Is globalisation retreating under populist pressure? Or
are populist politics a sign of its force?
Let's imagine a truly global economy. That vision is derived
from classic economics – the idea that markets and
government don't mix. In such a universal economy, barriers to
trade are removed, and the Ricardian motors of comparative
advantage and competition are enhanced. In short, global
productivity rises while national markets integrate. Regulation
and law would, one imagines, also converge. But
globalisation – the process of reaching that
vision – is slightly different. As well as huge
upsides, it entails some harsh shortcomings. Some win and some
lose as global markets merge.
National politics have responded. Both candidates for
November's US presidential election have rejected free...