Economic Nationalism as the Fourth Era of International Trade Law

Daniel H. Joyner

 

ABSTRACT: This article contextualizes and explains, from both theoretical and practical perspectives, some of the most recent and impactful changes to international trade law development in critical and emerging technology areas. It begins by describing developments in international trade law in the 20th and 21st centuries through the identification of four eras of that development: 1) pre-war protectionism (1921-1934); 2) post-war multilateralism (1947-2000); regionalism (2001-2016); and finally, post-multilateral economic nationalism (2017-present). It then focuses on this fourth era, which has been marked by unprecedented uses of unilateral regulatory barriers to trade including discriminatory tariffs, anti-dumping and countervailing duty impositions, export controls, sanctions, investment restrictions, and industry-specific subsidies, imposed by multiple countries, and led by the three largest economies (the US, China, and the EU), all in a significant deviation from the trade law and policy of these countries in previous eras. Understanding this turn to economic nationalism, as manifest in the current era of trade law development, is key to understanding current dynamics in global trade law and policy, particularly in critical and emerging technology areas such as artificial intelligence, microcomputing, quantum computing, neurotechnology, robotics, and biotechnology.