I think this is also a mistaken description of the problem:
This nationalist backlash is based on a fundamental misconception – that if only it was possible to reinstate a parochial and ‘sovereign’ nation-state, it would be possible to ‘take back control’. That our collapsing wages, surging living costs, and hollowing out of social support has been a result of being ‘exposed’ to globalisation, and that if we could only reinstate some well-managed ‘good British/ American/ French capitalism’ then we’d all be enjoying our bread and roses.
All this fails to recognise that deindustrialization, the offshoring of production, exposure to cheap imports, and the emergence of huge personal debt, are not the result of the mismanagement of the economy. To the contrary, these strategies (amongst others such as installing puppet dictatorships, ‘structurally readjusting’ trade rules, privatizing social goods and ‘financialization’) are part of an ideological response to the systemic capitalist crisis of the 1970s. These are not symptoms of a system going wrong, but rather a concerted attempt to ‘offset’ crisis and restore profitability to an ailing economic system.