The Political and Economic Catastrophe in Europe

Md Habibur Rahman

Since the First and the Second World Wars, the world's geographical and political maps have shifted into new dimensions. The state supports military security by amassing weaponry for offensive and defensive purposes. Military might is one of the most important aspects of a state's sovereignty and territorial security. The world has been confronted with a security dilemma following the recent crisis in Ukraine and Russia. The world is not free from this political and economic catastrophe for globalization.

All the world's wars have been fought in Europe. Therefore, each state must carefully plan and execute its actions. In terms of human death and material expense, both the First and the Second World Wars had terrible implications. The total cost of the First World War to the United States is estimated to be around $32 billion, or $52 (fifty-two) percent of GNP at the time. However, the First World War claimed the lives of a great number of people.The war claimed the lives of approximately 16 million people (military and civilians).

During WWII, the conflicting parties are estimated to have spent more than $1,000,000,000,000 (one trillion) in Europe, the Far East, and other parts of the world, respectively. Furthermore, human loss knows no bounds, and is followed by agony, suffering, fatalities, and a refugee flood. War-torn countries and other parts of the world have suffered significant economic losses and infrastructure destruction.

 Following World War II, economic conditions and political stability deteriorated. During WWII, approximately 75 (seventy-five) million people were slain, with 20 (twenty) million military personnel and 40 (forty) million civilians being killed.

 The territorial integrity of most independent states is respected, and the Russian invasion of Ukraine is condemned. Following the failure of diplomatic efforts and the Minsk Agreement (2014-2015), the war began on February 24, 2022, following Russia's attack on Ukraine. Turkey and other countries offered to mediate the crisis. But both Ukraine and Russia did not welcome the mediation proposal. However, the current initiative of Turkey is welcomed by the world community and peace lovers.

According to certain strategic and security analysts, Russia is attempting to construct a puppet government in Ukraine in the name of demilitarization and denazification.Russian President Vladimir Putin stated on television that he was conducting this unique military operation in Ukraine for the People's Republic of Donbass.

As President Putin informs China's President Xi Jinping of high-level talks with Ukraine, there is hope for a resolution to the conflict. Moreover, Ukraine declared that they are ready to sit for peace without any preconditions from Russia to resolve the crisis on the Ukrainian & Belarus border and somewhere else.

The recent crisis will have longterm effects on Europe, including a humanitarian disaster and economic ramifications. During this fight, many individuals of Ukraine have been killed; on the other hand, many more have been injured and forced to depart their homeland. This conflict is claiming the lives of a large number of civilians and military personnel. As for the war situation, the death rate estimates remain a mystery. Furthermore, Vladimir Putin's recent declaration is alarming for the globe since he has instructed the defense minister and the top of the military to put nuclear deterrent forces.

The consequences of Ukraine's and Russia's actions can be felt all across the world. In terms of economics, trade, and other relationships, the world is more connected than it has ever been. Oil prices have risen to their highest level since 2014 due to supply interruptions. Meanwhile, since the start of the UkraineRussia conflict, oil prices have soaredwellbeyond $139 per barrel.

 To some extent, developed countries rely on developing countries, while developing countries also rely on developed countries in many circumstances. Therefore, everyone must operate in a peaceful manner to further their own goals. Both Russia and Western allies should work together to ensure world peace and security, as well as a better future.

To avert a global conflict, non-alignment policies should be followed by developing countries and other non-nuclear armament countries. The European allies and Western countries have decided to disconnect the respective Russian banks from SWIFT (the Society for Worldwide Interbank Financial System Telecommunication).

The overall economic embargo destabilizes not only the Russian economy, but also other Russian allies in terms of financial relations. Bangladesh has also been doing business with Russia in the following sectors: respectively trade, economy, science and technology. Therefore, everyone is connecting with international trade and business with others, along with being concerned about future economic recession.

Russia and Ukraine are Europe's two largest neighboring countries. Ukraine declared independence from the Soviet Union on August 24, 1991. On February 24, 2022, Russia started an operation against Ukraine. For the Ukrainians, that was the most dreadful and awful day of their lives. In terms of military might, the military balance of power between Russia and Ukraine is unbalanced. Russia boasts one of the world's most powerful militaries, ensuring its place among the top five countries in terms of military spending.

 Ukraine spent $5.9 billion on its military in 2020, according to the Stockholm International Peace Research Institute (SIPRI),while Russia spent $61.7 billion.Russia's armed forces have 900,000 (nine hundred thousand) active military people and two million in reserve, while Ukraine's armed forces have 196,000 (nine hundred thousand) active military men and 900,000 (nine hundred thousand) in reserve. Therefore, the international community must assist Europe in resolving the conflict.

Human civilization and history are the best ways to address the global crisis. The respective authorities and leaders often forget it. They do not receive any lessons from history. 'The only thing we learn from history is that we learn nothing from history,' says German philosopher Georg Hegel.

 Furthermore, the current crisis has some historical ramifications, as the international community and the United Nations (UN) have failed to act collectively to address longrunning crises in Asia, Africa, and other parts of the world. Last but not least, to maintain international peace and security for all, the United Nations (UN) and its member nations must work together to confront the European issue. Otherwise, the world order has failed and shifted into new dimensions. Europe will fall into a long term political and economic crisis.

Europe should work together as they are on the same boat. Moreover, the world and the international community should not provoke each other in settling the crisis for greater political and economic interests. The global economy was affected ruthlessly after the First and Second World Wars and by the impacts of COVID-19. Economic recession is not healthy for us or for future generations. The world should come up with a decision to resolve the crisis to avoid any further economic recession and to avoid consolidating power.


Md Habibur Rahman is a writer
and columnist.