Over the past four years, the vast majority of economic policy issues have focused on American economic nationalism. The “where we build barriers” strategy was Donald Trump’s economic philosophy. How can Joe Biden reverse the trend?
According to analysts at Marketwatch.com, Donald Trump has stood in the way of a process that has been going on since at least the end of World War II, and that is economic globalization. This leads, among other things, to an increase in specialization in international trade, and so individual countries have long tended to produce in which they are better than other countries.
So Donald Trump, with his motto, “America First,” seems to be trying to turn history around and trying to bring American companies back home. Often from China, which has long been a thorn in Trump’s eye. But if anyone promises to bring relations between the US and the rest of the world back to normal with the election of Joe Biden, they may be disappointed. Biden has already backed a $400 billion campaign to promote domestic goods under the name “Buy America.” This step is described by the professional public as unfortunate, as we do not realise that it can ultimately do more harm than good.