The Phenomenon of individualism : A Case Study of Increasing Trade Measures in the Globalization

Abstract

Individualism is a shift from global economic interconnections toward policies focused on national interests and self-reliance. This phenomenon is driven by various factors, including political tensions, economic uncertainties, and social challenges such as income inequality. Trade protectionism, which is at the core of individualism, includes policies such as imposing tariffs, restricting imports, and supporting domestic industries. These measures aim to reduce dependence on foreign goods and protect the national economy. However, they also have an impact on the global economic system. Key factors driving trade protectionism include economic nationalism, the impact of global economic crises, and geopolitical tensions. Notable situations include the trade war between the U.S. and China, the European Union's environmental tariffs, and India's “Make in India” initiative. The increase in trade protection measures, as part of the individualism phenomenon, reflects the complexity of the interplay between economic, political, and social factors. While these policies aim to protect national interests, they also risk undermining the benefits of globalization, such as efficiency, innovation, and international cooperation. Striking a balance between national interests and global cooperation is crucial for fostering sustainable economic growth in today's interconnected world.