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Category: Trade Policy

Trade, Antitrust, and Restoring Domestic Competition

Will more restrictive trade policies harm the U.S. economy by shielding domestic businesses against competition? That’s what standard economic theory holds, insisting that pressure from foreign rivals is needed for U.S.-based businesses to continue to in­novate, to create the highest quality goods, and to sell them for the lowest possible prices. Although this theory has…

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National Developmentalism: From Forgotten Tradition to New Consensus

In response to the rise of “populism,” members of the Washington establishment have adopted a reassuring way to frame the ques­tion of America’s proper relationship to the world. As they see it, Americans are divided into two camps—open or closed, globalist or nationalist, interventionist or protectionist. In this framing, the closed, nationalist, and protectionist camp…

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Nationalism’s Dividends

Here are some facts about China from the World Bank: Since initiating market reforms in 1978 . . . China has expe­rienced rapid economic and social development. GDP growth has averaged nearly 10% a year—the fastest sustained expan­sion by a major economy in history—and more than 850 million people have lifted themselves out of poverty.…

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Automation Anxiety in an Age of Stagnation

A cursory glance at Google Trends reveals that interest in robot­ics and automation was far less intense throughout the last decade than interest in proposed solutions to the problems that these tech­nologies are supposedly creating, especially universal basic in­come (UBI). Automation—the process of applying technology and organ­ization to do more with less, with robotics being…

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Losing Momentum: A Warning from the Fracturing British Left

In mid-November 2018, Alexandra Ocasio-Cortez issued a rallying cry that was not given sufficient attention. She called on left-wing activists to take over the Democratic Party. Her chief of staff Saikat Chakrabarti went one step further, openly calling on left-wingers to primary sitting Democrats. Together with YouTube personalities Cenk Uyger and Kyle Kulinski, Chakrabarti is…

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The New Silk Road and the Return of Geopolitics

The grand design came in 2013 from President Xi Jinping himself. The goal was to launch the project “One Belt One Road,” or OBOR, across and around Eurasia, and to ensure mutually beneficial cooperation among all participating countries. At the time, the announcement of OBOR received little if any attention from European observers, distracted as they were by the difficulties of emerging from the euro crisis and the foreign policy challenges of Iran and Russia…

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It’s Economic Strategy, Stupid

America’s international economic policy is in crisis. For decades, policymakers believed that liberalizing international trade would be a rising tide that lifted all boats. While some might lose out from competition with foreign trade in the short run, the economy would grow in ways that would allow those people to adapt and adjust, ultimately finding…

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Share Buybacks and the Contradictions of “Shareholder Capitalism”

In the jargon of finance, America is suffering from a capital allocation problem. The country seems incapable of making the necessary investments to fuel future productivity and growth, or to ensure widespread prosperity. At the government level, public spending on basic research and development as well as infrastructure investment has declined significantly over the past…

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Corporate Power and the Self-Destruction of Neoliberalism

Since the mid-1970s, the majority of economic power in the Western world has fallen into the hands of business and finance. At that time—facing the enormous challenges of oil price explosions, inflation, and unemployment—the governments of most countries virtually surrendered, and left it to global corporations to search for solutions. Margret Thatcher, Ronald Reagan, and…

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The Left Case against Open Borders

Before “Build the wall!” there was “Tear down this wall!” In his famous 1987 speech, Ronald Reagan demanded that the “scar” of the Berlin Wall be removed and insisted that the offending restriction of movement it represented amounted to nothing less than a “question of freedom for all mankind.” He went on to say that…

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