Professor Jeffrey Garten from Yale Univerisity published an article in The Wall Street Journal (The Dangers of Turning Inwards, Feb-28-Mar 01) and coined the term Economic Nationalism. With rising unemployment, Governments are understandably becoming more and more protectionist, and anti immigration when it comes to employment. The doors to trade and immigration are being closed.
We are seeing this with increased denials of employment based visas, especially treaty visas like the TN. And the US is not the only culprit. UK, Japan, Germany, France, are all becoming more protectionist starting a deglobalization trend. However this could hurt commerce massively. We need to export goods to other countries. If wee cannot export our goods to the emerging markets, we will not be able to prosper. Additionally the article argues that if markets turn inwards, we will not be able to take care of the global issues.
The we might also have what happened in the 1930s. Global nationalism led to political nationalism and the rise of the Nazi party.
The article argues for a new global banking regulator, whereby the US and European banks will take similar action and be governed by similar laws.
Similar movement should be happening to immigration. Until we get out of this financial mess, we should let the market control immigration, instead of restrictionist Governmental policies. Then and only then will we get the best talent to get out of the recession.
Contact Houston Immigration Lawyer, Annie Banerjee for more details
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