Xenophobia and Isolationism
There is a few interesting articles on the port deal controversy in today's Financial Times (here, here, and here (sub rqd)), but a quote from one of them opened up a broader discussion about what the ports controversy illustrates about the movement of American popular thinking. The article notes that:
This is not exclusively because of the attempt by the Dubai state-owned company Dubai Ports World to buy the British-based P&O Company that now controls 5 ports in the U.S.; it has been rising for the past four and a half years since 9/11. Before 9/11, the country was largely behind the Clintonian opening of the American economy to the rest of the world. Since 9/11, with much blame to be placed at Bush's feet for his fear-mongering, particularly in respect to Arabs and Muslims, the country has been moving towards isolationism in economics and foreign policy. The nation-building in Afghanistan and the quagmire in Iraq have added to this increase in xenophobia and isolationism. But, of course, it is not just Arabs and Muslims that have borne the brunt of these beliefs, China has seen its fair share. Politicians on the anti-trade wings of both parties like Sen. Schumer (D-NY) and Sen. Graham (R-SC), who have called for increased tariffs on Chinese imports to counter what they see as unfair trading practices. If the U.S. moves towards regulating foreign investment politically, as bills in front of Congress propose, it will represent a step back for U.S. interests because of reciprocal barriers and less willingness to invest in the U.S., either out of concern that it will be blocked or on principle. Part of the problem may come in the form of reduced purchases of our debt, which will increase the borrowing costs (and worsen the deficit). But on a more general point, the U.S. has been best when it was open economically and in terms of foreign policy and weakest when it has been isolationist (like between the two World Wars).
"Some observers believe that the controversy has exposed growing xenophobia and deep-rooted isolationist instincts within a country that feels threatened by a hostile world"
This is not exclusively because of the attempt by the Dubai state-owned company Dubai Ports World to buy the British-based P&O Company that now controls 5 ports in the U.S.; it has been rising for the past four and a half years since 9/11. Before 9/11, the country was largely behind the Clintonian opening of the American economy to the rest of the world. Since 9/11, with much blame to be placed at Bush's feet for his fear-mongering, particularly in respect to Arabs and Muslims, the country has been moving towards isolationism in economics and foreign policy. The nation-building in Afghanistan and the quagmire in Iraq have added to this increase in xenophobia and isolationism. But, of course, it is not just Arabs and Muslims that have borne the brunt of these beliefs, China has seen its fair share. Politicians on the anti-trade wings of both parties like Sen. Schumer (D-NY) and Sen. Graham (R-SC), who have called for increased tariffs on Chinese imports to counter what they see as unfair trading practices. If the U.S. moves towards regulating foreign investment politically, as bills in front of Congress propose, it will represent a step back for U.S. interests because of reciprocal barriers and less willingness to invest in the U.S., either out of concern that it will be blocked or on principle. Part of the problem may come in the form of reduced purchases of our debt, which will increase the borrowing costs (and worsen the deficit). But on a more general point, the U.S. has been best when it was open economically and in terms of foreign policy and weakest when it has been isolationist (like between the two World Wars).
posted by Biafra27 at 1:23 PM
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