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America’s decision to abandon the global system it helped build, and then preserve for more than seven decades, marks a turning point, because others lack either the interest or the means to sustain it. The result will be a world that is less free, less prosperous, and less peaceful, for Americans and others alike.
Almost daily, new evidence emerges that Trump remains committed to his “America First” approach, which renounces the traditional US role as the world’s main defender of liberal democracy. The only way to protect the liberal world order is for other powers – beginning with the EU – to step into the breach.
The United States’ federal budget deficit is currently projected to explode, increasing the federal debt to unprecedentedly high levels. A very gradual fiscal consolidation, with federal spending as a share of GDP declining slightly each year, would both raise economic growth and create a more resilient economy.
NEW DELHI – After a run of nearly one thousand years, quipped the French philosopher and writer Voltaire, the fading Holy Roman Empire was neither holy nor Roman nor an empire. Today, some two and a half centuries later, the problem, to paraphrase Voltaire, is that the fading liberal world order is neither liberal nor worldwide nor orderly.
The United States, working closely with the United Kingdom and others, established the liberal world order in the wake of World War II. The goal was to ensure that the conditions that had led to two world wars in 30 years would never again arise.
To that end, the democratic countries set out to create an international system that was liberal in the sense that it was to be based on the rule of law and respect for countries’ sovereignty and territorial integrity. Human rights were to be protected. All this was to be applied to the entire planet; at the same time, participation was open to all and voluntary. Institutions were built to promote peace (the United Nations), economic development (the World Bank) and trade and investment (the International Monetary Fund and what years later became the World Trade Organization).
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