3. At its heart, this editorial promotes the underlying principles of free market capitalism. Trade is assumed to be a net generator of wealth by the authors; therefore the reduction of trade will result in a reduction of wealth. One of the key points they authors make is with regards to capital flows. Economic nationalism, they point out, will alter and in some cases diminish global capital flows to the detriment of the nationalists.
Global trade, they argue, needs leaders that strongly support its institutions and mechanisms. They advocate the completion of the Doha Round, and reduced trade sanctions. Such sanctions are the inevitable consequence of economic nationalism, and will reduce trade overall.
The issue of sovereignty also comes up in this piece. Each nation must deal with its own crisis, but to put sovereignty and local interests ahead of global economic development would be a mistake - sovereignty itself is not put on the table but clearly the role of sovereignty is something the authors wish world leaders to consider during this time of crisis.
Other concepts that relate to this piece are globalization, economic specialization (the value of comparative advantage), and protectionism under the Smoot-Hawley Act. Globalization supports economic specialization; protectionism undermines it. Thus, the move towards increased protectionism is a move towards reducing economic specialization, which in turn reduces economic growth and global economic strength.
4. In general, I agree with the authors. They make the case that support of, for example, bad banks, is detrimental to economic growth.
The rationale for a globally-integrated economic system is to encourage the specialization...
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