Odd Lots Martin Wolf on Trump's Shakeup of the Global Order
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Apr 21, 2025 
Martin Wolf, Chief Economics Commentator for the Financial Times and noted author, discusses the recent upheaval in global trade sparked by President Trump's tariffs. He delves into how these policies challenge the very foundations of globalization and affect international politics. Wolf analyzes potential responses from Europe and China, providing insight into the complexities of U.S. isolationism and the shifting economic landscape. He also examines the impact on the U.S. dollar and how rising populism influences global economic dynamics.
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Financial Crisis Fuels Populism
- The global financial crisis shifted many conservative Americans' views on free markets, fueling populist nationalism.
- This shift facilitated Donald Trump's rise as he embodied reactionary attitudes without economic baggage.
Dollar's Burden or Privilege?
- The U.S. benefits greatly from the dollar's global reserve currency status despite complaints.
- Attempts to shed this 'burden' conflict with desires to keep associated privileges and power.
UK Productivity Puzzle
- UK productivity growth collapsed post-2008, contrasting with earlier strong gains.
- The decline stems from widespread loss of dynamism, not explained fully by one sector or policy.
