Global Shift towards Protectionist Policies

Countries around the world, including the United States, Europe, and Asia, are increasingly pursuing protectionist agendas through subsidies and industrial policies. The move away from global cooperation and towards zero-sum competition is exemplified by China's integration into the world economy, leading to a response from the US with bills such as the CHIPS Act and the Inflation Reduction Act. Europe has also been developing its own subsidies and industrial policies, while Asian countries like Taiwan, Japan, and South Korea have increased their subsidies. This shift towards protectionism poses risks to economic efficiency, market distortion, and the ability to address global problems.