No Time for Trade Fundamentalism
Concerns that the current backlash against globalization augurs a surge in growth-hampering protectionism are highly exaggerated. In fact, as was apparent in the 1980s, some tempering of hyper-globalization may be a highly effective way to maintain a reasonably open world economy.
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CAMBRIDGE – “One of the crucial challenges” of our era “is to maintain an open and expanding international trade system.” Unfortunately, “the liberal principles” of the world trade system “are under increasing attack.” “Protectionism has become increasingly prevalent.” “There is great danger that the system will break down … or that it will collapse in a grim replay of the 1930s.”