International Trade Norms in the Age of Covid-19 Nationalism on the Rise?
| Autor: | Albertoni, Nicolás, Wise, Carol |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
China
Hegemony media_common.quotation_subject 0507 social and economic geography International trade 050701 cultural studies World economy Arts and Humanities (miscellaneous) Political science 050602 political science & public administration Novel corona virus USA media_common Nationalism Commercial policy Trade war Original Paper business.industry 05 social sciences General Social Sciences Protectionism World community 0506 political science World Trade Organization Non-tariff barriers business Globalization |
| Zdroj: | Fudan Journal of the Humanities and Social Sciences |
| ISSN: | 2198-2600 1674-0750 |
| DOI: | 10.1007/s40647-020-00288-1 |
| Popis: | Simultaneous with the rise of trade protectionism in the twenty-first century has been a resurgence in nationalist politics, most notably in the USA, the UK, and parts of the EU. These developments in international and US trade policy, including Washington’s launch of a full-fledged trade war against China in March 2018, have converged disastrously with the outbreak of the novel coronavirus in November 2019 and the onset of a worldwide pandemic. Given the status of the USA as the world’s hegemon since 1945, what is new here is the effort of the Trump administration to abdicate US leadership, jettison longstanding alliances, and turn back the clock on the country’s close integration with the world economy. Already, greatly reduced flows of goods, services, and people have translated into radically reduced global growth, widespread business disruptions, and high unemployment. Remarkably, the White House has refused to recognize the severity of the pandemic and has undermined the precautions of the US science community. We argue that these multiple shocks constitute a major critical juncture on par with what the world community faced in 1945. However, in the twenty-first century we have seen that high levels of economic uncertainty and political instability have superseded the long-held notion that international interdependence would pull the world community through tough times such as these. Could the triple whammy of a destructive trade war, deadly pandemic, and secular decline of US leadership trigger a new generation of policy innovation and institution building on par with the post-1945 era? In terms of the global trade regime, it would be difficult to imagine a buoyant recovery of the world economy in the absence of a serious reckoning with the pattern of norm erosion that we identify here. |
| Databáze: | OpenAIRE |
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