Globalization under Donald Trump.
13 November 2024
Interesting article by Eduardo Porter of the Washington Post. My favorite paragraphs:
To a foreign observer, America’s quest for redress around the world is hard to understand. The United States is not only the most prosperous nation on Earth but also is pulling further ahead of its peers, growing faster than other affluent economies. Its gross domestic product per person is 35 percent higher than the average in the European Union, for instance. It is 63 percent bigger, after accounting for differences in the cost of living, than Japan’s. Few countries come near American levels of economic prosperity.
What’s more, the United States crafted most of the rules governing how the world economy runs. The World Trade Organization and the International Monetary Fund are largely of Washington’s own making. The United States shaped intellectual property law around the world. International capital markets hew to American norms.
The notion that the world has been unfair to the United States will strike your average non-American as … odd. Even the burst of globalization that, we were told, caused the upheaval of the White working class that put Donald Trump in the White House eight years ago was of Washington’s making, enabled in large part by its invitation of China to the WTO.
The United States, by the way, also handsomely profited from its liberal immigration policies of the past 50 years. Republican presidents from Ronald Reagan to George W. Bush worked to legalize unauthorized immigrant workers and invite more in precisely because it gave such an enormous boost to the American economy. More here.
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