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As the twenty-first century dawned, it seemed nothing would stop the march of trade globalisation. But fast forward a decade and growth in global trade has reached a plateau. So, why has globalisation come to a standstill? Was a stronger global trade growth relative to global production really sustainable in the long-run?
What cannot go on forever, doesn’t. Take globalisation of trade. As countries reduced their trade restrictions, and transport and technology made supply chains more complicated, trade growth exploded. More and more goods (and services) were produced in one country and sold in another. More and more products had different stages of production in different countries. Throughout the 1990s and early 2000s it looked like nothing could stop the...
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