Free Trade’s Diminishing Returns
Given more than a decade of stagnant and falling incomes across the developed world, policymakers in advanced economies may want to reconsider growth policies based on free trade. Meanwhile, policymakers in the developing world should be especially wary of the non-trade provisios included in recently proposed free-trade agreements.
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KUALA LUMPUR/MOSCOW – In its May 2010 “Global Survey,” McKinsey & Company reported that, “the core drivers of globalization are alive and well.” In an April 2014 report, the firm went further, declaring that, “to be unconnected is to fall behind.”