Geoeconomics and protectionism: the harsh law of the hammer
In the global trade debate, what seems to prevail is the “law of the hammer”: when the only tool available is economic power, every problem in the world starts to look like a nail to be hit with it. Thus, tariffs become the answer to challenges ranging from trade deficits to national security; protectionism turns into political language; and globalization – reduced to a battlefield – loses its nature as a shared project. Yet the real challenge for Europe and the West lies elsewhere: to develop their own idea of “reglobalization,” one capable of reconciling openness with security, and growth with social justice.
