Mercantilist Turn and National Market Liberalism Reshape Global Trade: A Structural Shift Beyond Simple Anti‑Globalisation Narratives
Original framing: “Odd Lots: Branko Milanovic on the New Economic Order (Podcast)” — Bloomberg
The current shift mirrors earlier mercantilist eras where states used tariffs, subsidies, and colonial monopolies to direct wealth toward national coffers. Post‑World War II liberalism represented a rupture, yet the resurgence of strategic state intervention follows a cyclical pattern tied to geopolitical competition and crisis response. Recognizing these cycles reveals that ‘globalization death’ is less a terminal event than a phase transition within a longer economic dialectic.
The rise of national market liberalism is not merely a reaction against globalization but a structural pivot rooted in historical cycles of state‑directed trade, climate‑driven supply‑chain reconfiguration, and digital platform consolidation.
By integrating indigenous stewardship, cross‑cultural policy experiments, and rigorous scientific modeling, we can design multilateral and regional mechanisms that balance sovereign control with equitable, climate‑resilient growth. Amplifying marginalized voices and employing trickster insights uncovers hidden power dynamics, guiding reforms that redistribute benefits and mitigate systemic risks. Actors ranging from sovereign governments and multilateral institutions to community cooperatives and indigenous councils must coordinate to operationalize these pathways, drawing on historical precedents of coordinated trade regimes and contemporary climate justice movements.