Trump, Trade, and the End of Globalization

Description

Global trade is heading toward chaos. Globalization has in part been a zero-sum game over the last 20 years, as China's middle and upper classes have grown sharply while Western economies have stagnated. Wealthy countries, most notably the United States and the United Kingdom, are now on the brink of abandoning free trade as it includes both the principles and the theories behind it because their economies cannot compete with those of China and some developing countries. Prevailing protectionist attitudes and policies are based on short-term thinking and will disappoint future generations. According to author David S. Jacoby, a "new multilateralism" can provide a way out of this impending disaster by preserving innovation and growth while also curbing the impact of countries that manipulate currency, disparage the environment, and violate human rights. Jacoby clearly explains how industrialized nations can compete on a basis of differentiated technology and innovation while letting developing countries compete on a basis of manufacturing, components, and materials and makes a strong case for why the West should recommit to global trade. Cover......Page 1 Half Title......Page 2 Title Page......Page 4 Copyright......Page 5 Contents......Page 6 Preface......Page 8 Acknowledgments......Page 12 Introduction: Trump, Nationalism, and a Future in the Balance......Page 14 Chapter 1: Trade Past and Present (A Quick Primer)......Page 20 Chapter 2: Why the United States Is No Longer Competitive in International Trade......Page 38 Chapter 3: Broader Problems with Trade—What’s behind Antiglobalism......Page 64 Chapter 4: Is the World Trade Order Broken?......Page 78 Chapter 5: Can Welfare States Survive in the Global Economy?......Page 86 Chapter 6: Potential Trade Scenarios......Page 102 Chapter 7: The Huge (But Hard to Quantify) Social Benefits of Trade......Page 128 Chapter 8: How Mature Industrial Nations Should Forge the Neo-multilateralism......Page 142 Conclusion: A Vision for Sustainable Global Growth through Trade......Page 164 Appendix: Additional Common Markets and Political and Economic Associations......Page 170 Notes......Page 178 Glossary......Page 200 Index......Page 202 About the Author......Page 210