A blistering new essay argues that America's focus on bolstering domestic industry — even when it means burning bridges with trading partners — is an economic and diplomatic dead end.
Throughout the Trump and Biden years, a common thread in U.S. economic policy has been a focus on bolstering domestic industry, even when it means burning bridges with trading partners and backing away from the era of globalization.The question of how the United States ought to engage in the global economy is up for grabs right now in a way it hasn't been in a generation, with the Biden administration focusing on domestic investment and disentangling the U.S. economy from China.
That includes investment in domestic semiconductor production and climate-related technology, as well as "It also includes cutting China off from American components viewed as having national security importance and leaving many Trump-era tariffs in place."This policy approach, while having considerable popular appeal at home, is based on four profound analytic fallacies," Posen writes.
"Each of these assumptions is contradicted by more than two centuries of well-researched history of foreign economic policies and their effects," he writes.with being the commissioner of a sports league — a person who does not care which teams win or lose but aims to have fair, reliably enforced rules and shape how the game is played.
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