The Foreign Affairs Interview
What the World Risks if It Abandons Globalization
Aug 24, 2023
Explore the changing view of interdependence in global trade, including the economic effects and reduction in poverty. The Director General of the World Trade Organization discusses geopolitical tensions and the erosion of consensus around trade. Also, the importance of building resilience and inclusivity in supply chains and the challenges faced by the multilateral trading system due to strained US-China relations.
38:40
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Quick takeaways
- The idea of economic interdependence between countries has been successful in preventing war and improving living standards over the past 75 years
- Addressing the winners and losers of globalization and promoting inclusive and fair trade practices is crucial to bridge the perception gap and maximize the overall benefits of expanding global trade
Deep dives
The Importance of the Multilateral Trading System
The multilateral trading system is a global, public good that has delivered economic interdependence, which promotes global peace and prosperity. While there are challenges and criticisms, we must not overlook the positive impact it has had over the past 75 years. The idea of interdependence has largely been successful in preventing war and improving living standards. However, recent crises and growing inequalities have led to a shift in perception, with some questioning the benefits of globalization. It is crucial to acknowledge the vulnerabilities in supply chains and global commons, such as climate change, while sustaining interdependence and working towards reconfiguring the next wave of globalization.
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