As longtime readers of this blog know, it’s not uncommon for the essays I post here to go veering off on an assortment of tangents, and this week’s post is going to be an addition to that already well-stocked list. Late last week, as the aftermath of the recent election was still spewing all over the media, I was mulling over one likely consequence of the way things turned out—the end of at least some of the free trade agreements that have played so large and dubious a role in recent economic history
One of the major currents underlying 2016’s political turmoil in Europe and the United States, in fact, has been a sharp disagreement about the value of free trade. The political establishment throughout the modern industrial world insists that free trade policies, backed up by an ever-increasing network of trade agreements, are both inevitable and inevitably good. The movements that have risen up against the status quo—the Brexit campaign in Britain, the populist surge that just made Donald Trump the next US president, and an assortment of similar movements elsewhere—reject both these claims, and argue that free trade is an unwise policy that has a cascade of negative consequences.
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