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Analysis of the Economic Context from a Liberal Outlook

Daniel Lacalle, Doctor of Economics, Professor of Global Economics and Finance, Investment Fund Manager, and author of The new world economic order, recently shared his perspective on the global economic landscape. He stated, “There is a lot of talk of war as one of the factors that generate the most uncertainty in economics, but what really matters for this is the amount and price of money, which is, on the other hand, a reflection of credit capacity. Because states are financed by administering public debt, which is money.”

According to Lacalle, “now is when we are realizing that what we have lived in the last 25 years, The concept of multilateralism or globalism has never existed. Never.” He expressed surprise at the “media cataclysm” following measures taken by the Trump administration in the United States, noting that “Tariffs are not a novelty, but the norm of global trade. As we do not live in a free trade market but decided by governments,” emphasizing that “the world trade system is deeply unfair.”

“In that mirage of multilateralism, what we have done is to create norms for all countries, with an additional one: that there is one that dose not meet them, and that is China.” He argues that China’s non-compliance with world trade agreements has been permitted in exchange for western companies gaining access to its market, which, “except in three places, it is extremely poor.” This situation, he believes, is driving “The geopolitical change that is taking place with respect to China,” a shift that Lacalle traces back to the Obama administration, driven by an “objective of technological, energetic and financial decoupling of China.”

“Tariffs are not a novelty, but the norm of global trade. As we do not live in a free trade market but decided by governments”