Sunday, September 21, 2008

The Financial Crisis and Isolationism

A friend today said to me, "Maybe we should be willing to spend extra money to buy American-made products. The Chinese are going to fund our new government intervention in the economy but we should be taking care of ourselves."

I think that this sentiment is exactly misleading. Our weaknesses are tied, in part, to our failure to recognize that we need to market ourselves to the world. Turning inward would be a temporary salve but would actually be the harbinger of gradual economic and political decline.