Globalisation has been a conspicuous casualty of the global
financial crisis and its aftermath. In recent years the two engines
of globalisation, growth in international trade and capital flows,
have lost momentum. In the West globalisation is routinely blamed
for job insecurity, inequality, low incomes and over mighty
multinationals. Politicians of left and right increasingly
represent trade as a threat.
In the US the post-war consensus in favour of free trade seems
to crumbling. Globalisation and free trade are out of favour.
Donald Trump talks of putting America first, has roundly criticised
the North American Free Trade Agreement (NAFTA) which liberalised
trade between Canada, the US and Mexico and has pledged "never
sign any trade agreement that hurts our workers."
