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Foreign Economic Policy Of Barack Obama

Essay by   •  April 18, 2011  •  1,449 Words (6 Pages)  •  1,379 Views

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Considering the fact that the US is one of the leading countries in the world, the foreign economic policy of the US is extremely important for the development of the US as well as for the development of the world at large. In actuality, it is the only superpower in the world and its economy is apparently among the world’s leading economies. At the same time, due to the process of civilization the international cooperation between countries grows stronger making them more dependent on each other then they have ever been before. In such a situation, the stability of the US economy and its foreign economic policy becomes particularly significant, because, as the current economic recession in the US proves, the deterioration of American economy and its economic cooperation with other countries will definitely cause considerable problems in other countries of the world. In such a context, the Presidential elections become particularly significant since the election of the new president may lead to the change of the foreign economic policy of the US. The change would be the more significant the more different views of the new president on the foreign economic policy will be. In this respect, it is necessary to dwell upon views of Barak Obama as one of the major candidates from the Democratic Party and as a probable winner of the presidential race.

Basically, Barak Obama in his presidential campaign lays emphasis on the necessity of the change that should start at the moment. This means that in case of the election of Barak Obama, he will more likely start the change or changes he talks so much about. In this regard, the US economy will be naturally one of the major concerns of Barak Obama, as well as any other candidate that will take the office this year. On analyzing the position and views of Barak Obama concerning the economic development of the US at large and its foreign economic policy in particular, it should be pointed out that he perfectly realizes the current problems the American economy faces at the moment. In fact, it is not only the recession, but also the negative trends in the foreign economic policy and international economic relations of the US with other countries of the world.

To put it more precisely, Barak Obama agrees that 7% deficit of Gross Domestic Product is the largest trade deficit of the US, which has never been higher (Barak Obama’s Economic Agenda, 2008). At the same time, he views the foreign economic policy as an important factor that can improve the situation in the US and stimulate the recovery of the national economy. In this respect, it should be said that Barak Obama targets at the introduction of quite a strict foreign policy which could facilitate the process of entering foreign markets for American companies and goods (Barak Obama’s Economic Agenda, 2008). What is meant here is the fact that one of the priorities of Barak Obama, as the candidate and probably the future President of the US, is the support of the trade policy that opens foreign markets for American goods.

In actuality, this means that the US should accelerate cooperation with other countries eliminating fiscal barriers on the way of American goods in these countries. On the other hand, Barak Obama indicates to the necessity of the protection of the national economy by means of introduction financial barriers on the way of foreign products and goods that could compete with American ones or even replace them. Such a position of Barak Obama implies that, on taking the office, he will use trade agreements to create favorable conditions for American companies and goods.

At the same time, an important point of the contemporary economy, especially on the international level is the environmental protection. In this regard, it should be said that Barak Obama promises to establish good environmental standards around the world. In actuality, this means that the foreign economic policy of the US may change in relation to environmental standards. For instance, the import of some goods, which do not meet high environmental standards, may be limited or banned. On the other hand, the establishment of high environmental standards by means of international agreements naturally evokes the problem of the Kyoto agreement, which the USA has refused to sign under the current President. However, even in case of the victory of Barak Obama the ratification of the Kyoto agreement is quite doubtful since it will harm to the national economy, which protection is the major priority of Barak Obama.

In terms of such protectionist policy, Barak Obama argues that it is necessary to stand firm against agreements like the Central American Free Trade Agreement, which apparently weakens the position of American companies and goods not only in the international markets but even in the domestic market within the US. Obviously, such agreements create favorable conditions for the substitution of American products by products from developing countries, which are consistently cheaper, while their quality may meet the demands of customers. As a result, the refusal or the opposition to such agreements will prevent the further weakening of American companies and the protection of the national economy from the expansion of foreign goods.

Basically, it is possible to estimate that such a position of Barak Obama is, to a significant extent controversial. On the one hand, Barak Obama insists on the necessity to stimulate foreign markets expansion of

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