Had you asked me last summer which candidates would carry the banner for the two major parties in the 2016 presidential election, my answer would have been simple: Jeb Bush and Hillary Clinton. I probably would have said Mr Bush would face some challenges from the right, but his financial advantage, governing experience and family brand would lead him to ultimate victory in the Republican primaries. On the Democratic side, I would have brushed off any prospect of a serious nomination battle. Mrs Clinton was, like Mr Bush, a known brand with decades’ worth of experience navigating the tumultuous politics of Washington, DC.
Going further, had you suggested that billionaire real estate mogul, Donald Trump, and Bernie Sanders, a self-identified democratic socialist senator from Vermont, would be serious contenders for their parties’ nominations this late in the game, I would have laughed at you and might have even suggested you were crazy. Well, it turns out I was the crazy one.
Few scholars of American politics were expecting such a storm of anti-establishment sentiment to rage on both sides of the aisle this primary season. Though Mr Trump and Mr Sanders have yet to clinch their parties’ nominations, the fact that we cannot say for sure what will happen at the end of the primary season poses serious problems for American domestic and foreign policy in the future. Should either Mr Trump or Mr Sanders win, we should expect no less than a fundamental shift in how America functions both at home and abroad.
While most commentators have focused on the domestic consequences of Mr Sanders’ tax proposals and Mr Trump’s immigration rhetoric, few have taken note of the potentially far-reaching consequences of each candidate’s foreign policies.
To be sure, candidates and political thinkers on both sides of the spectrum have taken aim at both candidates' lack of foreign policy experience and what it would mean for the world in general and the Middle East in particular. Mrs Clinton lashed out at Mr Sanders on the eve of the New Hampshire primary, lambasting his proposals, such as “inviting Iranian troops into Syria to try and resolve the conflict there. Putting them right on the doorstep of Israel”. Prominent neoconservative historian and intellectual architect of the Iraq war, Robert Kagan, lambasted Mr Trump and declared, “the only choice will be to vote for Hillary Clinton”.
These attacks aside, it would be foolish to assume that both Trump and Sanders’ lack of bona fides will lead either to lose. In an election increasingly defined by a grassroots insurgency on both sides, we must come to grips with the real possibility that one of these two could actually win in November. Given this fact, we must consider what the implications of such a win would be on the global stage. Put simply: what would a President Trump or a President Sanders mean for the United States’ role in the world? Let us consider these possibilities in turn.
Mr Trump has already made clear that he is much less inclined to confront Russia and its positions in the Middle East. While he opposes the Iran deal, he would not tear it up. These two factors, in conjunction with Mr Trump’s recent spat with Prince Alwaleed bin Talal, would suggest that Mr Trump would have an extraordinarily icy relationship with Saudi Arabia and, more broadly, the GCC. Such a deterioration of the United States’ long-standing relationship with the Gulf countries would create serious roadblocks in the continuing fight with ISIL, as well as the push to put an end to the bloody war in Syria.
On the Democratic side, while Mr Sanders’ rhetoric is certainly less vitriolic than Mr Trump’s, his relative silence on foreign policy matters is deafening. Moreover, his naivety in this field and complete lack of any comprehensive game plan is just as worrying as Mr Trump’s bombastic positions. Until late last month, Mr Sanders had not even bothered to assemble a foreign policy team. While some would like to give Mr Sanders a pass on this front, on account of his domestic-driven campaign message, the reality is simple: for better or worse, the United States is a dominant force in the world. For a major party candidate to lack any sort of concrete strategy for managing this global role is at best troubling.
There is one area of foreign policy that both Mr Trump and Mr Sanders have chosen to stake (strangely similar) positions on: international trade. Both candidates have attacked various aspects of free trade agreements and have been particularly critical of China. Should either candidate win, we should expect fierce battles over trade and, in all likelihood, a deterioration of relations between the United States and China.
On top of all of this, it is perhaps even more concerning that neither of these two upstarts has a set of concrete and committed allies in Congress. Since policymaking in the United States requires the joint assent of Congress and the presidency, how would two men be able to navigate the complexities of the legislative process?
While the future of this election is up in the air, it would be a grave error to avoid consideration of these critical issues. In the remaining months of the primary campaign, voters in both parties’ primaries should analyse these factors carefully and ask themselves a simple question: is dissatisfaction with your party establishment a sufficient reason to vote for a candidate who is totally unprepared to meet the challenges of contemporary foreign policy? For me, the answer is simple and succinct: no.
Adam Ramey is an assistant professor of political science at New York University Abu Dhabi
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Teaching in coronavirus times
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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AUSTRALIA SQUAD
Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle
RESULT
Wolves 1 (Traore 67')
Tottenham 2 (Moura 8', Vertonghen 90 1')
Man of the Match: Adama Traore (Wolves)
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
Dunki
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Schedule for show courts
Centre Court - from 4pm UAE time
Johanna Konta (6) v Donna Vekic
Andy Murray (1) v Dustin Brown
Rafael Nadal (4) v Donald Young
Court 1 - from 4pm UAE time
Kei Nishikori (9) v Sergiy Stakhovsky
Qiang Wang v Venus Williams (10)
Beatriz Haddad Maia v Simona Halep (2)
Court 2 - from 2.30pm
Heather Watson v Anastasija Sevastova (18)
Jo-Wilfried Tsonga (12) v Simone Bolelli
Florian Mayer v Marin Cilic (7)