Isolationism

"Isolationism" has always been a debated political topic. Whether or not a country should be or should not be isolationist affects both living standards and the ability of political rulers to benefit favored firms and industries.

All the first world countries (the UK, United States, etc.) trade in a world economy. Some will argue that removing oneself from such an economy could be potentially helpful. The consensus amongst most economists is that such a policy is detrimental, and point to the mercantilism of the pre-industrial era as the classic example. Countries and regions generally enjoy a comparative advantage over others in some area. Free trade between countries allows each country to do what it does best, and benefit from the products and services that others do best. Protectionism prevents this process, it is argued, making people poorer than they would be otherwise.

On the other hand, non-interventionism generally benefits a country by reducing both military spending (as it is limited to defensive purposes) and the chances of provoking an attack (by not meddling in foreign intrigue.)