Hello PB, on <<protectionism>>, I doubt it will work to any single protectionist country's long term advantage, and it cannot work for any less-than-continental sized economies benefit.
I suspect that the UK cannot close its borders, because it is not and cannot be self-contained. Should the UK only trade with the US and similarly wealthy nations, then the single exception of a wealthy nation trading with the emerging world will eventually dominate all.
I even doubt the US can close its borders, and not only because of financing and financial flow reasons, but more because should the US do so, the edge will be taken over by the remaining trading nations, say Japan, Russia, China, India, Brazil, ...
Should all nations go protectionist all at the same time, then ... I suppose there will be a financial collapse, followed by a resource crunch for the non-trading nations, ... and all leading eventually to war.
Either way, a financial collapse is unavoidable, and a big war at some point is certainly a possibility.
This is the abyss we are staring at.
Should globalization proceed, twisting, shouting, zigging and zagging, much unpleasantness will take place.
So, Door #1 and gate #2, leading to hell and purgatory.
Chugs, Jay |
