In The Road to Serfdom, Friedrich Hayek points out how socialism must always be nationalist (Ch. 10 Why the Worst Get on Top). The battle between the Obama administration and British Petroleum could spark a trade war. It is already harming relations between the US and the UK.
British business on Wednesday expressed alarm at the “inappropriate” and in-creasingly aggressive rhetoric being deployed against BP by President Barack Obama, warning that the attacks on the oil company could affect energy security and damage wider transatlantic industry relations.
Richard Lambert, director general of the CBI, a leading British employers’ organisation, told the FT the presidential attack was “obviously a matter of concern – politicians getting heavily involved in business in this way always is”.
He suggested the White House strategy was misplaced, stating that “apart from anything else, BP is a vital part of the US energy infrastructure. So the US has an interest in the welfare of BP, as much as the rest of the world does.”