Why the world still needs trade: The case for reimagining not abandoning globalization
- Foreign Affairs
- 102(4), Jul-Aug, 2023: p.94-103
The international economic architecture built after 1945 was based on a powerful idea; economic interdependence is crucial, f insufficient, for global peace and prosperity. The international monetary fund, the world bank and the predecessor to the world trade organization were founded in response to the three preceding decades of ceaseless instability, when the world had been devastated by two world wars, the great depression, and political extremism. It had also been a period of delocalization, in which countries retreated into increasingly isolated trading blocs. In the rubble of world war II, governments sought to construct a new system that, by linking countries in a dense web of economic ties, would consign such chaos and division to history. – Reproduced