“Unless we’re number one economically, we can’t be number one politically.”
— Richard Nixon, 1971

At the heart of today’s trade wars, industrial policy, and tariff threats lies a fundamental question:
Do Great Powers prioritize absolute economic gains, or relative power over rival states?
This report takes the stance that Great Powers, including the United States, ultimately prioritize relative power, especially when confronted with impending challenges to their geopolitical dominance.
The United States’ current trade and industrial policy shift, far from being a temporary backlash against globalization, represents a structural transformation of the international system. It reflects a pivot away from neoliberalism and toward a new era of economic nationalism, state-led industrial policy, and isolationism.
Dylan is a Sr. Enterprise Research Analyst focusing on DePIN, DeFi, AI, and RWAs. He previously worked as a digital assets investment analyst at T. Rowe Price and in venture capital. Dylan is a graduate of Princeton University and co-founded the Princeton Blockchain Club.