As countries grow more interdependent, they’re also becoming more nationalistic, tells us another Newsweek article. Is there a clear trend towards mercantilism, or could it be merely a reaction on the current Western, neoliberal expansionism? (for those who believe in it).
Here’s today’s quiz. What do the following have in common: (a) Vladimir Putin; (b) China’s currency, the renminbi; (c) the U.S.-Perutrade agreement; (d) Hugo Chávez. Answer: they all reflect the “new mercantilism.” It’s a significant and ominous development affecting the world economy. Even as countries become more economically interdependent, they’re also growing more nationalistic. They’re adopting policies intended to advance their own economic and political interests at other countries’ expense. As practiced until the mid-19th century, mercantilism aimed to do just that.
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Tags
Developing Countries,
Economic Development
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