A new global order emerging under President Trump’s realpolitik
DOI:
https://doi.org/10.26485/SPE/2026/139/7Keywords:
the neoclassical theory, globalization, free trade, protectionism, D. Trump policiesAbstract
Background: Trump-era policies pushed against key neoclassical assumptions: trade protectionism instead of free trade, pressure to reshore manufacturing, prioritizing national over global efficiency. The 21st. century has been marked by a gradual erosion of the liberal international order and the rule of law that emerged after World War II. The American president D. Trump has rejected these premises. He treated globalization not as positive sum process but as a mechanism of exploitation by foreign states and corporations of American workers. He broke with 200 years tradition of “free trade”. His policy goes against the classic neoclassical emphasis on comparative advantages and open markets.
Research purpose: The question arises whether this new policy can be considered as a permanent trend of the American policy or just the passing whim of an authoritarian US leader. The authors try to answer if these measures can have a real long term impact on the neoclassical path of development and globalization.
Methods: Authors use qualitative methods (mainly literature review and observations)
Conclusion: The analysis leads to the conclusion that the classical fundamentals of the neoclassical theory will certainly be modified. We cannot say yet to what extent these modifications will take place: which parts of neoclassical theory are fading fastest, and which are still very much alive.
JEL classification: F00, F02, F11, F59, F41
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