Retreat from Globalization

Bush appeases the anti-globalizers; the Democrats embrace them; the economy bubbles along; and the clouds gather.

Issue: Spring 2004

"Nothing is more usual, among states which have made some advances in commerce, than to look on the progress of their neighbours with a suspicious eye, to consider all trading states as their rivals, and to suppose that it is impossible for any of them to flourish, but at their expence."

--David Hume, Of the Jealousy of Trade

These are days of optimism about U.S. and world economic prospects. The U.S. economy is poised for strong recovery, most Wall Street economists say. The optimism seems as misplaced as it was in 1999 when the U.S. economy was generally described in miraculous terms yet was on the verge of downturn and two years short of outright recession.

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