I recently came across a post by Sergiy Gryshko that referenced Bertrand Russell’s 1946 critique of economic nationalism. It’s striking how relevant those insights remain today — a timely and thoughtful post. Thank you, Sergiy!
As President of the Canadian Chamber of Commerce in Hungary, I see how zero-sum thinking still influences economic policy — where the focus is on antagonism rather than on cooperation, often at the expense of long-standing partnerships and trust. This belief is even more risky today than it was in Russell’s time.
In contrast, Canada’s strength has consistently come from openness — to trade, talent, capital, and ideas. The challenges we face today — from climate transition to supply chain resilience — require more international collaboration, not less. Businesses are massively integrated into global networks. While protectionist policies may aim to safeguard domestic interests, they have unintended consequences in an interconnected world. At the same time, over-dependence or lack of diversification can also expose similar vulnerabilities — and Canada is learning this the hard way amid shifting geopolitical currents that have revealed the risks of US dependency.
Russell wasn’t advocating for ignoring national interests. Rather, he highlighted the long-term benefits of cooperation over isolation in avoiding conflict. In today’s terms, that means adapting models of economic governance that prioritise and reward partnership and resilience — not over dependencies or protectionism.
Hungary, despite access to one of the world’s largest markets — the European Union — is facing mounting challenges. Its current trajectory, marked by limited competition and economic centralisation, has created headwinds for innovation and growth. While there have been efforts to diversify partnerships, the data increasingly shows declining competitiveness and reduced investor confidence.
Sergiy’s post is a reminder that removing barriers to trade helps build mutual trust and long-term economic stability. Isolation, on the other hand, makes fragmentation and conflict more plausible — and harder to reverse. After years of antagonism, how will Hungary, in its current course, reclaim its place among trusted economic partners?
At the Canadian Chamber in Hungary, our mission is to foster stronger, mutually beneficial ties between Canada, Hungary, and the broader EU. Whilst Canada scrambles to diversify its trading relationships to protect its future prosperity, Hungary slides deeper into political isolation. Could the US throw Hungary a bone? Hardly. And that’s certainly not the way I see this country achieving a path for future growth.
We at the CCCH wholeheartedly believe in Hungary and in the region’s economic potential — in its ideas, talent, and entrepreneurial energy too. But global confidence is built on clear vision and consistent values and predictability. Without a clear plan, countries like Hungary risk becoming even more marginalised in what is now an increasingly transactional world order. Simply put, this makes promoting all that is great about Hungary very difficult to be louder than the things that are going wrong.
We would welcome hearing from business leaders: How are you navigating the tension between domestic priorities and global realities? How does the business community see EU rumblings about pursuing Article 7 against Hungary? And in Hungary’s case — is there a growth strategy that can restore investor confidence and economic momentum in this atmosphere?
Written by Nicholas Sarvari for the Canadian Chamber of Commerce in Hungary News Section, April 2025
