Trump-Millay alliance could shake the foundations of democracy and market economy
Enlarge imageArgentine President Millay. Photo = Reuters
The Washington Post conducted an in-depth analysis on the 25th (local time) showing that the far-right populist solidarity spreading around the world is shaking the foundations of democracy and the free market economy.
The Trump-Millay combination, so-called ‘anti-establishment solidarity’, is showing a double move of pursuing protectionism and isolationism while advocating free market principles.
Silicon Valley tech giants such as Elon Musk and Peter Thiel are actively supporting them, advocating reduced government intervention and easing regulations, which is interpreted as a strategic choice to expand the influence of big tech companies.
What is most noteworthy is that Trump is using Millay’s reforms as a means of justifying his ‘extreme power’. After taking office, Millay implemented radical reforms, cutting government spending by 57% and abolishing 10 ministries. As a result, macroeconomic indicators improved, including inflation falling from 300% to 200% per annum in one year and the fiscal deficit turning into a surplus. However, behind the scenes, there were serious social costs, such as the poverty rate soaring to 57% and unemployment soaring.
Foreign media outlets evaluated that “Millay’s reforms contributed to economic stabilization, but at the cost of the collapse of the social safety net.” However, Trump gave Millais a warm welcome at Mar-a-Lago and praised his reforms as ‘heaven’s will,’ thereby appearing to secure legitimacy for his radical reform agenda.
This solidarity poses significant challenges on three fronts. First, the weakening of democratic institutions. ‘Project 2025’, led by the Heritage Foundation, seeks to significantly expand the authority of the executive branch by expanding the president’s authority to issue executive orders, easing requirements for dismissal of civil servants, and strengthening control of independent organizations.
Second, social polarization is deepening. Argentina’s poverty rate soared to 57% due to Millay’s austerity policies. The Trump camp is also pushing for a $1 trillion cut in the Medicare budget and social security pension reform, which is expected to worsen inequality in the United States.
Third, there is a risk of collapse of the international cooperation system. Trump is professing to readjust NATO contributions, reform the WTO, and withdraw from the Paris Climate Agreement. This could fundamentally threaten the multilateral cooperation system established after World War II.
There are also concerns about the impact on Korea. During his first term, Trump pushed for the imposition of tariffs on foreign automobiles and a significant increase in defense cost sharing for allies, so it is highly likely that this policy stance will be repeated. In particular, there are concerns that the pressure to reorganize the supply chain due to the deepening conflict between the United States and China will pose a new challenge to Korean companies.
The outlook after Trump’s inauguration in 2025 is complex. According to a recent CBS/YouGov poll (sample of 2,144 people), 60% of Americans oppose expanding Trump’s powers. Here, congressional checks, federal court braking, and bureaucratic resistance are expected. However, the 89% approval rating of the Republican Party and the support of tech capital will serve as a driving force for his reform.
Ultimately, the Trump-Millay alliance is a major challenge that could shake the foundations of democracy and the market economy. Korea needs to respond specifically by first diversifying its export markets (ASEAN, India, etc.), secondly expanding its alliance network (Japan, Australia, etc.), and thirdly strengthening communication with the checking forces in the United States (Congress, state governments, etc.). The solidarity of the international community to protect democracy and the rule of law in the face of the challenge of populism is more important than ever.
Global Economics Reporter Park Jeong-han [email protected]
**What strategies can South Korea employ to mitigate the potential economic and diplomatic risks posed by the Trump-Millay alliance while maintaining its crucial relationships with both the United States and other global powers?**
## World Today News: Interview on the Trump-Millay Alliance
**Introduction:**
Welcome to World Today News. Today we’re diving deep into a concerning new trend in global politics: the alliance between former U.S. President Donald Trump and Argentine President Alberto Fernández, often dubbed ‘anti-establishment solidarity’.
Joining us today are two distinguished guests: [Guest 1 Name], a renowned political scientist specializing in populism and right-wing movements, and [Guest 2 Name], an economist with expertise in global economic trends and the impact of political instability.
**Section 1: The Rise of Populism and Anti-Establishment Sentiment**
* **Host:** Let’s start by unpacking the core of this alliance. The article highlights a growing wave of far-right populism globally. What are the underlying factors fueling this trend, and why are figures like Trump and Millay finding resonance with voters?
* **Guest 1:**
* **Host:** [Guest 2], how do you see these populist movements impacting the global economy? Are there specific risks associated with their emphasis on protectionism and isolationism?
* **Guest 2:**
**Section 2: Economic Reforms and Social Costs**
* **Host:** Millay’s reforms in Argentina are cited as a potential blueprint for Trump’s agenda. The article notes positive macroeconomic indicators but also devastating social consequences. How do we balance the need for economic stability with the protection of social safety nets and vulnerable populations?
* **Guest 2:**
* **Host:** [Guest 1], Trump has repeatedly praised Millay’s reforms. What message does this send to other world leaders considering similar policies, and what potential ramifications might this have on international diplomacy?
* **Guest 1:**
**Section 3: Threats to Democracy and International Order**
* **Host:** “Project 2025,” spearheaded by the Heritage Foundation, aims to significantly empower the executive branch. What are the potential dangers of such a move, and how might it undermine democratic institutions and checks and balances?
* **Guest 1:**
* **Host:** The article highlights potential threats to the international cooperation system, citing Trump’s stance on NATO, the WTO, and the Paris Agreement. What are the possible consequences of these actions, and how might they impact global stability and cooperation on issues like climate change?
* **Guest 2:**
**Section 4: Implications for South Korea**
* **Host:** The article raises concerns about the potential impact of this alliance on South Korea. What specific challenges might Korea face regarding trade, defense, and global alliances?
* **Guest 2:**
* **Host:** How should South Korea navigate this complex geopolitical landscape? What strategies could be employed to mitigate risks and protect national interests?
* **Guest 1:**
**Conclusion:**
* **Host:** Thank you both for illuminating this vital topic. We’ve seen the potentially detrimental consequences of this alliance.
It’s clear that this is not simply a domestic issue for the United States.
The Trump-Millay alliance poses a real threat to democratic values, economic stability, and the international order.
It is crucial for citizens, institutions, and nations to be vigilant and actively work towards upholding democratic principles, promoting inclusivity, and building a more sustainable and equitable future.
