War and famine: The world economy confronts a ghost of ages past

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Open this photo in gallery: An anti-missile system operates as missiles are launched from Iran, as seen from Tel Aviv on June 18.Violeta Santos Moura/Reuters Kevin Yin is a contributing columnist for The Globe and Mail and an economics doctoral student at the University of California, Berkeley For those of us who grew up in the decades after the Gulf War, certain shocks to the global economy seemed more an artifact of economics textbooks than reality. Our formative macroeconomic experiences were not supply-side shocks, such as the 1973 OPEC oil embargo or Saddam Hussein’s invasion of Kuwait, which affected the...