Trump's trade policies can be justified, but only if accompanied by a national development strategy here at home. The Green New Deal is that strategy.
, it is in a certain sense natural for those of us who’re bemused by the man to ‘pile on’ where his trade policy’s concerned. Surely he’s flying as blind in this realm as he is on most other things, it is tempting to think or to say.
The problem with Trump is accordingly not with what he is doing, but with what he is failing to do. The problem, in other words, is with the follow-through – or more precisely the lack of it. To reduce all to a slogan, Trump is playing half-Hamilton, while what’s needed is full Hamiltonianism.are all stories of statespeople who dismissed purist trade theory as silliness and took well-planned action to mobilize and orchestrate national investment in the interest of national opulence.
An analogy comes to mind: a functioning organism isn’t just arms and legs, it’s arms and legs as guided by a sound-thinking head. A nation’s economy is likewise.often is individually rational for human beings with brief lifespans to speculate on price movements in secondary financial and tertiary derivatives markets rather than to invest ‘patient capital’ in new game-changing primary markets, at least absent some means of foreshortening long-term gains in a way that remunerates now-living people. This is a straightforward application of ‘
,’ familiar to yet mysteriously ignored by even many orthodox economists. And it’s the secret behind our economy’s ‘financialization’ in recent decades at the expense of its erstwhile productive prowess.
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