Who is it that once said? “No man is an island unto himself”. According to Wikpedia, this originally was a famous line from Devotions upon Emergent Occasions, a 1624 prose work by English poet John Donne. Moreover, the gist of the saying is that human beings do not thrive well when isolated from others. One has to ask whether the quasi-isolationism adhered to by Trumpism will really work in the era of globalization?
Since the start of the industrialized age, the world has become an increasingly smaller planet. What affects one region of the world can affect most regions. Technological advances in communication, transportation, cybernetics, medical fields, agriculture, energies, etc., etc. have brought continents together. As for trade among countries, years ago it was recognized that there are advantages to having freer trade. Most economists argue that everyone benefits from promoting freer trade because each country produces or provides cheaper goods and services by creating economies of scale and greater efficiencies in output and costs. Such freer trade promotion is also supported by numerous international oversight forums which emerged post-World War II.
For some time now, we have lived in a world of commerce involving multi-national corporations operating in several regions. Besides providing greater access to investment capital, technical expertise and business savvy, multi-nationals develop local labour markets and service industries. To be certain, their primary goal is to increase their profits by taking advantage of local markets, natural resources, cheaper labour and government assistance. Multi-nationals out the U.S. have greatly benefited from access to overseas markets. Recognizing however that there are also regional socio-economic costs involved — be they environmental, political or social.
Who has certainly benefited from increased trade is the American consumer. Next time that you go to a Walmart or Target, think about the variety and quantity of affordable goods available. “Buy American” is a nice slogan, but would be an expensive one to act upon. To effectively compete on the international stage, American businesses have to continue to develop knowledge-based products and services and promote greater innovation wherever possible and cost-effective. Backing ‘quasi-isolationist’ doctrines will not only backfire economically and politically, but will cause the rest of the world to minimize their trade dealings with the U.S. Countries have formed more-and-more regional trade blocs and will continue to do so, often out of necessity. After all, no one can afford to become isolated on an island.
FROLITICKS 