Tuesday , March 31 2020
Home / Scott Sumner /The fruits of nationalism

The fruits of nationalism

Summary:
Bloomberg has an article discussing a US planning session for a global pandemic, which took place in 2019: Last October, about 50 national security experts gathered in Washington to role-play a global response to a frightening scenario: a pandemic sparked by a mysterious new coronavirus ravages the world, hitting North Asia, Europe and the U.S. especially hard. They got many things right, but were wrong about one aspect of the policy response: One thing it got badly wrong: Those involved — a mix of professors, international-relations theorists, intelligence experts and others — assumed the U.S. would lead the global response. . . . “Usually, when we see a global crisis like this you would expect there to be more international cooperation, more collaboration,” said

Topics:
Scott Sumner considers the following as important: , , ,

This could be interesting, too:

Nick Corbishley writes The .5 Trillion Global Tourism Industry Faces 0 Billion Collapse in Revenues, Based on Optimistic Assumptions

Daily Pfennig writes All Heck Breaks Loose!

Jay Taylor writes Johns Hopkins Hospital – Information about Coronavirus

Wolf Richter writes How Will COVID-19 Impact US Manufacturing? First Indications Are Ugly. Exacerbated by Underlying Conditions

Bloomberg has an article discussing a US planning session for a global pandemic, which took place in 2019:

Last October, about 50 national security experts gathered in Washington to role-play a global response to a frightening scenario: a pandemic sparked by a mysterious new coronavirus ravages the world, hitting North Asia, Europe and the U.S. especially hard.

They got many things right, but were wrong about one aspect of the policy response:

One thing it got badly wrong: Those involved — a mix of professors, international-relations theorists, intelligence experts and others — assumed the U.S. would lead the global response. . . .

“Usually, when we see a global crisis like this you would expect there to be more international cooperation, more collaboration,” said Yanzhong Huang, director of the Center for Global Health Studies at Seton Hall University in New Jersey. “That kind of spirit of collaboration I found was shockingly lacking in the current Covid-19 outbreak.”

Nationalists have been taking power all over the world in recent years, and now we discovering one of the costs of that selfish ideology.

Scott Sumner
Scott B. Sumner is Research Fellow at the Independent Institute, the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University and an economist who teaches at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion, popularized the idea of nominal GDP targeting, which says that the Fed should target nominal GDP—i.e., real GDP growth plus the rate of inflation—to better "induce the correct level of business investment". In May 2012, Chicago Fed President Charles L. Evans became the first sitting member of the Federal Open Market Committee (FOMC) to endorse the idea.

Leave a Reply

Your email address will not be published. Required fields are marked *