After the wave of globalization following the end of World War II, a series of recent events suggest that the tide may well be turning. International trade as a proportion of global gross domestic product (GDP) has stopped growing in the last decade.
The momentum for multilateral trade liberalization has stumbled and Doha seems to not be going anywhere (even though the Trade Facilitation Agreement only started to take effect on Feb. 22).
Anti-globalization sentiment has also been growing in the European Union, a group of 28 countries in Europe, which forms a single market allowing for free movement of goods and people, uses a single currency (although the United Kingdom has its own British pound sterling) and applies a customs union.
When the British voted to l...
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