History shows that protectionism rarely works out well. Despite a legacy of global openness, recent US tariff policies have sparked heated debates on whether shielding domestic interests really pays off. 📉
While the ideas of protectionism, autarky, and swadeshi might sound appealing in catchy speeches and populist rallies, evidence suggests they lead to inefficient economies. Tariffs force countries to divert from what they do best, causing misallocations and even huge losses – some estimates talk about up to $10 trillion in global market value wiped out in just one recent week!
For young professionals and tech enthusiasts in South and Southeast Asia, this is a timely reminder that our digital, interconnected world thrives on collaboration and open markets. Think of it like a startup scene where pooling ideas and resources drives innovation instead of isolation. 🚀
Ultimately, history and current economic trends urge us to value global connections over outdated models of self-reliance. Embracing openness not only bolsters growth but also sparks creativity in a fast-paced, tech-driven era.
Reference(s):
Historical perspective: US trade wars have generally proved disastrous
cgtn.com
