for the community so that we can learn from each other and grow together.”Tackling Europe’s STEM shortagesSCTT will also reinforce efforts to address Europe’s widening gap in science, technology, engineering and mathematics (STEM) education. Studies show that nearly eight out of ten small- and medium-sized businesses cannot find enough workers with the skills required in advanced computing and artificial intelligence (AI)—hindering initiatives to boost European innovation and competitiveness. In healthcare, the European Commission has estimated a shortfall in medical professionals of 1.2 million, due to fewer young people joining the field and an ageing population that needs more care.Strengthening knowledge and dialogue can also help build trust between scientists and the public at time when disruptive technologies are reshaping research and clinical practice, but are also sparking questions about ethics and accuracy. With experience in the classroom and in clinical epidemiology—a discipline involving monitoring and controlling public health problems—Marušić sees the potential risks of over-reliance on AI and chatbot answers for both research and learning. “AI is a very good tool, but one has to be very critical about it,” she adds. “Delegating brain activities will definitely diminish your neural capacities because you are not developing the circuitry that is important for higher-level cognitive engagement.” She stresses the importance of critical thinking and encourages students to use AI as a researcher’s tool to reinforce rather than supplant human discretion and brainpower.The power of outreachSplit’s experience in bringing scientists and the public together has provided a platform for discussing research ethics and explaining science in simple terms. Local efforts to expand health literacy and awareness have helped reduce cardiovascular disease among women, according to Marušić’s research. The city’s university also hosts events to introduce schoolchildren to science, using hands-on experiments to spark curiosity.Marušić’s own love of science began with an interest in studying molecular biology. “But my parents told me, why don't you study medicine?” she recalls. “I said, OK, why not? And that was the best decision that I made.” Marušić is not a practicing physician, but teaches anatomy and public health. She also co-edits ST-OPEN, an overlay university journal that works on capacity building for research publishing among students and their supervisors. Balancing teaching, research and editorial work, she is a strong advocate for medical studies, urging high school students to consider medicine “because later on it gives you a really wide perspective about human life and about society” as well as many career opportunities.As SCTT prepares to bring science into daily life in 2026, Marušić hopes that it will build permanent bridges between scientists and citizens across Europe. “We can be a showcase for making collaboration with the community stronger to share knowledge, attract young talent and integrate critical and scientific thinking into everyday life,” she explains, adding that "collaborating with businesses to improve cities and communities is also an important aspect of this project."Science|Business, which connects policymakers, academics and industry through its news reporting, analysis and events, is an SCTT partner.
Why we have to continue with animal testing for medical research
Letters: Dr Robin Lovell-Badge and Prof Emma Robinson respond to an editorial on using new technologies to reduce the reliance on animal experiments