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

We share famous inspirational stock market quotes by Warren Buffett, Peter Lynch, Benjamin Graham, and several others.

Laura Hermes

2018-08-31 08:42:00 Friday ET

We share famous inspirational stock market quotes by Warren Buffett, Peter Lynch, Benjamin Graham, and several others.

We share several famous inspirational stock market quotes by Warren Buffett, Peter Lynch, Benjamin Graham, Ben Franklin, Philip Fisher, and Michael Jensen.

+See More

Zuckerberg announces his major changes in Facebook's newsfeed algorithm and user authentication.

Becky Berkman

2018-01-07 09:33:00 Sunday ET

Zuckerberg announces his major changes in Facebook's newsfeed algorithm and user authentication.

Zuckerberg announces his major changes in Facebook's newsfeed algorithm and user authentication. Facebook now has to change the newsfeed filter to prior

+See More

Disney acquires 21st Century Fox in a $52 billion landmark deal.

Amy Hamilton

2017-12-15 07:42:00 Friday ET

Disney acquires 21st Century Fox in a $52 billion landmark deal.

Disney acquires 21st Century Fox in a $52 billion landmark deal. This deal has a total value of about $66 billion while Disney assumes $14 billion of Fox

+See More

Conservative Party wins the British parliamentary majority in the general election with hefty British pound appreciation.

Jonah Whanau

2020-01-08 08:25:00 Wednesday ET

Conservative Party wins the British parliamentary majority in the general election with hefty British pound appreciation.

Conservative Party wins the British parliamentary majority in the general election with hefty British pound appreciation. In response to this general electi

+See More

JPMorgan Chase CEO says President Trump has now awaken the animal spirits in U.S. stocks.

Dan Rochefort

2017-02-13 09:35:00 Monday ET

JPMorgan Chase CEO says President Trump has now awaken the animal spirits in U.S. stocks.

JPMorgan Chase CEO Jamie Dimon says President Trump has now awaken the *animal spirits* in the U.S. stock market. The key phrase, animal spirits, is the

+See More

Nobel Laureate Joseph Stiglitz proposes the primary economic priorities in lieu of neoliberalism.

Fiona Sydney

2019-06-29 17:30:00 Saturday ET

Nobel Laureate Joseph Stiglitz proposes the primary economic priorities in lieu of neoliberalism.

Nobel Laureate Joseph Stiglitz proposes the primary economic priorities in lieu of neoliberalism. Neoliberalism includes lower taxation, deregulation, socia

+See More