National Self-Reliance Is On the Rise: China and the U.S.
Balancing globalized trade and capital flows with domestic self-reliance and control of credit and capital is a positive development for everyone.
This week’s focus is on self-reliance, a topic of increasing relevance than is more complex that it may seem.
The flip side of the decline of hyper-globalization is the rise of national self-reliance. We can see this dynamic expanding in real time across the globe, particularly in China and the U.S.: though still bound by trillions of dollars / RMB in investment and trade, the two nations are seeking to balance their dependency on the other by increasing their self-reliance with their own resources and technologies.
This reduction of a potent source of instability (dependency) in favor of national self-reliance is a positive development. Just as household self-reliance doesn’t mean self-sufficiency (something I explain in Self-Reliance in the 21st Century), national self-reliance doesn’t mean self-sufficiency: trade and diplomatic ties with other nations are beneficial, but it doesn’t serve anyone’s interests to be so beholden to other nations that blackmail become a temptation.
But withdrawing from the world has risks, too. The idea
Article from LewRockwell
LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.