Valdai Paper #80: The Global Resurgence of Economic Nationalism

21.12.2017

Against a background of shifting geoeconomic power from the West to the East, economic nationalism has become the development strategy that allows rising powers to reverse negative asymmetry in interdependent economic relationships.

All major economies have ascended to greatness with state interventions. They are protection of infant industries, secured access to resources, and established mechanisms for collective bargaining power that allowed such countries as the UK, Germany, and the US to ‘climb the ladder’ in the global economy. However, following their rise with economic nationalism they turned out to be leading proponents of economic liberalism in order to ensure the beneficial asymmetry and cement a privileged position.

Nevertheless, the ongoing shift opens up new opportunities for rising powers to convert economic relations into more symmetrical ones. In this regard, the Russia’s embrace of Greater Eurasia is a great chance to diversify Russian partnerships, reducing dependence on Europe. Ultimately, it is a good way for Russia to obtain a seat at the table where the mechanisms for future cooperation are developed.

So, who will benefit from the global resurgence of economic nationalism and what does it mean for Russia? Find all details in the new Valdai Paper by Glenn Diesen, Western Sydney University, Australia.

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