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Regular version of the site

Article

The global resurgence of economic nationalism

Russia in Global Affairs. 2018. Vol. 16. No. 2. P. 150-163.

Economic nationalism advocates state intervention in the market to create favorable symmetry in economic interdependence with other powers. All major economies have ascended to greatness with state interventions, and economic liberalism becomes a mere covert economic nationalism by hegemons. Once in control over the levers of the global economy it is in the interest of the hegemon to propagate economic liberalism to integrate other powers into asymmetrical interdependent partnerships. The Trump administration's embrace of overt economic nationalism indicates the unravelling of the U.S. privileged geo-economic position. Relative decline is evident by a crumbling U.S. manufacturing base and narrowing superiority in innovations, the creation of alternative trade corridors outside U.S. control, and nascent rivals to the Bretton Wood institutions and the U.S. dollar. As geo-economic power shifts from the West to the East and invokes a global resurgence of economic nationalism, opportunities arise forRussia to develop more symmetry in the interdependent global economy.