The global political economy today faces two sunsets, one from below and another from above. The sunset from below is marked by a series of interconnected criminal activities, in which the disenfranchised of the world seek ways to empower and enrich themselves in the shadows of the global economy. These activities include drug trafficking, human trafficking, cybercrime, counterfeiting, arms dealing, and other forms of illicit activity that exploit the weaknesses of governance institutions to build global commercial empires.

The impact of these criminal activities is profound. They corrupt, co-opt, and challenge incumbent political actors, sowing instability and undermining the foundations of democratic governance. Moreover, they are often closely intertwined with other forms of criminal activity, such as terrorism and organized crime, further complicating efforts to address them effectively.

The sunset from above, on the other hand, is marked by the growing power and influence of globalized elites who seek to disengage from traditional national obligations and responsibilities. These elites, from libertarian activists to tax-haven lawyers to currency speculators to mineral-extraction magnates, are waging a broad-based campaign to limit the reach and capacity of government tax-collectors and regulators, or to manipulate these functions as a tool in their own cut-throat business competition.

This campaign is driven by a belief that government is inherently inefficient and ineffective, and that markets are the best way to allocate resources and generate growth. However, it ignores the fact that markets are not neutral or objective, but rather reflect the interests and values of those who participate in them. This means that markets can be manipulated and distorted to benefit the powerful and harm the weak, which can lead to growing inequality and social unrest.

Moreover, the campaign to limit the reach and capacity of government ignores the fact that government plays a vital role in promoting the common good and protecting the interests of citizens. This includes providing basic public goods such as education, healthcare, and infrastructure, as well as regulating markets to ensure fair competition and prevent the abuse of power.

In light of these challenges, it is clear that the global political economy today is facing a critical moment. To address the sunsets from below and above, we need a comprehensive approach that recognizes the interrelatedness of these challenges and the need for coordinated action at the global level. This includes strengthening governance institutions to address criminal activity, promoting greater transparency and accountability in business and finance, and working to ensure that markets serve the common good rather than the interests of a privileged few.

In addition, we need to recognize that government has a vital role to play in promoting social justice and protecting the rights and interests of citizens. This means investing in public goods such as education and healthcare, ensuring that the benefits of economic growth are shared widely, and regulating markets to prevent the abuse of power.

In conclusion, the global political economy today faces two sunsets, one from below and another from above. To address these challenges, we need a comprehensive approach that recognizes the interrelatedness of these challenges and the need for coordinated action at the global level. This includes strengthening governance institutions, promoting greater transparency and accountability in business and finance, and working to ensure that markets serve the common good. Moreover, we need to recognize that government has a vital role to play in promoting social justice and protecting the rights and interests of citizens. By taking these steps, we can create a more just and equitable global political economy that works for all.