Our expectations are really low

[pampango]

24. I am not sure how you 'put together a global economy' any better than FDR tried to do with his ITO

Last edited Tue Feb 23, 2016, 06:40 PM - Edit history (1)

and it seems like no one likes that idea. Multilateral governance of trade seems as unpopular on the left now as it has been for a long time on the far-right.

Trump (and Coolidge/Hoover who came before him) would have a world of 200 country-islands each limiting trade with OTHERS who are out to do US harm. FDR and many others believed that the experience of the 1920's proved that does not work. He tried to set up a trading organization that would take the setting and governing of trading rules out of the hands of national governments since, in his view, history showed that governments always reacted to economic problems (and corporate lobbying) by imposing tariffs on THEM (who are neither voters nor campaign donors).

I do tend to agree that a 'revolution' will come. Krugman has pointed out that the world has gone through the cycle of protectionism (usually republicans) to globalization (usually Democrats) back to protectionism and back to globalization several times before. I suspect that many on the right (certainly Trump's supporters) and some on the left are ready for a return to protectionism (or nationalism, if you prefer) and to solve our economic problems by putting tariffs on stuff THEY send us. So the cycle will continue. Call that continuing cycle a 'revolution' if you want.