In the days before the Great Recession, the liberalisation of world trade seemed a certainty: now fears over ‘hot money’ and migration have changed the mood
Globalisation is under attack. It was meant to be the unstoppable economic force bringing prosperity to rich and poor alike, but that was before the financial crisis ripped up the rulebook.
For the past four years, international trade flows have increased more slowly than global GDP – “an outcome unprecedented in postwar history”, as analyst Michael Pearce of Capital Economics put it in a recent note.
I have always thought that the greatest threat to globalisation is the US
Obama’s been a little bit subdued, but he’s not going to want a protectionist legacy