Valdai Paper #80: The Global Resurgence of Economic Nationalism


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.

Related articles

New Cold War or Recalibration of the Global System?
On May 24, 2018, within the framework of the business program of the St. Petersburg International Economic Forum, the Valdai Discussion Club held a session, titled "Turning Back the Clock:

Club Events
The Rising Role of South-South Integration
In the past several decades global trade experienced notable fluctuations, with the post-2007 period in particular exhibiting negative trends amid rising protectionist pressures. The recent

Expert Opinions