Globalization and the New Nationalism Collide

The global financial crisis has exposed mutual interdependence and the need for multilateral rules. Leaders like Gordon Brown, Nicolas Sarkozy and George Bush plan international meetings, including leaders from emerging economies, and talk of the need for international regulations. Contradicting the internationalist spirit is nationalistic talk – opposition to foreign investment, immigration or financial assistance for neighboring countries that might be struggling. “The underlying problem here is a big disconnection between an analysis that sees all these governments agree that they must work together and a politics that drives them to guard jealously their national prerogatives,” writes Philip Stevens for Financial Times. Countries are understandably concerned about relinquishing sovereignty, suspicious that others may take advantage of any moment of weakness. But a new international order that thoroughly protects all requires every member nation give up some authority and agree to work for the common good. – YaleGlobal