The global economy

On 17 September 2002, 20 months into his presidency, George W. Bush released his administration's National Security Strategy (NSS). There, for the first time, the various elements of what became know as the ‘Bush Doctrine’ were formally articulated, for many confirming a historic shift in American foreign policy. Interestingly, the NSS not only reaffirmed preventive action as the approach of choice to deal with rogue states and terrorists harbouring weapons of mass destruction, it also made foreign economic policy a major tool of America's grand strategy. As part of its fight against terrorism, the US would ‘ignite a new era of global economic growth through free markets and free trade’ and ‘expand the circle of development’ (White House 2002). This chapter explores the consequences of Bush's military and economic priorities for the global economy.