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Why We Still Need Free Trade and Globalization

Author

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  • Dalibor Rohac

Abstract

Giving up on the institutions underpinning the current trade regime would be extremely unwise, particularly at a time of historically unprecedented economic distress accompanying the COVID-19 pandemic. Without the constraints imposed by the WTO and PTAs, nothing would stop politicians from reverting back to trade policies that cater to special interests while distributing the costs over the wider public. As the example of the Great Depression shows, such danger would be imminent in bad economic times when the temptation to impose discriminatory trade barriers would be strong and doing so would amplify the size of adverse economic shocks. A zero- or negative-sum economic environment provides fuel for extremist ideologies, militarism, and war. Avoiding such a scenario is precisely the challenge facing the world today.

Suggested Citation

  • Dalibor Rohac, 2021. "Why We Still Need Free Trade and Globalization," mBank - CASE Seminar Proceedings 0166, CASE-Center for Social and Economic Research.
  • Handle: RePEc:sec:mbanks:0166
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    File URL: https://www.case-research.eu/files/?id_plik=6615
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    More about this item

    Keywords

    globalism; free trade; tariff; WTO; USA; COVID-19;
    All these keywords.

    JEL classification:

    • B17 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - International Trade and Finance
    • B27 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - International Trade and Finance
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations

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