Not every departure from economic liberalism is as ill-advised as its advocates would have us believe. East Asia's experience suggests that if America's latest foray into economic nationalism remains focused on creating a strong, inclusive domestic economy, it will do much good for the rest of the world.
CAMBRIDGE – With the United States leading the way, the world seems to be entering a new era of economic nationalism, as many countries prioritize their domestic social, economic, and environmental agendas over free trade and multilateralism. While President Joe Biden’s approach is more measured and open to international cooperation than Donald Trump’s was, it nonetheless raises concerns among economic liberals, who see echoes of a 1930s-style return to protectionism and autarky.
CAMBRIDGE – With the United States leading the way, the world seems to be entering a new era of economic nationalism, as many countries prioritize their domestic social, economic, and environmental agendas over free trade and multilateralism. While President Joe Biden’s approach is more measured and open to international cooperation than Donald Trump’s was, it nonetheless raises concerns among economic liberals, who see echoes of a 1930s-style return to protectionism and autarky.