[Marxism] WSWS: The rising tide of economic nationalism

[Jerry Wells <jeremy@xxxxxxxxxxxxx>]

FYI-
A critical socialist perspective against "Buy American"
protectionism.

The rising tide of economic nationalism
30 January 2009
Peter Symonds

(Link to full article:)
http://www.wsws.org/articles/2009/jan2009/pers-j30.shtml

(excerpts:)

As the global economic crisis continues to deepen, the unmistakable
stench of economic nationalism is on the rise around the world.
Confronted with collapsing industries and growing anger over job losses,
governments are reaching for protectionist measures despite the
disastrous consequences of such beggar-thy-neighbour policies in the
1930s.
...
The new Obama administration spurred on the rising tide of protectionism
with the comments last week of Treasury Secretary nominee Tim Geithner
accusing China of manipulating its currency to boost exports.
Designating Beijing as a âcurrency manipulatorâ would allow the White
House to invoke a broad range of punitive tariffs and other economic
penalties against China under US trade legislation.
...
The Democrats in the House of Representatives went one step further by
including a âBuy Americanâ provision in Obamaâs $825 billion stimulus
package approved on Wednesday. The clause, which requires infrastructure
projects funded by the package to use only US-made iron and steel, has
provoked protests from European steelmakers. Democrat senator Byron
Dorgan is proposing a broader measure to exclude most foreign-made
manufactured goods when the package reaches the Senate.
...
The working class cannot defend its interests under the banner of either
protectionism or âfree tradeâ. 






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