Containing the economic nationalist virus through global coordination
© VoxEU. Reposted with permission.
Economic nationalism has resurfaced in a global economy already weakened by the COVID-19 pandemic. People and politicians try to look after those closest to them, hoarding medical equipment and withholding aid for poorer countries. But these policies are self-defeating. Over time, countries that try to decouple from the global economy will end up suffering more from lack of diversified sourcing and unavoidable local shocks.