Trumpism may now become the new populist world order of economic governance.

Monica McNeil

2018-07-30 11:36:00 Mon ET

Trumpism may now become the new populist world order of economic governance. Populist support contributes to Trump's 2016 presidential election victory and his key embrace of trade protectionism and accommodative fiscal stimulus. Trumpism echoes Carl Schmitt's fundamental critique of modern liberalism. This core critique reflects disdain for the universal aspirations such as absolute individual liberty and economic freedom.

Liberals place individual rights at the core of their political communities. In principle, these rights extend to every citizen, so absolute American liberty can be a decent idea. However, this liberal school of thought makes U.S. states vulnerable to the aggressive demand by domestic private interest groups and foreign nations. This latter retort reflects the key centerpiece of Trump's presidential election campaign.

As dominant market players such as China and Russia refuse to play by the rules of liberal economic governance, the Trump administration has to engage these players in a wider G20 circle.

China's recent economic rise suggests that the millennium world order of economic governance should be more inclusive. As Trump suggests at the G7 world summit, Russia should also be part of this new populist world order. Another addition can be India that represents a 1.3 billion population-dividend-equivalent to China. For this reason, Jim O'Neill, former chief economist at Goldman Sachs, advocates the fresh insight that we should broaden the practical scope of the G7 summit. Instead, a G10 summit or even a G20 summit must encompass all major market economies.

This inclusive approach emphasizes the new populist world order on key economic issues from global capital control and credit supply expansion to climate change and environmental degradation.

 


If any of our AYA Analytica financial health memos (FHM), blog posts, ebooks, newsletters, and notifications etc, or any other form of online content curation, involves potential copyright concerns, please feel free to contact us at service@ayafintech.network so that we can remove relevant content in response to any such request within a reasonable time frame.

Blog+More

With its novel SnapChat app, Snap IPO achieves $30 billion stock market valuation!

Olivia London

2017-03-03 05:39:00 Friday ET

With its novel SnapChat app, Snap IPO achieves $30 billion stock market valuation!

As the biggest IPO since Alibaba in recent years, Snap Inc with its novel instant-messaging app SnapChat achieves $30 billion stock market capitalization.

+See More

Warren Buffett invests in American stocks across energy, transport, and finance etc.

Daphne Basel

2017-07-07 10:33:00 Friday ET

Warren Buffett invests in American stocks across energy, transport, and finance etc.

Warren Buffett invests in American stocks across numerous industries such as energy, air transport, finance, technology, retail provision, and so forth.

+See More

British Prime Minister Theresa May faces her landslide defeat in the parliamentary vote 432-to-202 against her Brexit deal.

Charlene Vos

2019-01-27 12:39:00 Sunday ET

British Prime Minister Theresa May faces her landslide defeat in the parliamentary vote 432-to-202 against her Brexit deal.

British Prime Minister Theresa May faces her landslide defeat in the parliamentary vote 432-to-202 against her Brexit deal. British Parliament rejects the M

+See More

Tax policy pluralism for addressing special interests

Monica McNeil

2023-12-08 08:28:00 Friday ET

Tax policy pluralism for addressing special interests

Tax policy pluralism for addressing special interests Economists often praise as pluralism the interplay of special interest groups in public policy. In

+See More

Yale macro economist Stephen Roach draws 3 major conclusions with respect to the Chinese long-run view of the current tech trade conflict with America.

Joseph Corr

2019-09-05 09:26:00 Thursday ET

Yale macro economist Stephen Roach draws 3 major conclusions with respect to the Chinese long-run view of the current tech trade conflict with America.

Yale macro economist Stephen Roach draws 3 major conclusions with respect to the Chinese long-run view of the current tech trade conflict with America. Firs

+See More

President Xi seeks Chinese congressional approval for abolishing his term limits of strongman rule with better trade deals and economic ties.

Jacob Miramar

2018-03-03 11:37:00 Saturday ET

President Xi seeks Chinese congressional approval for abolishing his term limits of strongman rule with better trade deals and economic ties.

President Xi seeks Chinese congressional approval and constitutional amendment for abolishing his term limits of strongman rule with more favorable trade de

+See More