Free Market Principles in the Face of Economic Nationalism with Dr. Tom. G. Palmer скачать в хорошем качестве

Free Market Principles in the Face of Economic Nationalism with Dr. Tom. G. Palmer

Free Markets Training Discussion with Dr. Tom. G. Palmer, VP of Atlas Network The post-Cold War consensus, characterized by rapid globalization, financial integration, and the embrace of classical liberal economics, is currently under unprecedented strain. For decades, the theoretical advantages of comparative advantage (Ricardo, 1817) and open capital markets (Krugman, 1998) defined global policy. However, the confluence of the 2008 financial crisis, the COVID-19 pandemic, and geopolitical tensions has fueled a powerful resurgence of Economic Nationalism. This shift prioritizes domestic supply chain resilience, strategic industry protection, and local job creation over purely efficient global allocation. Developed economies, particularly the US and EU, are increasingly deploying protectionist tools such as industrial subsidies, domestic content requirements, and strategic trade barriers, often termed "friend-shoring" or "derisking". While these policies are framed as safeguarding national security and domestic workers, they challenge the foundational doctrines of the multilateral trading system (WTO, 2021). For emerging economies, such as those in Africa, this policy pivot presents a significant dilemma. Nations like Cameroon rely heavily on predictable global markets, foreign direct investment, and access to value chains. The return to state-centric economic planning in the North risks fragmenting global markets, raising costs, and creating a weaker incentive for developing countries to adopt market-driven policies to boost development. This discussion seeks to explore this tension from both the perspective of advanced countries grappling with populism and that of African nations whose development strategy hinges on a stable, open global order. How can developing countries best approach principles of free market – limited government, voluntary exchange, competition, and property rights – in the context of economic nationalism? This training; 1. Compares and contrasts the theoretical outcomes of policies based on classical principles (e.g., competition, property rights, voluntary exchange) with modern state-led industrial policies and trade protectionism. 2. Examines the practical, short-term, and long-term implications of rising protectionism and supply chain "derisking" in the Global North on the perception of free market principles in the Global South. 3. Identifies potential hybrid policy recommendations that legitimize free-market policies while preserving the core benefits of global economic cooperation and growth. Moderator: Henri Kouam, Founder & Executive Director, Cameroon Economic Policy Institute (CEPI) Trainer: Dr. Tom. G. Palmer, Vice President, Atlas Network, United States