New Rise of Nationalism

The WSJ has an article in today's paper discussing the rise in nationalism, and the decline in globalism. Over the past several decades, it seemed that the 'nation' would be a reduced factor in world affairs, and that global commerce would be able to knock down all barriers to local markets. The biggest example of this push towards globalism was the creation and continued expansion of the European Union.

Now many countries are asserting control over market forces. Since 2004 Russia, Venezuela, Bolivia and Ecuador have nationalized once private oil companies. 80% of the worlds oil-reserves are control by state owned firms. Countries continue to throw up barriers on exports and institute price controls for food stuffs.

Countries are also throwing up barriers to investments, especially from sovereign wealth funds which total almost $3 trillion dollars. Some countries have identified critical industries which will be protected from foreign investment.

Even the Internet is coming under nationalist pressures. Many countries have asked ICANN to develop a way for them to use their own local alphabet instead of the Latin based one. While in one respect this makes it easier for the local population to use the Internet, it closes off users from other countries.

"The era of easy globalization is certainly over," Daniel Yergin, Pulitzer Prize-winning author.

Source:
'Rise of Nationalism Frays Global Ties', by Bob Davis, WSJ {$$$}