Thursday, February 23, 2017

What is Economic Nationalism?

The recent Brexit of the UK from the European Union and the election of Donald Trump in the US has given way to the rise of the term economic nationalism to describe the tendency of these countries to focus more on the economic success of domestic citizens and their businesses than, say, globalization or the overall health of the global economy. Basically, the currently elected leadership of the UK and the US have decided to prioritize their own countries above those involved in trade agreements or other international organizations.

This shift in focus appeals to nationalists and those who view globalization as a threat to their personal economic security. On the other hand, globalists believe protectionist economic measures are kneejerk reactions to the inevitable march towards global integration and a single, global society. The media, of course, portrays these two sides as fundamentally opposed and locked in a partisan battle for the future shape of the global economy. As with many things in this world, we shall see that, despite smart people and extensive propaganda supporting both sides, both the globalists and nationalists have proven quite short-sighted when it comes to the best way to reorganize economies.

In reality, a basic income guarantee would support the goals of both parties: to ensure economic stability for as many people as possible so we can truly unleash our potentials as human beings. If you believe your first priority is to your fellow countrymen, then a basic income guarantee would not only end poverty for all those with whom you share citizenship, but would amount to a huge economic stimulus with largely domestic effects. The only thing better than a basic income guarantee within a single country would be if it were extended to all the world's citizens. Actually, this would not even be against an economic nationalist's goals as the result of ensuring a decent income for all the world's people is essentially giving 7 billion people spendable income with which to buy your country's products (providing they are the best available). So, let's get together and make a move that will help all economies, global and domestic, let's support a basic income guarantee.

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