The Economist February 07th - February 13th 2009
The Economist (February 07th - February 13th 2009)
129 Pages | English | PDF 2 MB | Audio 135 MB | MP3
The return of economic nationalism
A spectre is rising. To bury it again, Barack Obama needs to take the lead:
When economic conflict seems more likely than ever, what can persuade countries to give up their trade weapons? American leadership is the only chance. The international economic system depends upon a guarantor, prepared to back it during crises. In the 19th century Britain played that part. Nobody did between the wars, and the consequences were disastrous. Partly because of that mistake, America bravely sponsored a new economic order after the second world war.
Once again, the task of saving the world economy falls to America. Mr Obama must show that he is ready for it. If he is, he should kill any “Buy American” provisions. If he isn’t, America and the rest of the world are in deep trouble.