President Obama Addressing Joint Session of U.S. Congress
President Obama, in his first address before a Joint Session of the U.S. Congress outlined the vision and policy priorities for his Administration. Prominently outlined as part of that vision for a 21st century America was a finely calibrated connection between the economic prosperity of the nation, and maintaining the U.S. position as the dominant global leader. The president remarked,
We know the country that harnesses the power of clean, renewable energy will lead the 21st century. And yet, it is China that has launched the largest effort in history to make their economy energy efficient. We invented solar technology, but we’ve fallen behind countries like Germany and Japan in producing it. New plug-in hybrids roll off our assembly lines, but they will run on batteries made in Korea.
Well I do not accept a future where the jobs and industries of tomorrow take root beyond our borders – and I know you don’t either. It is time for America to lead again
Clearly, whether or not the United States, under President Obama’s vision, maintans a leadership position in the world is heavily dependent upon how, or if the nation is able to respond effectively to its current economic challenges — fomented largely by un or under-regulated financial Markets, and the cowboy capitalism mentality of Wall St. In addition, his comments speak glaringly of a strain of ‘Economic Nationalism‘ — an inward looking, self-reliant, gobally competitive America.
What this might mean in terms of U.S. foreign policy and international relations is a tougher, stronger negotiating stand in defending U.S. global commerce interests and competitiveness; as well as U.S. economic security. This also implies a continuation of former President Bush’s Trade policy prediliction for ‘Bi-lateralism’ over Globalisation. Lastly, this tougher position on the nation’s economic security and competitiveness may contribute to a slow creep toward increased tensions with global trading partners over trade and international commerce issues, such as environmental and labor standards and ‘Rule of Law’ protections for private property rights; as well as foreign policy initiatives based on bi-lateral economic and financial markets issues. Look for increased work load for WTO lawyers and legal systems as an early sign of things to come.
