The return of economic nationalism

(by Pat Buchanan, November 2006)

With the 2006 election, America appears to have reached the tipping point on free trade, as it has on immigration and military intervention to promote democracy. Anxiety, and fear of jobs lost to India and China, seems a more powerful emotion than gratitude for the inexpensive goods at Wal-Mart. The bribe Corporate America has offered Working America - a cornucopia of consumer goods in return for surrendering U.S. sovereignty, economic security and industrial primacy - is being rejected.

What is ahead is not difficult to predict. But if the free-trade era is over, what will succeed it? ... A new era of economic nationalism.

A rising spirit of nationalism is evident everywhere in this election, not simply in the economic realm. Americans are weary of sacrificing their soldier-sons for Iraqi democracy. They are weary of shelling out foreign aid to regimes that endlessly hector America at the United Nations. They are tired of sacrificing the interests of American workers on the altar of an abstraction called the Global Economy. They are fed up with allies long on advice and short on assistance.

Other leaders in other lands look out for what they think is best for their nations and people. Abstractions such as globalism and free trade take a back seat when national interests are involved.

China and Japan manipulate their currencies and tax polices to promote exports, cut imports and run trade surpluses at America's expense. Europeans protect their farms and farmers. Gulf Arabs and OPEC nations run an oil cartel to keep prices high and siphon off the wealth of the West. Russians have decided to look out for Mother Russia first and erect a natural gas cartel to rival OPEC. In Latin America, Bush's Free Trade Association of the Americas is dead.

We are entered upon a new era, a nationalist era, and it will not be long before the voices of that era begin to be heard. More ...