Does Economic Isolationism Work?

The war in Ukraine looks set to continue for a long time. A 90 minute high-level meeting between the two parties, mediated in Turkey, got nowhere today.  Meanwhile, the west is imposing more and more sanctions on Russia. Putin spoke calmy at a press conference today about how they will manage these increasing constraints on trade and finance, making out it wasn’t really a big deal. So will they make their way through it, or will these sanctions be the nail in the coffin for Putin’s plan? Or will they just make him more resolute? Will he start to attract the support from his people that Hitler gathered between the two world wars? Phil Dobbie talks to Prof Steve Keen, asking whether we are taking the right approach on this. Whatever the outcome, Steve reckons we should prepare for more unrest in the future, as demand for minerals heightens and the world is split between those with them, and those without them. Could this resource split and an increasing sense of protectionism become a deadly combination?

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