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Showing posts with the label protectionism

Disaster Nationalism. Class: Not the Economy, Stupid

By Richard Seymour On the one hand, it is obvious that the recent rise of right-wing nationalism has something to do with the economy, and specifically with the global financial crash of 2008. The electoral record in Europe between 1870 and 2014 suggests that voters generally respond to financial crises by moving to the right, with the far right gaining the most. On average, far-right parties increase their vote share by 30 per cent after such a crisis. On the other hand, decades of research have failed to find any evidence that voters respond to personal economic suffering by punishing the incumbent. Belonging to a group whose economic interests have been directly harmed seems only rarely to change political preferences. We are passionate animals. Passion, as Karl Marx wrote, is our ‘essential force’. To understand what’s happening today, we must return to the passions. Among the passions, the most important for this chapter is resentment. For good reasons, resentment is seen as a dis...

Core Aspects of Trumpism Have Been Institutionalised

“Over the last eight years, but especially during the Biden administration, core aspects of Trumpism have been institutionalised. Let’s take a look at the record. First, the ‘China problem’ identified by Steve Bannon and Peter Navarro, became a bipartisan obsession. It is now hegemonic to the extent that Harris attacked Trump from the right on this issue during their debate, condemning him for having ‘sold us out’ by selling chips to China. (He, in fact, limited sales of chips to China.) Second, economic nationalism – including protectionism, stimulus and a domestic industrial policy – was embraced far more vigorously by Biden than Trump. Ironically, he was enabled in this by pressure from the Sanders left, just as Trump was inhibited by pressure from the Republican right. Third, the far right’s borders agenda has been adopted uncontested, and now forms a major plank in Harris’s platform. Fourth, in all essential ways, Biden adopted Trump’s foreign policy. The withdrawal from Afghanist...