Trump’s Brand of Economic Nationalism Is Perilous, History Says

Aggressive economic nationalism is in vogue in Washington. Calls to “Make America Great Again” emanate from the White House and are emblazoned on the red caps that are ubiquitous in many parts of the country. While the exact contours of this program remain amorphous, it includes sharply increased tariffs to advantage domestic industries; fantastical neocolonial schemes involving Greenland, Panama and Canada; proposals for the government to take an ownership stake in private companies; and Washington-led efforts to secure access to raw materials. Making America great again seems to require massive state intervention—not just a deliberate politicization of markets, ...