'Economic nationalism not bad but tariffs not the answer': Panellists at WEF
Economic nationalism has its roots in policy makers ignoring citizens’ quest for stability, and it has even helped countries such as South Korea and China build their economies though resorting to tariffs by the Trump administration to address those issues may be a mistake, panellists at the World Economic Forum (WEF) debating ‘Rise of Economic Nationalism’ said.
Budget with ET
Rising Bharat may need to take center stage for India’s game-changing plans
Will Indian Railways accelerate to global standards with govt’s budgetary allocation?
Budget 2025 to catapult India's domestic manufacturing to a global scale
The four member panel consisting of the Prime Minister of Netherlands Dick Schoof, German issuer and asset manager Allianz’s CEO Oliver Bate, United Nations (UN) Secretary General for Trade and Development Rebeca Grynspan and Harvard Kennedy School of Government professor Dani Rodrik said that economic nationalism has risen due to some failures of the free trade which cannot be wished away, but trade restrictions are not the solution.
“Economic nationalism has come because we did not recognise the problems like stability and loss of employment or inflation. But the risk is that we are looking at the wrong solution to the right problem. We should not throw the baby with the dirty water,” said Grynspan from the UN. Trade is a big part of the development of small countries and will impact them more than the big countries, she said.
But Rodrik, a professor at Harvard Kennedy School said economic nationalism should
