NEW YORK (Project Syndicate) — Donald Trump’s election as president of the United States does not just represent a mounting populist backlash against globalization. It may also portend the end of Pax Americana — the international order of free exchange and shared security the U.S. and its allies built after World War II.
That U.S.-led global order has enabled 70 years of prosperity. It rests on market-oriented regimes of trade liberalization, increased capital mobility, and appropriate social-welfare policies; backed by American security guarantees in Europe, the Middle East, and Asia, through NATO and various other alliances.
Trump, however, may pursue populist, anti-globalization, and protectionist policies that hinder trade and restrict the movement of labor and capital. And he has cast doubt on existing U.S. security guarantees by suggesting he will force America’s allies to pay for more of their own defense. If Trump is serious about putting “America first,” his administration will shift U.S. geopolitical strategy toward isolationism and unilateralism, pursuing only the national interests of the homeland.
Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics
That U.S.-led global order has enabled 70 years of prosperity. It rests on market-oriented regimes of trade liberalization, increased capital mobility, and appropriate social-welfare policies; backed by American security guarantees in Europe, the Middle East, and Asia, through NATO and various other alliances.
Trump, however, may pursue populist, anti-globalization, and protectionist policies that hinder trade and restrict the movement of labor and capital. And he has cast doubt on existing U.S. security guarantees by suggesting he will force America’s allies to pay for more of their own defense. If Trump is serious about putting “America first,” his administration will shift U.S. geopolitical strategy toward isolationism and unilateralism, pursuing only the national interests of the homeland.
Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics
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